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Vocabulary
Which Journal?!?
More Vocab
Classification/Balance
Taxes/Discounts
100
A person or business to whom merchandise or services are sold
What is customers?
100
Sold merchandise on account to Village Crafts, $500.00, plus sales tax, $31.00, total, $531.00. S76
What is Sales Journal
100
A tax on a sale of merchandise or services
What is sales tax?
100
Accounts Receivable
What is Asset and Debit balance
100
Price of Goods: $1,000 Sales Tax Rate: 5% What is the sales tax?
$50.00
200
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
Received cash on account from Oakley Company, $400.00. R101
What is Cash Receipts Journal?
200
Process of preparing a batch report
What is batching out?
200
Sales
What is Revenue and Credit balance
200
Mary bought a new laptop computer for $800.00. The sales tax rate is 7%, what is the total amount Mary has to pay???
What is $856.00
300
A cash discount on sales taken by a customer
What is sales discount?
300
Granted credit to Milton High School for damaged merchandise, $45.00, no sales tax. CM80.
What is General Journal
300
rReport that summarizes the cash and credit card sales of a POS terminal
What is terminal summary?
300
Cash
What is Asset and Debit balance
300
What does 2/10, n/30 mean?
2% discount if paid within 10 days, full amount due within 30 days
400
Computer used to collect, store, and report all the information of sales transactions
What is POS terminal
400
Recorded cash and credit card sales, $5,460.00, plus sales tax, $327.60; total, $5,787.60. TS 34.
What is Cash Receipts Journal?
400
For transactions that cannot be placed in a special journal.
What is General Journal?
400
Sales Tax Payable
What is Liability and Credit balance
400
Invoice Amount: $1,500.00 Sales Discount Rate: 2% How much is the sales discount?
What is $30.00?
500
Form prepared by the vendor showing the amount deducted for returns and allowances
What is credit memorandum
500
Sally's Beauty Store bought merchandise on account for $1,000.00, plus sales tax, $8.00. S142.
What is Sales Journal?
500
Credit allowed to the customer for part of the sales price of merchandise that is not returned.
What is sales allowance?
500
Sales Returns and Allowances
What is Revenue and Debit balance
500
Which state had the highest sales tax rate we looked at in the beginning of this chapter?
What is Tennessee?