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Accounting Ch 10
Chapter 10 Terms
| Question | Answer |
|---|---|
| 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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