A reduction in the sales prices of an item that is given to a customer for prompt payment.
What is a cash or sales discount?
100
The balance of this account mys agree with the balance of the accounts in it related subsidiary ledger?
What is the controlling account?
100
A levy imposed by most states on the retail sales prices of good and services.
What is s sales tax?
100
This forms list the details of the sale, the date of the sale, the name of the customer, the description, the quantity and the price of the good sold.
What is a sales slip?
200
This contains accounts for all charge customers.
What is an accounts receivable subsidiary ledger?
200
This refers to cash received by a business.
What is a cash receipt?
200
A business that buys goods and sells those goods to customers for a profit is this type of business.
What is a merchandising business?
200
These are recorded like cash sales because a business expects to receive its cash within a few days of the bank deposit.
What is a bankcard sale?
200
A price reduction offered to a customer who keeps damaged or defective merchandise.
What is sales allowance?
300
This occurs when a customers buys an item with a promise to pay it later.
What is a sale on account?
300
When a customer pays for a purchase in full at the time of the purchase.
What is a cash sale?
300
This source document is prepared by the seller to notify a charge customer that the customer's account will be decreased by the amount of a return or allowance.
What is a credit memorandum?
300
Credit memos result in this to a customer's account.
What are decreases?
300
This refers to the items of merchandise a business has in stock.
What is inventory?
400
A ledger or book of accounts that is summarized in a controlling account in the general ledger.
What is a subsidiary ledger?
400
The customer to whom a a sale on account is made is called this.
What is a charge customer?
400
A form that serves as a record of cash received from a charge customer.
What is a receipt?
400
This is a set time period for a customer to make full payment of an invoice or pay interest.
What are credit terms?
400
These are the goods a business buys for resale to its customers.
What is merchandise?
500
This is used to post once to a controlling account and once to a subsidiary ledger account.
What is a diagonal slash?
500
This allows no sales tax for schools and churches on their purchases.
What is tax-exempt?
500
On March 3, a customer purchases items on account is given credit terms of 2/10, n/30. What is the last day that the customer can pay and receive the discount?
What is March 13?
500
A customer makes a purchase on account for $1,500 with credit terms of 2/10, n/30. They will receive this much off the purchase if they pay within 10 days.
What is $30.00?
500
Jostens has sold merchandise on account to Aquin High School for graduation gowns for $1,000.00, sales slip 1419. What are the 2 accounts affected by this transaction?
What are Accounts Receivable/Aquin High School and Sales?