A
A sale in which cash is received for the total amount of the sale at the time of the sale
What is a cash sale?
A tax on a sale of merchandise or services
What is a sales tax?
A special journal used to record only sale of merchandise on account
What is a sales journal?
A computer used to collect, store, and report all the information of a sales transaction
What is a point of sale (POS) terminal?
A person or business to whom merchandise or services are sold
What is a customer?
A special journal used to record only cash receipt transactions
The report that summarizes the cash and credit card sales of a POS terminal
What is a terminal summary?
Credit allowed a customer for the sales price of returned merchandise, resulting in a decrease in the vendor's accounts receivable
What is a sales return?
A report of credit card sales produced by a POS terminal
What is a batch report?
A sale in which a credit card is used for the total amount of the sale at the time of the transaction
What is a credit card sale?
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
What is a sales allowance?
A cash discount on sales taken by a customer
A form preferred by the vendor showing the amount deducted for returns and allowances
What is a debit memorandum?
Total shares of ownership in a corporation
What is capital stock?
A deduction that a vendor allows on the invoice amount to encourage prompt payment
What is a cash discount?
A special journal used to record only cash payment transactions
An account that reduces a related account on a financial statement
What is a contra account?
An organization with the legal rights of a person and which many persons may own.
What is a corporation?
The retail price listed in a catalog or on an internet site
What is list price?
The amount added to the cost of merchandise to establish the selling price
A transaction in which the merchandise purchased is to be paid for later
What is a purchase on account?
Credit allowed for part of the purchases price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable
What is purchases allowance?
Each unit of ownership in a corporation
What is share of stock?
An agreement between a buyer and a seller about payment for merchandise
What are terms of sale?
A business from which merchandise is purchased or supplies or other assets are bought
What is a vendor?