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Accounting Ch.10
| Term | Definition |
|---|---|
| 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 |
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