10 terms

acctgn exam

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