Chapter 14
Order by
21 terms
Terms | Definitions |
|---|---|
 Retailers | a business that sells to the final user (the consumer) |
| Wholesaler | a business that sells to retailers |
| Merchandise | Goods bought for resale |
| Inventory | the items of merchandise the business has in stock |
| Sales Account | The amount of merchandise that is sold is recorded in this |
| Sale On Account | the sale of merchandise that will be paid for at a later date |
| Charge Customer | The sale on account is mad to this account |
| Credit Cards | Charge customers use this, that is issued by a business to make their purchase |
| Sales Slip | a form that lists these details: date of sale; customer account identification; and description, quantity ans price of item(s) sold |
| Sales Tax | Tax of the retail sale of goods and services |
| Credit terms | State the time allowed for payment |
| Accounts Recievable Subsidiary Ledger | a seperate of a big business that contains an account for each charge customer |
| Subsidiary Ledger | a ledger or book that contains detailed data summarized to a controlling account in the general ledger |
| Controlling Account | balances equals of all account balances in the subsidiary ledger |
| sales return | any merchandise returned for credit or 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 | A Account that decreases the balance of it's related accounts |
| Cash Receipt | Transaction in which money is recieved by a business |
| Cash Sale | The business recieves full payment for the merchandise at the time of the sale |
| Cash Discount/ Sales Discount | The amount a customer can deduct from the amount owed for purchased merchandise if payment is made within a certain time |
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