Acct. I CH 10
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17 terms
Terms | Definitions |
|---|---|
 Customer | A person or business to whom merchandise or services are sold |
| Sales Tax | A tax on the sale of merchandise or services |
| Realization of Revenue | When revenue is recorded at the time goods or services are sold |
| Sales Journal | A special journal used to record only sales of merchandise on account |
| Objective Evidence | Using a sales invoice as a source document for a sale on account |
| Sales Invoice | A Sales ticket or slip used as a source document for a sale on account |
| Cash Sale | A sale in which cash is received for the total amount of the 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) terminal | A computer used to collect, store and report all the information of a sales transaction |
| Terminal Summary | A report that summarizes the cash and credit card slaes 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 a point-of-sale terminal |
| Cash Receipts Journal | A special journal used to record only cash receipt transactions |
| Sales Discount | A cash discount of sales taken by a customer |
| Sales Return | Credit allowed a customer for the sales price of returned merchandise |
| Sales Allowance | Credit allowed a customer for part of the sales price of merchandise that is not returned |
| Credit memorandum | A form prepared by the vendor showing the amount deducted for returns and allowances |
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