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Rice Acctg Ch10 Set1

Maplewood Rice Acctg Ch 10 Set 1

QuestionAnswer
customer a person or business to whom merchandise or services are sold
sales tax a tax on the sale of merchandise
sales journal a special journal used to record only sale of merchandise on account
cash sale a sale in which cash is received at the time of the transaction
credit card sale a sale in which a credit card is used at the time of the transaction
point of sale (POS) terminal a computer used to collect, store, and report sales transactions
terminal summary the report that summarizes cash and credit card sales of a POS terminal