Vocab
Concepts
Application
100
a cash discount on sales taken by a customer.
What is a sales discount?
100
main activities of a merchandising business.
What is purchase and sale of merchandise?
100
revenue should be recorded at this time.
What is when the sale is made?
200
a special journal used to record only transactions that involve receiving cash.
What is the cash receipts journal?
200
cash on hand at the beginning of the month, plus cash received, minus cash paid = cash on next unused check stub.
What is cash proof?
200
Name account credited and debited. When receiving cash on account from Harbor, Inc.
What is debit cash credit accounts receivable?
300
a computer used to collect, store, and report all information of a sales transaction.
What is point-of-sale terminal?
300
the account that is debited when cash is received on account?
What is cash?
300
Name account credited and debited. Sold merchandise on account to harbor, inc.
What is accounts receivable debit, sales credit, and sales tax payable credit?
400
The report that summarizes the cash and credit card sales of a point-of-sale terminal.
What is a terminal summary?
400
the normal balance in the sales discount account. (contra account to sales)
What is a debit?
400
the journal that merchandise returned is recorded in.
What is the General Journal.
500
the process of preparing a batch report of credit card sales from a point-of-sale terminal.
What is batching out?
500
the symbol that is used with a point-of-sale terminal.
What is UPC?
500
Name accounts credited and debited. When credit is granted to William Coburn for merchandise returned.
What is sales returns and allowances debit, sale tax payable debit, and accounts receivable william coburn credit?
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