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Definitions
Name the Journal
Calculations
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100
A tax on a sale of merchandise or services
Sales tax
100
Received cash on account from a customer
Cash Receipts Journal
100
Sales Discount Sales Invoice Amount- $600 Sales Discount Rate- 4% Total amount after discount- ?
$600 x .04= $24 $600 - 24= $576.00
100
A sale in which cash is received for total amount of the sale at the time of the transaction
cash sale
100
______ balance on hand and the checkbook balance should equal.
Cash
200
A cash discount on sales taken by a customer
sales discount
200
Recorded cash and credit card sales
Cash Receipt Journal
200
Sales Discount Sales Invoice Amount: $430 Sales Discount Rate: 2% Sales Discount Amount- ?
$430 x .02 =$8.60
200
Provide the differences of a cash register receipt and a POS terminal receipt.
Description of product, quantity, debit card/ credit card information
200
What source document is used for sales return and allowances?
credit memorandum
300
A report of credit card sales produced by a point of sale terminal
Batch Report
300
Sold merchandise on account to a customer
Sales Journal
300
Sold merchandise to Valley High School Price of Goods-$700 Sales tax- 5.4% Total amount due- ?
$700
300
A report of sales by sales clerk would assist management to analyze a sales clerk's ________.
efficiency
300
What are the two types of batch reports?
Total and detailed
400
Credit allowed for a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the vendor's accounts receivable
sales allowance
400
Granted credit to a customer for merchandise returned
General Journal
400
Calculate the total amount Price of Goods-$350 Sales Tax- 3.4%
350 x .034= 11.9 350+11.9= 361.90
400
A report of sales by time of day would assist management in ____________ sales clerks to match busy periods.
scheduling
400
Provide the difference between sales allowance and sales return.
Sales allowance- credit for part of the merchandise Sales return-credit for all of the merchandise
500
A computer used to collect, store and report all the information of a sales transaction.
Point of Sale Terminal
500
Received cash on account from a customer
Cash Receipts Journal
500
Calculate Sales Tax Price of good- $400 Sales tax rate- 4.5%
$18
500
A report of merchandise having a quantity on hand below a predetermined reorder point alerts management to ________.
purchase additional merchandise.
500
The accounting concept ________ of ______ is applied when revenue is recorded at the time goods or services are sold.
Realization of Revenue