Chapter 7.1 Vocab Review

Front

A journal that is used to record only ONE type of transaction.

Back

Special Journal

Front

A ledger that contains accounts of a single type.

Back

Subsidiary Ledger

Front

Used to record only sales of merchandise on credit

Back

Sales Journal

Front

Sells goods that it purchases for resale

Back

Merchandising business

Front

Sells goods that it produces

Back

Manufacturing business

Front

The amount of inventory on hand that is adjusted for each sale, purchase, or return-cash registers and scanners help track inventory balances

Back

Perpetual inventory system

Front

The cost of inventory on hand must be determined by counting merchandise inventory in stock.

Back

Periodic inventory system

Front

The stock of goods that is kept on hand

Back

Merchandise inventory

Front

Sells goods and services directly to the individual consumers

Back

Retail business