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Accounting Chap 10

Vocab

TermDefinition
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.
Created by: Knuddar
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