| A | B |
|---|
| Customer | a person or business to whom merchandise or services are sold |
| Sales journal | a special journal used to record only sales of merchandise on account |
| Sales on account | the sale of merchandise that will be paid for at a later date (charge sale, credit sale) |
| Sales Tax | a tax on a sale of merchandise or services |
| Wholesale | a business that buys and resells merchandise to retail merchandising businesses |
| Retail | a merchandising business that sells to those who use or consume the goods |
| Cash sales | a sale in which cash is received for the total amount of the sale at the time of the transaction |
| Sales discount | a cash discount on sales taken by a customer |
| Cash receipts journal | a special journal used to record only cash receipt transactions |
| Credit card sale | a sale in which a credit card is used for the total amount of the sale at the time of the transaction |
| Point-of-sale (POS) terminal | a computer used to collect, store, and report all the information of a sales transaction |
| Batching out | the process of preparing a batch report of credit card sales from a point-ofsale terminal |
| Batch report | a report of credit card sales produced by a point-of-sale terminal |
| Terminal summary | the report that summarizes the cash and credit card sales of a pointof- sale terminal |
| Sales return | credit allowed a customer for the sales price of returned merchandise, resulting in a decrease in the vendor’s accounts receivable |
| Sales allowance | credit allowed a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the vendor’s accounts receivable |
| Credit memorandum | a form prepared by the vendor showing the amount deducted for returns and allowances |
