Chapter 14
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| Accounts Receivable Subsidiary Ledger | A separate ledger that contains accounts for each charge customer; it is summarized in the Accounts Receivable controlling account in the general ledger
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| Cash Discount | The total amount a customer can deduct from the total owed for purchased merchandise if payment is made within a certain time; also called sales discount.
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| Cash Receipt | The cash received by a business in a single transaction.
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| Cash Sale | A transaction in which the business receives full payment for the merchandise sold at the time of the sale.
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| Charge Customer | A customer to whom a sale on account is made.
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| Contra Account | An account whose balance is a decrease to its related account.
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| Controlling Account | An account that serves as a control on the balances in the subsidiary ledger; its balance must equal the total of all account balances in the subsidiary ledger.
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| Credit Cards | A card, issued by a business and bearing a customer's account number, which facilitates the sale on account.
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| Credit Memorandum | A form that lists the details of a sales return or sales allowance.
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| Credit Terms | Terms that state the time allowed for payment for a sale on account.
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| Inventory | The items of merchandise a business has in stock.
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| Merchandise | Goods brought to resell to customers.
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| Retailer | A business that sells to the final user, the customer.
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| Sale on Account | The sale of merchandise that will be paid for at a later date.
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| Sales | A revenue account to record the amount of the merchandise sold.
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| Sales Allowance | A price reduction granted for damaged goods kept by the customer.
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| Sales Discount | Cash discount; The amount a customer can deduct from the total owed for purchased merchandise if payment is made within a certain time.
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| Sales Return | Any merchandise returned for credit or a cash refund.
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| Sales Slip | A form that lists the details of a sale.
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| Sales Tax | A tax levied by a city or state on the retail sale of goods and services.
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| Subsidiary Ledger | A ledger with detailed data that is summarized in a controlling account in the general ledger.
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| Wholesaler | A business that sells to retailers.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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