Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Chapter14 Accounting
Chapter 14 Accounting
| Question | Answer |
|---|---|
| accounts receivable subsidiary ledger | r 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 amount a customer can deduct from the total owed for purchased merchandise if payment is made within a certain time; also called sales discount.The cash received by a business in a single transaction. |
| cash receipt | t 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 | t An account whose balance is a decrease to its related account |
| Credits cards | t An account that serves as a control on the accuracy of the account balances in the subsidiary ledger; its balance must equal the total of all account balances in the subsidiary ledger. |
| 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 bought to resell to customers |
| retailer | r A business that sells to the final user, the consumer |
| 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 | See cash discount |
| sales return | Any merchandise returned for credit or a cash refund |
| sales slip | A form that lists the details of a sale. |
| sales tax | x 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 ledgerr |
| wholesaler | r A business that sells to retailers |
| controlling account | controlling account |
Created by:
xmyers25
Popular Accounting sets