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Glencoe Chp 14

Parson, Glencoe Chp 14

QuestionAnswer
A business that buys goods and then sells those to customers for a profit is called merchandising business
A reduction in the sales price of an item that is given to a customer for prompt payment is a _____ or _____. cash discount, sales discount
The customer to whom a sale on account is made is called a(n) charge customer
A(n) ____ occurs when a customer buys an item with a promise to pay for it later. Sale on Account
A business that sells to the final user is known as a ______ Retailer
Charge customers often use a(n) ___ when they make a purchase on account Credit Card
A levy imposed by most states on the retail sales price of goods and services is a(n) __ Sales Tax
Full credit or a cash refund granted by a merchant to a customer for unsatisfactory merchandise is a(n) ___ Sales Return
____ refers to the items of merchandise a business has in stock. Inventory
The balance of a(n) ____ must agree with the balance of the accounts in its related subsidiary ledger Controlling Account
A price reduction offered to a customer who keeps damaged or defective merchandise is a(n) __ Sales Allowance
____ set out the time period for a customer to make full payment of an invoice Credit Terms
A(n) ___ is a source document prepared by the seller to notify a charge customer that the customer's account will be decreased by the amount of a return or allowance. Credit Memo
A(n) ___ refers to cash that is received by a business. Cash Receipt
A(n) ___ is a form that lists the details of a sale: the date of the sale, the name of the customer, and the description, quantity, and price of the goods sold. Sales Slip
___ are the goods a business buys for resale to its customer Merchandise
When a customer pays for merchandise in full at the time of purchase, the transaction is called a ____. Cash Sale
A(n) ____ contains accounts for all charge customers. Accounts Receivable Subsidiary Ledger
A form that serves as a record of cash received from a charge customer is called a ____. Receipt
A ledger or book of accounts that is summarized in a controlling account in the general ledger is called a(n) ____ Subsidiary Ledger
A business that sells to retailers is called a(n) ____. Wholesaler
A(n) ___ is issued by a bank and is honored by many business. bankcard