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A1C10
Accounting 1 Chapter 10
| Term | Definition |
|---|---|
| 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 cards sales from a point-of-sale terminal |
| cash receipts journal | a special journal used to record only cash receipt transactions |
| 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 |
| credit memorandum | a form prepared by the vendor showing the amount deducted for returns and allowances |
| customer | a person or business to whom merchandise or services are sold |
| point-of-sale (POS) terminal | a computer used to collect, store, and report all the information of a sales transaction |
| 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 |
| sales discount | a cash discount on sales taken by a customer |
| sales journal | a special journal used to record only sales of merchandise on account |
| sales return | credit allowed a customer for the sales price of returned merchandise, resulting in a decrease in the vendor's accounts receivable |
| sales tax | a tax on a sale of merchandise or services |
| terminal summary | the report that summarizes the cash and credit card sales of a point-of-sale terminal |
Created by:
mrs226
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