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Rice Acctg Ch9 Set2

Maplewood Rice Acctg Ch 9 Set 2

QuestionAnswer
special journal A journal used to record only one kind of transaction
cost of merchandise The price a business pays for goods it purchases to sell
markup The amount added to the cost of merchandise to establish a selling price
vendor A business from which merchandise is purchased or supplies or other assets are bought
purchase on account A transaction in which the merchandise purchased is to be paid for later
purchases journal a special journal used to record only purchases of merchandise on account
special amount column a journal amount column headed with an account title
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