Accounting I - Chapter 10

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Chapter 10 - Accounting I, Century 21 Accounting 9e

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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