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Chapter 10

TermDefinition
Selling price The amount a business receives from the sale of an item
Markup The amount a business adds to the cost of merchandise to establish the selling price
FYI – Realization of Revenue A merchandising business gets its revenue from the sale of merchandise
FYI – formula for Selling price Cot of merchandise + Markup = Selling price
FYI – 2 ways to sale merchandise 1)on account 2)for cash
Account Receivable Ledger a subsidiary ledger containing all accounts for charge customers.
Sales tax A tax on a sale of merchandise or a service
FYI – 2 tax needs for accuracy 1)total sales 2)total sales tax collected
FYI – tax collected classification a business liability, SALES TAX PAYABLE
Sales Journal a special journal used to record only sales of merchandise on account
Invoice When merchandise is sold on account, a form that describes the goods or services sold
FYI – 2 other names for Sales Invoice Sales ticket or sales slip
FYI – 2 entities exempt from sales tax necessities and nonprofit organizations
Cash Sale A sale in which the customer pays for the total amount of the sale at the time of the transaction
FYI – 3 forms of cash sale Cash, Credit cards, and debit cards
Point-of-Sale (POS) terminal A specialized computer used to collect, store, and report all the information about a sales transaction
FYI – usage for UPC symbol scanned to enter description and price of of the merchandise
Terminal Summary (Z tape) The report that summarizes the cash and credit card sales of a POS terminal
Batch report A report of credit card sales produced by a POS terminal
Batching out The process of preparing a batch report from a POS terminal
FYI – POS terminals support transmits a a summary batch report for processing credit card sales
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
FYI – 2/10, n/30 2% discount given if paid in 10 days, but if not, all due in 30 days
FYI – 6 steps to proving Cash 1)cash on hand at beginning of month 2)plus total cash received 3)Equal total 4)less total cash paid 5)equals cash balance on hand 6)checkbook balance on next unused check stub
Schedule of Accounts Receivable A listing of customer accounts, account balances, and the total amount due from all customers
Created by: andrew.v