| A | B |
|---|
| Net Price | The list price less all trade discounts. |
| Contra Revenue Account | An account with a debit balance, which is contrary to the normal balance for a revenue account. |
| Sales Journal | A special journal used to record sales of merchandise on credit. |
| Wholesale Business | A business that manufactures or distributes goods to a retail business. |
| Accounts Receivable Ledger | A subsidiary ledger that contains credit customer accounts. |
| Invoice | A customer billing for merchandise bought on credit. |
| Charge Account Sales | Sales made through the use of open-account credit. |
| Credit Memo | A note verifying that a customer's account is being reduced by the amount of a sales return or sales allowance plus any sales tax involved. |
| Sales Allowance | A reduction in the price originally charged to customers for goods and services. |
| Control Account | An account that links a subsidiary ledger and the general journal. |
| Merchandise Inventory | The stock of goods a merchandising business keeps on hand. |
| List price | An established retail price. |
| Retail Business | A business that sells directly to customers. |
| Subsidiary Ledger | A ledger dedicated to accounts of a single type. |
| Schedule of Accounts Receivable | A listing of all balances of the accounts in the accounts receivable subsidiary ledger. |
| Merchandising Business | A business that sells goods purchased for resale. |
