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Glencoe 14,16
Parson Sales & Cash Receipts - Merch Business
| Question | Answer |
|---|---|
| A9n) ___ is a book that is summarized in a controlling account in the general ledger | subsidiary ledger |
| The amount a customer may deduct if the payrment for merchandise is made within a certain time is a(n) _____ | cash discount |
| An account whose balance decreases another account's balance is a(n) ____ | Contra Account |
| A(n) ___ is a credit card issued by a bank and honored by many buisinesses | Bankcard |
| A(n) ____ is a form that serves as a record of cash received. | Receipt or Cash Receipt |
| A(n) ___ is a business that sells to the final user | Retailer |
| A(n) ___ is a transaction that occurs when a business receives full payment for the merchandise sold at the time of the sale | Cash Sale |
| A form that lists the details of a sale and is used as a record of the transaction is a(n)____ | Sales Slip |
| The ___ maintains a list in alphabetical order of the charge customers of a business. | Accounts Receivable subsidiary ledger |
| The cash received by a business is referred to as a(n) ____ | Cash receipt or Receipt |
| The goods a business buys for resale to customers are known as ______ | Merchandise |
| A(n) _____ is a customer to whom a sale on account is made. | Charge customer |
| Merchandise returned to the seller for full credit is a(n) ____ | Sales Return |
| Accounts Receivable is a(n) ____ because its balance must equal the total of the accounts receivable subsidiary ledger. | Controlling Account |
| Many states and some cities require that a business add a(n) ____ or a percentage of the selling price of the goods, at the time of the sale. | Sales Tax |
| The ____ of a sale set out the time allowed for payment. | Credit Terms |
| A(n) ___ is a business that sells to retailers. | Wholesaler |
| A charge customer is entitled to charge merchandise with a(n) _____. | Credit Card. |
| The items of merchandise a business has in stock are referred to as _____. | Inventory |
| A(n) ___ permits a customer to pay for the merchandise at a later date. | Sales on Account |
| An example of a(n) __ is Wal-Mart. | Retailer or Merchandising Business |
| A(n) ___ is a document prepared by the seller granting credit for damaged or returned merchandise. | Credit Memorandum |
| A price reduction granted by a business for damaged goods kept by the customer is called a(n) ___. | Sales Allowance |
| The revenue account for a merchandising business is ____. | Sales |
| A cash discount issued by the seller is a(n) ___. | Sales Discount |
| The sale of merchandise on account is recorded in the ____. | Sales Journal |
| A column total written in small pencil figures is called a(n) ___> | Footing. |
| All transactions in which cash is received are recorded in the ______. | Cash Receipts Journal |
| A(n) ____ is a report listing each charge customer's name and account balance and the total amount due from all charge customers | Schedule of Accounts Receivable |
| A(n) ___, which simplifies the journalizing and posting process, has special columns that are used for recording specific types of business transactions. | Special Journal |
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yparson
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