| A | B |
|---|
| sales journal | sales journal-a special journal used to record only sales on account transactions |
| cash receipts journal | cash receipts journal-a special journal used to record only cash receipt transactions |
| sales discount | sales discount-a cash discount on sales |
| sales return | 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 | 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 |
| Exports | Goods or services shipped out of a seller’s home country to a foreign country |
| Imports | Goods or services brought from a foreign country and brought into a buyer’s home country |
| Contract of sale | A document that details all the terms agreed to by seller and buyer for a sales transaction |
| Letter of credit | A letter issued by a bank guaranteeing that a name individual or business will be paid a specific amount provided stated conditions are met |
| Bill of lading | A receipt signed by the authorized agent of a transportation company for merchandise received that also serves as a contract for the delivery of merchandise |
| Commercial invoice | A statement prepared by the seller of merchandise addressed to the buyer showing a detailed listing and description of merchandise sold, including prices and terms |
| Draft | A written, signed, and dated order from one party ordering another party, usually a bank, to pay money to a third party |
| Sight draft | A draft payable on sight when the holder presents it for payment |
| Time draft | A draft that is payable at a fixed or determined future time after it is accepted |
| Trade acceptance | A form signed by a buyer at the time of a sale of merchandise in which the buyer promises to pay the seller a specified sum of money usually at a stated time in the future |
