Accounting I - Chapter 10
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14 terms
Terms | Definitions |
|---|---|
 customer | A person or business to whom merchandise or services are sold. |
| sales tax | A tax on a sale of merchandise or services. |
| sales journals | A special journal used to record only sales of merchandise on account. |
| cash sale | A sale in which cash is received for the total amount of that sale at the time of the transaction. |
| credit card sale | A sale in which a credit card is used for the total amount of the sale at the time of the transaction. |
| point-of-sale (POS) | A computer used to collect, store, and report all the information for a sales transaction. |
| terminal summary | The report that summarizes the cash and credit card sales of a point-of-sale terminal. |
| batch report | A report of credit card sales produced by a point-of-sale terminal. |
| batching out | The process of preparing a batch report of credit card sales from point-of-sale terminal. |
| cash receipts journal | A special journal used to record only cash receipts transactions. |
| sales discount | A cash discount on sales taken by a customer. |
| sales returns | Credit allowed a customer for the sales price of returned merchandise, resulting in a decrease in the vendor's accounts receivable. |
| sales allowances | 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. |
| credit memorandum | A form prepared by the vendor showing the amount deducted for returns and allowances. |
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