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Accounting Chap 10
Vocab
Term | Definition |
---|---|
Selling Price | The amount a business receives from the sale of an item of merchandise. |
Accounts Receivable Ledger | Subsidiary ledger containing all accounts for charge customers. |
Sales Tax | A tax on a sale of merchandise or services. |
Cash Sale | A sale in which the customer pays for the total amount of the sale at the time of the transaction. |
Point-of-Sale (POS) terminal | A specialized computer used to collect, store, and report all the information about a sales transaction. |
Terminal Summary | The report that summarizes the cash and credit card sales of a point-of-sale terminal. |
Cash Receipts Journal | A special journal used to record only cash receipt transactions. |
Sales Discount | A cash discount on a sale taken by the customer. |
Sales Journal | A special journal used to record only sales of merchandise on account. |