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Chapter 14

TermDefinition
Accounts Receivable Subsidiary Ledger A separate ledger that contains accounts for each charge customer; it is summarized in the Accounts Receivable controlling account in the general ledger
Cash Discount The total amount a customer can deduct from the total owed for purchased merchandise if payment is made within a certain time; also called sales discount.
Cash Receipt The cash received by a business in a single transaction.
Cash Sale A transaction in which the business receives full payment for the merchandise sold at the time of the sale.
Charge Customer A customer to whom a sale on account is made.
Contra Account An account whose balance is a decrease to its related account.
Controlling Account An account that serves as a control on the balances in the subsidiary ledger; its balance must equal the total of all account balances in the subsidiary ledger.
Credit Cards A card, issued by a business and bearing a customer's account number, which facilitates the sale on account.
Credit Memorandum A form that lists the details of a sales return or sales allowance.
Credit Terms Terms that state the time allowed for payment for a sale on account.
Inventory The items of merchandise a business has in stock.
Merchandise Goods brought to resell to customers.
Retailer A business that sells to the final user, the customer.
Sale on Account The sale of merchandise that will be paid for at a later date.
Sales A revenue account to record the amount of the merchandise sold.
Sales Allowance A price reduction granted for damaged goods kept by the customer.
Sales Discount Cash discount; The amount a customer can deduct from the total owed for purchased merchandise if payment is made within a certain time.
Sales Return Any merchandise returned for credit or a cash refund.
Sales Slip A form that lists the details of a sale.
Sales Tax A tax levied by a city or state on the retail sale of goods and services.
Subsidiary Ledger A ledger with detailed data that is summarized in a controlling account in the general ledger.
Wholesaler A business that sells to retailers.
Created by: jbowers21
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