| A | B |
|---|
| In which journal would you record a sale on account transaction? | Sales Journal |
| In which journal would you record cash and credit card sales or a received cash on account transaction? | Cash Receipts Journal |
| In which journal would you record a sales return? | General Journal |
| In the transaction, sold merchandise on account to Penny Ree plus sales tax--what would be debited? | AR/Penny Ree |
| In the transaction, sold merchandise on account to Penny Ree plus sales tax--what would be credited? | Sales and Sales Tax Payable |
| In the transaction, recorded cash and credit card sales, plus sales tax what account would be debited? | Cash |
| batch report | a report of credit card sales produced by a point-of-sale terminal |
| batching out | The process of preparing a batch report of credit card sales from a point-of-sale terminal |
| 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 |
| credit memoranum | A form prepared by the vendor showing the amount deducted for returns and allowances |
| point-of-sale terminal | A computer used to collect store, and report all the information of a sales transaction |
| 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 |
| sales discount | A cash discount on sales taken by a customer |
| sales journal | A special journal used to record only sales of merchandise on account |
| terminal summary | The report that summarizes the cash and credit card sales of a point-of-sale terminal |
| Sales for cash and credit cards are recorded as a | single cash sales transaction |
| The amount of sales tax collected is a | liability of the business |
| When cash is proved it must always equal | the amount on the next unused check stub |
| Sales Discount is a contra account | it has a normal debit balance |
| For a sale on account of $1,000, plus sales tax of $80, the amount recorded in the Accounts Receivable amount column of a sales journal is | $1,080 |
| The amount of cash received for a sale on account of $1,000 plus sales tax of $80 when the cash is received within the 2 percent discount period is | $1,058.40 |
| Credit terms of 2/10, n/30 means that if the account is paid in | 10 days, a 2% discount will be allowed |
| Sales Returns and Allowances is | a contra account |
| Recording revenue from transactions at the time goods or services are sold is an application of the accounting concept | Realization of Revenue |
| Using a terminal summary as a source document for weely cash and credit card sales is an application of the accounting conetp | Objective Evidence |
