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Merchandise returned by the customer for a refund is called a

sales return

A customer returns merchandise that was delivered in poor condition and that does not meet specification. The account that the seller would debit for the amount of the return is

Sales Returns and Allowances

A schedule of accounts receivable is prepared from the

list of customer accounts in the accounts receicable ledger

to enter a cash sale the journal entry includes

debating cash, crediting sales and crediting sales tax payable

the accounts that would be credited for the amount of tax collected and paid on sales woul be

sales tax payable

the source document of a sales transaction is called a

sales ticket

the account in which the revenue earned from the sale of merchandise is entered is


a journale that is not commonly used by a business is a

cash flow journal

when purchansing merchandise for resale on account, record the transaction in the

purchases account

when purchansing merchandise for resale for cash, record the transaction in the

cash payments journal

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