chapter 14 vocab Word Scramble
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| Term | Definition |
| retailer | a business that sells to the final user |
| wholesaler | a business that sells to retailers |
| merchandise | goods bought for resale |
| inventory | the items of merchandise the business has in stock |
| sales | the amount of merchandise sold |
| sale on account | a sale of merchandise that will be paid for at a later date |
| change customer | the person that the sale on account is to |
| credit cards | issued by a business to charge customers so that they can make purchases |
| sales slip | a form that lists the date of sale, customer account identification, and description and quantity sold |
| sales tax | tax on the retail sale of goods and services |
| credit terms | state the time allowed for payment |
| accounts receivable subsidiary ledger | a ledger that contains an account for each charge customer |
| subsidiary ledger | ledger that contains detailed data summarized to a controlling account in the general ledger |
| controlling account | an account in the general ledger that is equal to the total of all account balances in the subsidiary ledger |
| sales return | any merchandise that is returned for credit or a cash refund |
| sales allowance | a price reduction granted for damaged goods kept by the customer |
| credit memorandum | lists the details of a sales return or allowance |
| contra account | its balance decreases the balance of its related account |
| cash receipt | a transaction in which money is received by a business |
| cash sale | business receives full payment for the merchandise sold at the time of sale |
| cash discount | the amount a customer can deduct from the amount owed for something that was purchased(merchandise) |
| sales discount | the amount a customer can deduct from the amount owed for merchandise if the payment is made within a certain time. |
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Jmorrison21