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Accounting Ch 10

Chapter 10 Terms

QuestionAnswer
Credit memorandum a form prepared by the vendor showing the amount deducted for returns and allowances.
Customer a person or business to whom merchandise or services are sold.
Sales journal a special journal used to record only sales of merchandise on account.
Sales tax a tax on a sale of merchandise or services.
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.
Terminal summary the report that summarizes the cash and credit card sales of a point-of-sale terminal.
Batch report a report of credit card sales produced by a point-of-sale terminal.
Batching out the process of preparing a batch report of credit card sales from a point-of-sale terminal.
Cash receipts journal a special journal used to record only cash receipt transactions.
Cash receipts journal a special journal used to record only cash receipt transactions.
Sales discount a cash discount on sales.
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 allowances.
Created by: Nrobinson
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