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10 Cards in this Set
- Front
- Back
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Accounts Receivable Ledger |
A subsidiary ledger containing credit customer accounts |
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Charge-Account Sales |
Sales made through open-account credit or some type of credit card |
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Contra Revenue Account |
An account with a debit balance |
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Control Account |
An account that links a subsidiary ledger and the general ledger (summarizes the subsidiary ledger) |
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Credit Memorandum |
A note verifying reduction of a customer's account by the amount of a sale (plus any tax) |
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Invoice |
Customer billing for merchandise or services bought on credit |
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Merchandising Business |
A business that sells goods purchased for resale |
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Net Price |
List price minus all discounts |
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Net Sales |
The difference between the balance in the (Sales) account and the balance in the (Sales returns and Allowances) account |
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Open-account Credit |
A system that allows the sale of services or goods with an agreement for payment at a later date |
