Advanced Accounting
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Created by:
katelynseetaram on March 27, 2012
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Chapter 14
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22 terms
Terms | Definitions |
|---|---|
 accounts receivable subsidiary ledger | A separate ledger that contains accounts for all charge customers; it is summarized in the Accounts Receivable controlling account in the general ledger. |
| cash discount | price reduction given to buyers for prompt payment or cash payment |
| cash receipt | Amount of money that is present in the cash register drawer at the end of the day minus the starting bank |
| cash sale | A sale in which cash is received for the total amount of the sale at the time of the transaction |
| charge customer | cutomer whom a sale on account is made |
| contra account | an account that reduces a related account on a financial statement |
| controlling account | an account in a general ledger that summarizes all accounts in a subsidiary ledger |
| credit cards | a card that allows a person to charge at the moment and pay later |
| credit memorandum | A form prepared by the vendor showing the amount deducted for returns and allowances. |
| credit terms | Terms for payment on account by the buyer to the seller. |
| inventory | making an itemized list of merchandise or supplies on hand |
| merchandise | commodities offered for sale |
| retailer | a merchant who sells goods at retail |
| sale on account | a sale for which cash will be received at a later date |
| sales | income (at invoice values) received for goods and services over some given period of time |
| 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 |
| sales discount | A cash discount on sales taken by a customer |
| sales return | credit allowed a customer for the sale price of returned merchandise, resulting in a decrease in the vendor's accounts receivable |
| sales slip | a form that lists the details of a sale |
| sales tax | a tax based on the cost of the item purchased and collected directly from the buyer |
| subsidiary ledger | details of an account supporting the amount stated in the general ledger |
| wholesaler | someone who buys large quantities of goods and resells to merchants rather than to the ultimate customers |
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