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Merchandise Inventory
Items purchased for resale to customers in the ordinary course of business, representing a current asset on the balance sheet.
Sales Discount
Amount a customer is allowed to deduct from the bill total for paying a bill during the discount period.
Revenue Account
An account in the general ledger that records the income generated by a company from its normal business operations.
Salaries Expense
The total compensation paid to employees, including wages, salaries, bonuses, and deducted taxes, for their work for a company during a specific period.
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