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Accounting Ch 10

Sales Journal, Cash Receipts Journal

QuestionAnswer
Credit memorandum a form prepared by the vendor showing the amount deducted for returns and allowances.
Sales journal a special journal used to record only sales of merchandise on account.
Sales tax a tax on a sale of merchandise or services.
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.
Sales return credit allowed a customer for the sales price of returned merchandise
Sales allowance credit allowed a customer for part of the sales price of merchandise that is not returned
Credit memorandum a form prepared by the vendor showing the amount deducted for returns and allowances.
Realization of Revenue When revenue is recorded at the time goods or services are sold, not necessarily when cash is received.
Objective Evidence When an invoice is used as a source document
Time of Sale An increase in revenue resulting from a sale on account should be recorded at the ____.
Liability The amount of sales tax a business collects is a ____.
Credit When a customer is granted credit for merchandise returned, Accounts Receivable is a __________,
Debit Because Sales Discount is a contra account to Sales, it has a normal _________ balance.
Contra Sales Retruns and Allowance is a _______ revenue account to Sales.
Created by: julieoelschlager