Chapter 10

Question 0

Sales tak

Answer 0

A tax on a sale of merchandise or services

Question 1

Customer

Answer 1

A person or business to whom merchandise or services are sold

Question 2

Sales journal

Answer 2

A special journal used to record only sales of merchandise on account

Question 3

Cash sale

Answer 3

A sale in which cash is received for the total amount if the sale at a time of the transaction

Question 4

Credit card sale

Answer 4

A sale in which a credit card is used for the total amount of the sale at the time of the transaction

Question 5

Point-of-sale(POS) terminal

Answer 5

A computer used to collect, store, and report all the information of a sales transaction

Question 6

Terminal summary

Answer 6

The report that summarizes the cash and credit card sales of a POS terminal

Question 7

Batch report

Answer 7

A report of credit card sales produced by a POS terminal

Question 8

Batching out

Answer 8

The process of preparing a batch report if credit card sales from a POS terminal

Question 9

Cash receipts journal

Answer 9

A special journal used to record only cash receipts transactions

Question 10

Sales discount

Answer 10

A cash discount on sales taken by a customer

Question 11

Sales return

Answer 11

Credit allowed a customer for the sales price of returned merchandise, resulting in a decrease in the vendors accounts receivable

Question 12

Sales allowance

Answer 12

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

Question 13

Credit memorandum

Answer 13

A form prepared by the censor showing the amount deducted for returns and allowances