| A | B |
|---|
| customer | A personal or business to whom merchandise or services are sold. |
| sales tax | A tax on a sale of merchandise or services. |
| sales journal | A special journal used to record only sales of merchandise on account. |
| cash sale | A sale in which cash is received for the total amount of the sale at the time of the transaction. |
| 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 terminal | A computer used to collect, store, and report all the information of a sales transaction. |
| terminal summary | The report that summaries the cash and credit card sales of a point-of-sale terminal. |
| batch report | A report of credit card sales produced by a point-of-sale terminal. |
| batching out | The process of prepraring 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. |
| sales discount | A cash discount on sales taken by a customer. |
| 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 preprared by the vendor showing the amount deducted for returns and allowances. |
| Realization of Revenue | The ______ accounting concept is applied when a sale is recroded at the time the sale is made. |
| charge sale | A sale of account is not the same as a _______. |
| cash receipts | All cash receipts, including cash sales and credit card sales, are recorded in the _____journal. |
| credit | The revenue account Sales has a normal ____ balance. |
| credit | The liability account Sales Tax Payable has a normal ____ balance. |
| receipt | The source document for cash received on account from a customer is a ____. |
| decreases | The account Sales Discount ____sales. |
| contra | The account Sales Returns and allowances is a ____ account. |
| debit | In the Cash Receipts Journal, the special amount column for Cash is a ______. |
| debit | In the Cash Receipts Journal, the Sales Discount is a ____ special amount column. |
