33 terms

Accounting-Ch 10

Accounting Gilbertson Ch 10 Journalizing Sales and Cash Receipts Using Special Journals
STUDY
PLAY

Terms in this set (...)

customer
a person or business to whom merchandise or services are sold
sales tax
a tax on a sale of merchandise or services
classification of sales tax payable
liability
normal balance of sales tax payable
credit
classification of accounts receivable
asset
normal balance of accounts receivable
debit
sales journal
special journal used to record only sales of merchandise on account
sales invoice
a form describing the goods or services sold, the quantity, and price
other names of a sales invoice
sales ticket
sales slip
calculation of sales tax
price of goods
x sales tax rate
calculation of the total sales invoice
price of goods
+ sales tax
sold merchandise on account to a customer, plus sales tax
debit-accounts receivable
credit-sales
credit-sales tax payable
proving a journal
verifying the debits equal the credits
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 is 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 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 jounal
a special journal used to record only cash receipt transactions
sales discount
a cash discount on sales taken by a customer
classification of sales discount
contra-revenue
normal balance of sales discount
debit
recorded cash and credit card sales, plus sales tax
debit-cash
credit-sales
credit-sales tax payable
received cash on account from a customer
debit-cash
credit-accounts receivable
calculate a sales discount
sales invoice amount
x sales discount rate
proving cash
verifying the amount in the journals is equal to the amount recorded in the check stub of a check book
sales return
credit allowed a customer for the sales price of merchandise returned, 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
classification of sales returns and allowances
contra-revenue
normal balance of sales returns and allowances
debit
granted credit to a customer for merchandise returned, plus sales tax
debit-sales returns and allowances
debit-sales tax payable
credit-accounts receivable