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14 terms

Accounting I - Chapter 10

Chapter 10 - Accounting I, Century 21 Accounting 9e
STUDY
PLAY
customer
A person or business to whom merchandise or services are sold.
sales tax
A tax on a sale of merchandise or services.
sales journals
A special journal used to record only sales of merchandise on account.
cash sale
A sale in which cash is received for the total amount of that 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 (POS)
A computer used to collect, store, and report all the information for 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 point-of-sale terminal.
cash receipts journal
A special journal used to record only cash receipts transactions.
sales discount
A cash discount on sales taken by a customer.
sales returns
Credit allowed a customer for the sales price of returned merchandise, resulting in a decrease in the vendor's accounts receivable.
sales allowances
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.