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Chapter 10

Accounting chapter 10

QuestionAnswer
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 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 Terminal (POS) 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 returned merchandise, resulting in a decrease in the vendor's A/R.
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 A/R.
Credit Memorandum A form prepared by the vendor showing the amount deducted from returns and allowances.
Created by: lbeddow
 

 



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