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Acct Chapter 10

Vocabulary

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
Cash Sale A sale in which cash is received for the total amount of the sale at the time of the transaction
Terminal Summary The report that summarized the cash credit card sales of a POS terminal
Batch Report A report of credit card sales produces by a POS terminal
Batching Out The process of prepared aa batch report of credit card sales from a POS 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 accounts receivable
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
Credit Memorandum A form prepared by the vendor showing the amount deducted for returns and allownaces
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(POS) Terminal A computer used to collect, store, and report all the information of a sales transaction
Created by: joannw15
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