13 terms

Accounting Ch. 10 Vocab

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Customer
A person or business to whom merchandise and services are sold
Sales Tax
Tax on a sale of merchandise or services
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 Terminal
A computer used to collect, store, and report all the information of a sales transaction
Terminal Summary
The report that summarizes the cash and credit card sales 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 on sales taken by a customer
Sales Return
Credit allowed a customer for the sales price of returned merchandise, resulting in a decrease in the vendor's accounts receivable
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
Credit Memorandum
A form prepared by the vendor showing the amount deducted for returns and allowances
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