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16_Evans and Lynn

Sales Transactions

QuestionAnswer
sales check is a written record of a sales transaction that includes such as a date of a transaction, the items purchased, the purchase prices, sales tax, and the total amount due
lawaway removing merchandise from stock and keeping it in a separate storage area until the customer pays for it
on-approval sale is an agreement permitting a customer to take merchandise home for further consideration
cash-on devlivery sale a transaction that occurs whn a customer pays for merchandise at the time of delivery
sales tax a percentage fee placed by the government on the sale of goods and services
allowance a partial return of the sale price for merchandise that the customer has kept
universal product code (UPC) is a combination bar code and number used to identify a product and manufactor.
point-of-sale system combines a cash register with a computer, making it possible to capture information about the transaction at the time of the sale, then apply it to different functions.
till is the cash drawer of a cash register.
opening cash fund at the beginning of each business day, the manager or other designated persen provides a limited amount of money for the cash register.
purchase order (PO) is a legal contract between the buyer and the supplier.
invoice is an itemized list of goods that includes prices, terms of sales, total, taxes and fees, and amount due.
terms of delivery the final delivery arrangement between the buyer and seller
FOB (free on board) leaves title and ownership of the goods with the seller until the goods reach their destination.
Created by: vhaun
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