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14 Cards in this Set
- Front
- Back
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Customer |
A person or business to whom merchandise or services are sold. |
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Sales tax |
A tax on a sale of merchandise or services. |
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Sales Journal |
A special journal used to record only sales of merchandise on account. |
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Cash sale |
A sale in which cash is received for the total amount of the sale at the time of the transaction. |
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Credit card sale |
A sale in which a credit card is used for the total amount of the sale at the time of the transaction. |
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Point-of-sale (POS) terminal |
A computer used to collect, store, and report all the information of a sales transaction. |
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Terminal Summary |
The report that summarizes the cash and credit card sales of a point-of-sales terminal. |
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Batch report |
A report of credit card sales produced by a point-of-sale terminal. |
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Batching out |
The process of preparing a batch report of credit card sales from a point-of-sale terminal. |
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Cash receipts journal |
A special journal used to record only cash receipt transactions. |
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Sales discount |
A cash discount on sales taken by a customer. |
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Sales return |
Credit allowed a customer for the sales price of returned merchandise, resulting in a decrease in the vendor's accounts receivable. |
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Sales allowance |
Credit allowed a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the vendor's accounts receivable. |
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Credit memorandum |
A form prepared by the vendor showing the amount deducted for returns and allowances. |
