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15 Cards in this Set
- Front
- Back
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Accounts Receivable Account |
An asset account that shows the total dollar amount due from credit customers. |
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Accounts Receivable - Credit Cards Account |
An asset account used to record the amount due from nonbank credit card sales
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Accounts Receivable Ledger |
A subsidiary ledger containing only accounts of credit customers.
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Cash Register Tape |
A variation of the sales ticket.
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Credit Card Expense Account |
An expense account that is used to record discounts paid when receipts for credit card sales are deposited with the bank.
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Credit Period |
The amount of time a seller allows a credit customer to pay for a purchase.
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Credit Terms |
The terms for payment set by a seller of goods or services.
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Revolving Charge Plan |
A payment system in which customer pay a percentage of their account plus finance charges on a monthly basis.
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Sales Account |
A revenue account used to record the price of merchandise sold to customers.
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Sales Discounts Account |
A contra revenue account with a normal debit balance used to record cash discounts granted to credit customers for prompt payment.
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Sales Order |
A document prepare when an order is received from a customer. |
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Sales Returns and Allowances Account |
A contra revenue account with a normal debit balance used to record returns from allowances to customers. |
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Sales tax |
A tax on the retail price of goods sold. |
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Sales Tax Payable Account |
A liability account used to record sales taxes on retail purchases. |
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Sales Ticket |
A form prepared by the seller when a cash sale is made that describes the goods sold. |
