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Accounts Receivable subsidiary ledger

a separate ledger that contains accounts for all charge customers; it is summarized in the Accounts Receivable account in the general ledger

cash discount

A deduction that a vendor allows on the invoice amount to encourage prompt payment.

cash receipt

a transaction in which money is received by a business

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 that set out the time allowed for payment for a sale on account.


making an itemized list of merchandise or supplies on hand


goods that a merchandising business purchases to sell


A business that sells goods or services directly to the public

sale on account

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


income received for goods and services over some given period of time

sales allowence

Price reduction for damaged goods.

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

subsidary ledger

A ledger that is summarized in a single general ledger account.


A type of business that buys goods in large amounts and resells them to other businesses in smaller lots.

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