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Glencoe Chp 14
Parson, Glencoe Chp 14
| Question | Answer |
|---|---|
| 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 |
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