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chapter 14 vocab

chapter 14 vocabulary accounting

Term	Definition
retailer	a business that sells to the final user
wholesaler	a business that sells to retailers
merchandise	goods bought for resale
inventory	the items of merchandise the business has in stock
sales	the amount of merchandise sold
sale on account	a sale of merchandise that will be paid for at a later date
change customer	the person that the sale on account is to
credit cards	issued by a business to charge customers so that they can make purchases
sales slip	a form that lists the date of sale, customer account identification, and description and quantity sold
sales tax	tax on the retail sale of goods and services
credit terms	state the time allowed for payment
accounts receivable subsidiary ledger	a ledger that contains an account for each charge customer
subsidiary ledger	ledger that contains detailed data summarized to a controlling account in the general ledger
controlling account	an account in the general ledger that is equal to the total of all account balances in the subsidiary ledger
sales return	any merchandise that is returned for credit or a cash refund
sales allowance	a price reduction granted for damaged goods kept by the customer
credit memorandum	lists the details of a sales return or allowance
contra account	its balance decreases the balance of its related account
cash receipt	a transaction in which money is received by a business
cash sale	business receives full payment for the merchandise sold at the time of sale
cash discount	the amount a customer can deduct from the amount owed for something that was purchased(merchandise)
sales discount	the amount a customer can deduct from the amount owed for merchandise if the payment is made within a certain time.

Created by: Jmorrison21

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