click below
click below
Normal Size Small Size show me how
Chapter 11 vocab
Question | Answer |
---|---|
A person or business to whom merchandise or services are sold | Customer |
A tax on a sale of merchandise or services | Sales Tax |
Businesses must file reports with the proper government unit and pay the amount of ______ | Sales Tax Collected |
May be on account or for cash; Increases revenue of a business | Sale of Merchandise |
When revenue is recorded at the time goods or services are sold | Realization of Revenue |
A sale for which cash will be received at a later date | Sale on Account |
A special journal used to record only sales of merchandise on account | Sales Journal |
A form describing the goods or services sold, the quantity, and the price | Invoice |
A source document is prepared for each transaction | Objective Evidence |
An invoice for a sale on account | Sales Invoice |
A sale on account is considered to be a sales invoice | Sales Invoice via Seller |
A sale on account is considered to be a purchase invoice | Sales Invoice via Customer |
A sale in which cash is received for the total amount of the sale at the time of the transaction | Cash Sale |
A sale in which a credit card is used for the total amount of the sale at the time of the transaction | Credit Card Sale |
A special journal used to record only cash receipt transactions | Cash Receipts Journal |
Is printed at the end of each week and used as a source document | Tape |
Decreases future amounts to be collected from a customer | Cash Receipt on Account |
Cash on hand at beginning of the month + Cash received - Cash Paid = Cash balance on hand at end of month | Cash Proof, steps used |