Show:
Sales
Sales on Account
Accounts Receivable
Sales Returns & Allowances
Cash Sales
100
A business that sells to the final user, that is, you, the consumer!
What is a retailer?
100
The sale of merchandise that will be paid for at a later date is called a ______________ (3 words).
What is a sale on account?
100
A separate ledger that contains an account for each charge customer.
What is an accounts receivable subsidiary ledger?
100
Any merchandise returned for credit or a cash refund is called a ____________.
What is sales return?
100
A transaction in which money is received by a business is called a _______________ (2 words).
What is a cash receipt?
200
A business that sells to retailers.
What is a wholesaler?
200
A store card issued by a business such as Target to make a purchase.
What is a credit card?
200
A ledger that contains detailed data summarized to a controlling account in the general ledger.
What is subsidiary ledger?
200
A price reduction granted for damaged goods kept by the customer is called a _____________.
What is a sales allowance?
200
A business receives full payment for the merchandise sold at the time of sale. (2 words)
What is a cash sale?
300
This type of business buys goods from a wholesaler or a manufacturing business and then sells these goods to its customers.
What is a merchandising business?
300
The form that lists these details: date of the sale; customer account identification; and description, quantity, and price of the item(s) sold.
What is a sales slip?
300
An account in the general ledger that contains a summary of the balances in a subsidiary ledger.
What is a controlling account?
300
The form a business prepares when a charge customer returns merchandise.
What is a credit memorandum?
400
Goods bought for resale are called ______________.
What is merchandise?
400
Most states and some cities tax the retail sale of goods and services with a ___________.
What is sale tax?
400
To encourage charge customers to pay promptly, some merchandisers offer a _________________. (2 words)
What is a cash discount?
400
This type of account keep track of returns and allowances and decreases the balance of its related account.
What is a contra account?
400
A special journal used to record all cash receipt transactions.
What is a cash receipts journal?
500
Items of merchandise the business has in stock are referred to as _______________.
What is inventory?
500
This states the time allowed for payment on a sales slip.
What are credit terms?
500
A special journal used to record sales of merchandise on account.
What is a sales journal?
500
To prove the accounts receivable subsidiary ledger, accounts prepare a _______________________ (3 words) that lists each charge customer, the balance in the account and the total amount due from all customers.
What is a schedule of accounts receivable?
500
These simplify the journalizing and posting process.
What are special journals?