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14 Cards in this Set
- Front
- Back
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Accounts Receivable Ledger |
A separate ledger containing an individual account receivable for each customer, kept in either alphabetical or numerical order. |
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Cash Discounts |
Discounts to encourage prompt payment by customers who buy merchandise on account. |
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Contra-revenue Account |
An account with a debit balance that is deducted from the related revenue account. |
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Controlling Account |
A summary account maintained in the general ledger with a subsidiary ledger |
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Credit Memo |
A document issued when credit is given for merchandise returned or for an allowance. |
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Merchandising Business |
A business that purchases merchandise such as clothing, furniture, or computers, and sells that merchandise to its customers. |
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Sale |
A transfer of merchandise from one business or individual to another in exchange for cash or promise to pay cash. |
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Sales Allowances |
Reductions in the price of merchandise granted by the seller because of defects or other problems with the merchandise. |
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Sales Discounts |
To the seller, cash discounts are considered sales discounts. |
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Sales Invoice |
A document that is generated to bill the customer to whom the sale was made. |
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Sale Return |
Merchandise returned by a customer for a refund. |
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Sales Ticket |
A document created as evidence of a sale in retail business. |
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Schedule of Accounts Receivable |
An alphabetical or numerical listing of customer accounts and balances, usually prepared at the end of the month. |
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Subsidiary Ledger |
A separate ledger made up of individual accounts that contain the detail for a controlling account. |
