A person or business to whom merchandise or services are sold.
What is a customer?
100
A tax on a sale of merchandise or services.
What is sales tax?
100
A special journal used to record only sales of merchandise on account.
What is sales journal?
100
A sale in which cash is received for the total amount of the sale at the time of the transaction.
What is cash sale?
100
A sale in which a credit card is used for the total amount of the sale at the time of the transaction.
What is credit card sale?
200
A computer used to collect, store, and report all the information of a sales transaction.
What is point-of-sale terminal.
200
The report that summarizes the cash and credit card sales of a point-of-sale termina.
What is terminal summary?
200
A report of credit card sales produced by a point-of-sale terminal.
What is a batch report?
200
The process of preparing a batch report of credit card sales from a point-of-sale terminal.
What is batching out?
200
A special journal used to record only cash receipt transactions.
What is the cash receipts journal?
300
A cash discount on sales taken by a customer.
What is a sales discount?
300
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?
300
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?
300
A form prepared by the vendor showing the amount deducted for returns and allowances.
What is a credit memorandum?
300
POS stands for...
What is point-of-sale?
400
A form describing the goods or services sold, the quantity, and the price is known as...
What is an invoice?
400
The concept that states that source documents must accompany every transaction.
What is Objective Evidence?
400
On a sales journal, which two special columns are credits?
What are sales and sales tax payable?
400
On a sales journal, which column title is a debit?
What is accounts receivable?
400
How many special columns are on a cash receipts journal?
What is 5?
500
On a cash receipts journal, which special columns are credits?
What are accounts receivable, sales and sales tax payable?
500
On a cash receipts journal, which special columns are debits?
What are sales discount and cash?
500
A discount that is taken off the catalog price of items and is typically anywhere from 40 - 60%.