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V's accountingterms7

Chapter 7

QuestionAnswer
Contra Revenue Account An account with a debit balance, which is contrary to the normal balance for a revenue account
Control Account An account that links a subsidiary ledger and the general ledger since its balance summarizes the balances of the accounts in the subsidiary ledger
Credit Memorandum A note verifying that a customer's account is being reduced by the amount of a sales return or sales allowance plus any sales tax that may have been involved
Invoice A customer billing for merchandise bought on credit
List Price An established retail price
Manufacturing Business A business that sells goods purchased for resale
Net Price The list price less all trade discounts
Net Sales The difference between the balance in the Sales account and the balance in the Sales Returns and Allowances account
Open-Account Credit A system That allows the sale of services or goods with the understanding that payment will be made at a later date
Retail Business A business that sells directly to individual customers
Sales Allowance A reduction in the price originally charged to customers for goods or services
Sales Journal A special journal used to record sales of merchandise on credit
Sales Return A firm's acceptance of a return of goods from a customer
Sales Returns and Allowances A contra revenue account where sales return and sales allowances are recorded; sales returns and allowances are subtracted from sales to determine net sales
Schedule of Accounts Receivable A listing of all balances of the accounts in the accounts receivable subsidiary ledger
Service Business A business that sells services
Special Journal A journal used to record only one type of transaction
Subsidiary Ledger A ledger dedicated to accounts of a single type and showing details to support a general ledger account
Trade Discount A reduction from list price
Wholesale Business A business that manufactures or distributes goods to retail businesses or large consumers such as hotels and hospitals
Created by: Virajasaur