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Glencoe 14,16

Parson Sales & Cash Receipts - Merch Business

QuestionAnswer
A9n) ___ is a book that is summarized in a controlling account in the general ledger subsidiary ledger
The amount a customer may deduct if the payrment for merchandise is made within a certain time is a(n) _____ cash discount
An account whose balance decreases another account's balance is a(n) ____ Contra Account
A(n) ___ is a credit card issued by a bank and honored by many buisinesses Bankcard
A(n) ____ is a form that serves as a record of cash received. Receipt or Cash Receipt
A(n) ___ is a business that sells to the final user Retailer
A(n) ___ is a transaction that occurs when a business receives full payment for the merchandise sold at the time of the sale Cash Sale
A form that lists the details of a sale and is used as a record of the transaction is a(n)____ Sales Slip
The ___ maintains a list in alphabetical order of the charge customers of a business. Accounts Receivable subsidiary ledger
The cash received by a business is referred to as a(n) ____ Cash receipt or Receipt
The goods a business buys for resale to customers are known as ______ Merchandise
A(n) _____ is a customer to whom a sale on account is made. Charge customer
Merchandise returned to the seller for full credit is a(n) ____ Sales Return
Accounts Receivable is a(n) ____ because its balance must equal the total of the accounts receivable subsidiary ledger. Controlling Account
Many states and some cities require that a business add a(n) ____ or a percentage of the selling price of the goods, at the time of the sale. Sales Tax
The ____ of a sale set out the time allowed for payment. Credit Terms
A(n) ___ is a business that sells to retailers. Wholesaler
A charge customer is entitled to charge merchandise with a(n) _____. Credit Card.
The items of merchandise a business has in stock are referred to as _____. Inventory
A(n) ___ permits a customer to pay for the merchandise at a later date. Sales on Account
An example of a(n) __ is Wal-Mart. Retailer or Merchandising Business
A(n) ___ is a document prepared by the seller granting credit for damaged or returned merchandise. Credit Memorandum
A price reduction granted by a business for damaged goods kept by the customer is called a(n) ___. Sales Allowance
The revenue account for a merchandising business is ____. Sales
A cash discount issued by the seller is a(n) ___. Sales Discount
The sale of merchandise on account is recorded in the ____. Sales Journal
A column total written in small pencil figures is called a(n) ___> Footing.
All transactions in which cash is received are recorded in the ______. Cash Receipts Journal
A(n) ____ is a report listing each charge customer's name and account balance and the total amount due from all charge customers Schedule of Accounts Receivable
A(n) ___, which simplifies the journalizing and posting process, has special columns that are used for recording specific types of business transactions. Special Journal