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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 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 sale of point-of-sale 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 |
