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Chapter 10 Vocab
Accounting Vocabulary
| Term | Definition |
|---|---|
| Customer | A person or business to whom merchandise or services are sold |
| Sales Tax | A tax on a sale of merchandise or services |
| Sales Journal | A special journal used to record only sales of merchandise on account |
| Cash Sale | A sale in which cash is recieved 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 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, resulting in a decrease in the vendor's accounts 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 accounts receivable |
| Credit Memorandum | A form prepared by the vendor showing the amount deducted for returns and allowances |
Created by:
clintatwood
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