Merchandise refers to products, also called goods, which a company buys to resell. Merchandisers can be either wholesalers (those that buy from manufacturers and sell to retailers) or retailers (those that buy from manufacturers or wholesalers and sell to consumers... Merchandising operations are important and needed to be accounted for properly. Describe the difference when a purchase of merchandise was made with and without a cash discount. Provide examples for the journal entries. Describe the difference when a sale of merchandise was made with and without a cash discount. Provide examples for the journal entries. Define returns and allowances and compare them to sales with a discount