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Accounting Ch 10
College Accounting Ch 10
| Question | Answer |
|---|---|
| Accounts Receivable Ledger | A separate ledger containing an individual account receivable for each customer, kept in either alphabetical or numerical order. |
| Cash Discounts | Discounts to encourage prompt payment by customers who buy merchandise an account. |
| Controlling Account | A summary account maintained in the general ledger with a subsidiary ledger (for example, the accounts receivable ledger). |
| Credit Memo | A document issued when credit is given for merchandise returned or for allowance. |
| Merchandising Business | A business that purchases merchandise such as clothing, furniture, or computers, and sells that merchandise to its customers. |
| Sale | A transfer of merchandise from one business or individual to another in exchange for cash or a promise to pay cash. |
| Sales Allowances | Reductions in the price of merchandise granted by the seller because of defects or other problems with the merchandise. |
| Sales Discounts | To the seller, cash discounts are considered sales discounts. |
| Sales Invoice | A document that is generated to bill the customer to whom the sale was made. |
| Sales Return | Merchandise returned by the customer for a refund. |
| Sales Ticket | A document created as evidence of a sale in a retail business. |
| Schedule of Accounts Receivable | An alphabetical or numerical listing of customer accounts and balances, usually prepared at the end of the month. |
Created by:
dengler
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