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Accounting Ch.10

TermDefinition
Customer A person or business to whom merchandise or services are sold
Sales Tax a tax on a sale of merchandise or service
Sales Journal A special journal used to record only sales of merchandise
Cash Sale A sale in which cash is received for the total amount of the sale at the time of the transaction
Credit Card Sale A sale in which a credit card is used for the total amount of the sale at the time of the transaction
Point-of-sale (POS) Terminal A computer used to collect, store, and report all the information of a sales transaction
Terminal Summary The report that summarizes the cash and credit card sales of a point-of-sale terminal
Batch Report A report of credit card sales produced by a point-of-sale terminal
Batching out The process of preparing a batch report of credit card sales from a point-of-sale terminal
Cash receipts Journal a special journal used to record only cash receipt transactions
Sales discount A cash discount on sales taken by a customer
Sales return Credit allowed a customer for the sales price of a returned merchandise, resulting in a decrease in the vendor's account receivable
Sales allowance Credit allowed a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the vendor's account receivable
Credit memorandum A form prepared by the vendor showing the amount deducted for returns and allowances
Created by: bailey.baucom69