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Chapter 14

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.


making an itemized list of merchandise or supplies on hand


commodities offered for sale


a merchant who sells goods at retail

sale on account

a sale for which cash will be received at a later date


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


someone who buys large quantities of goods and resells to merchants rather than to the ultimate customers

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