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Merchandising Business
Sales Transactions
Sales Returns and Allowances
Cash Sales
Bankcards and Cash Discounts
100
What is a retailer.
What is a business that sells to the final user.
100
What is a card issued by the business to the customer to make their purchases.
What is a credit card.
100
What is a sales return.
What is merchandise returned for a credit or cash refund.
100
What is a cash sale.
What is a transaction payed in full at time of sale.
100
What is a VISA, MasterCard, and Discover an example of.
What is a bankcard.
200
What is wholesaler.
What is a business that sells to retailers.
200
What is a sale on account.
What is the sale of merchandise that will be paid for at a later date.
200
What is a sales allowance.
What is a price reduction granted for damaged goods bought by the customer.
200
What is the three most common sources of cash for merchandising business.
What is payments from charge customers, cash sales, and bankcard sales.
200
Why are cash discounts used.
What is encourage charge customers to pay promptly.
300
How many steps are in the operating cycle.
What is 4.
300
What is a tax on the sale of goods and services.
What is a sales tax.
300
What is credit memorandum.
What is prepared if the sales return or allowance occurs on a charge sale.
300
What is used to record cash sales.
What is a cash register.
300
Why is a cash discount an advantage to both buyer and seller.
What is buyer gets reduced cost, and seller receives cash quickly.
400
What is the purchase of goods for resale.
What is the first step in the operating cycle.
400
What does a credit term state.
What is the time allowed for payment.
400
What kind of contra account is sales returns and allowances.
What is a contra revenue account.
400
What is done to a cash register a the end of the day.
What is cleared and totaled.
400
What is credit term 2/10 mean.
What is 2% deduction in 10 days.
500
What is the last step of the operating cycle.
What is cash
500
What is a subsidiary ledger.
What is a ledger, or book, that contains detailed data summarized to a controlling account in the general ledger.
500
What is the normal balance side for sales.
What is credit.
500
What is used as the source document for the journal entry to record the day's cash sales.
What is cash register tape.
500
When a bankcard sale occurs, the sales clerk completes a ______ sales slip.
What is multi-copy bankcard.