| A | B |
|---|
| Sales account | Revenue, normal balance credit |
| Sales tax payable account | Liability, normal balance credit |
| Sales tax | Tax on a sale of merchandise or service stated as a % of sale |
| Bank | Who sends the customer the bill for credit card sale |
| Proof of journal | Equality of debits and credits in a special journal is called this |
| Customer | Person or business to whom merchandise or services are sold |
| Purchases and sales | Two major activities of a merchandising business |
| Realization of revenue | Accounting concept applied when a sale is recorded at the time the sale is made |
| Credit card sale | Sale in which a credit card is used for the total amount of the sale at the time of the purchase |
| Cash sale | Sale in which cash is received for the total amount of the sale at the time of the transaction |
| Sales journal | Journal used to record sales of merchandise on account |
| Cash receipts journal | Journal used to record only cash and credit card sales |
| Accounts receivable | Asset, normal balance debit |
| Cash register tape | Source document for cash and credit card sales |
| Check mark | In the Post. Ref. column means that amounts on that line need NOT be posted individually |
| Objective evidence | Using a cash register tape as a source document |
