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