| A | B |
|---|
| Sales Returns | when customers give merchandise back to a business for a credit or cash refund |
| Cash Payments Journal | journal which shows transactions where cash is paid |
| Sales Discount | reduction in the price of a good/service in exchange for early payment by a buyer |
| Journal | form for recording transactions in chronological order |
| Journalizing | act of recording journal transactions |
| Simple Journal Entry | journal entry which includes one debit entry and one credit entry |
| Compound Journal Entry | journal entry where more than two accounts are affected |
| Cost of Goods Sold | total of all costs which can be attributed to the creation of a good or service |
| Inventory | business assets which are ready for sale or are in the process of becoming ready for sale |
| Special Journals | journals which group specific types of journal entries together |
| General Journal | accounting log which includes all company journal entries |
| Retailers | businesses which sell goods directly to customers |
| Wholesalers | businesses which sell goods mainly to retailers |
| Sales Journal | journal which shows sales of merchandise through credit (on account) |
| Cash Receipts Journal | journals which show all cash received (and cash sales) from a business |
| Purchases Journal | journal which shows company merchandise purchase transactions on account |
| Sales Allowance | business grants a deduction in the selling price of an item |
