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Ch 14 vocab
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
A deduction that a vendor allows on the invoice amount to encourage prompt payment.
a transaction in which money is received by a business
A sale in which cash is received for the total amount of the sale at the time of the transaction.
cutomer whom a sale on account is made
an account that reduces a related account on a financial statement
an account in a general ledger that summarizes all accounts in a subsidiary ledger
a card that allows a person to charge at the moment and pay later
a form prepared by the vendor showing the amount deducted for returns and allowances
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
Price reduction for damaged goods.
A cash discount on sales taken by a customer
credit allowed a customer for the sale price of returned merchandise, resulting in a decrease in the vendor's accounts receivable
a form that lists the details of a sale
a tax based on the cost of the item purchased and collected directly from the buyer
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.