Chapter 10 Flashcards
Sales tak
A tax on a sale of merchandise or services
Customer
A person or business to whom merchandise or services are sold
Sales journal
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 if the sale at a 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) terminal
A computer 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 POS terminal
Batch report
A report of credit card sales produced by a POS terminal
Batching out
The process of preparing a batch report if credit card sales from a POS 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 return
Credit allowed a customer for the sales price of returned merchandise, resulting in a decrease in the vendors 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 censor showing the amount deducted for returns and allowances
