service accounting, merchandising accounting, manufacturing accounting, merchandise, merchandiser, retail, retailer, wholesaler, beginning inventory, ending inventory, net purchases, merchandise available for sale, cost of goods sold, inventory systems, perpetual system, period system, invoice, invoice date, invoice number, invoice price, purchaser, salesperson, P.O. date, terms, freight, shipping, transportation costs, freight terms, on account, credit terms, credit period, discount period, discount, date of invoice, due date, purchase return, purchase allowance, shipping terms, FOB = freight on board, FOB shipping point, FOB destination, carrier = freighter, fright out, freight in, invoice cost, purchase discounts received, transportation-in, transportation-out, gross profit, sales, sales revenue, cost of goods sold, operating expenses, merchandise available for sale, net purchases, closing entries, multiple-step income statement, selling expenses, general and administrative expenses, total operating expenses,