| A | B |
|---|
| customer | a person 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 |
| credit memorandum | a form prepared by the vendor showing the amount deducted for returns and allowances |
| 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 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 part of merchandise that is not returned, resulting in a decrease in the vendor's accounts receivable |
| terminal summary | the report that summarizes the cash and credit sales of a point-of-sale terminal. |
| objective evidence | a source document is needed for every transaction |
| realization of revenue | revenue is recorded at the time of the sale |
| empty space | empty space |
| debit | Normal balance of sales discount |
| liability | Sales tax payable is this type of account |
| contra account to sales | Sales Returns and Allowances is this type of account |
| general journal | This journal does not require totals |
| cash | If we receive cash on account, which account is a debit |
| Accounts Receivable | for a credit memorandum, which account is the credit |
