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Chap. 14 Acc.
| Term | Definition |
|---|---|
| Sales discount | A cash discount issued by the seller is an____ |
| Contra account | An account whose balance decreases another account's balance is an____ |
| Bankcard | An____is a credit card issued by a bank and honored by many businesses. |
| Receipt | An____is a form that serves as a record of cash received |
| Retailer | An____is a business that sells to the final user |
| Cash sale | An____is a transaction that occurs when a business receives full payment for the merchandise sold at the time of the sale |
| Sales slip | A form that lists the details of a sale and is used as a record of the transaction is an____ |
| Accounts receivable subsidiary ledger | The____contains accounts of the charge customers of a business |
| Cash receipt | The cash received by a business is referred to as an___ |
| Merchandise | The goods a business buys for resale to customers are known as____ |
| Charge customer | An____is a customer to whom a sale on account is made |
| Sales return | Merchandise returned to the seller for full credit is an____ |
| Controlling account | Accounts Receivable is an ____ because its balance must equal the total of the accounts receivable subsidiary ledger |
| Sales tax | Many states and some cities require that a business add an ____, as a percentage of these selling price of the goods, at the time of the sale |
| Credit terms | The___of a sale state the time allowed for payment for sale on account |
| Wholesaler | An___is a business that sells to retailers |
| Credit card | A charge customer is entitled to charge merchandise with an____ |
| Inventory | The items of merchandise a business has in stock as referred to as____ |
| Sales on account | An___permits a customer to pay for the merchandise at a later date |
| Merchandising business | An example of an____ is Wal-Mart |
| Credit Memorandum | An___is a document prepared by the seller granting credit for damaged or returned merchandise |
| Sales Allowance | A price reduction granted by a business for damaged goods kept by the customer is called |
| Sales | The revenue account for a merchandising business is ___ |
| Cash Discount | The amount a customer may deduct if the payment for merchandise is made within a certain time is an___ |
| Subsidiary ledger | An___is a book that is summarized in a controlling account in the general ledger |
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