Accounting Chapter 10 (Sales and Cash Receipts) Vocabulary – Flashcards
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batch report
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a report of credit card sales produced by a point-of-sale terminal
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batching out
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the process of preparing a batch report of credit card sales from a point-of-sale terminal
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cash receipts journal
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a special journal used to record only cash receipt transactions
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cash sale
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a sale in which cash is received for the total amount of the sale at the time of the transaction
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credit card sale
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a sale in which a credit card is used for the total amount of the sale at the time of the transaction
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customer
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a person or business to whom merchandise or services are sold
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point-of-sale (POS) terminal
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a computer used to collect, store, and report all the information of a sales transaction
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sales discount
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a cash discount on sales taken by a customer
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sales journal
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a special journal used to record only sales of merchandise on account
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sales tax
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a tax on a sale of merchandise or services
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terminal summary
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the report that summarizes the cash and credit card sales of a point-of-sale terminal
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Schedule of accounts receivable
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A listing of customer accounts, account balances and total amount due from all customers
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selling price
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The amount a business receives from the sale of an item of merchandise
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markup
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The amount a business adds to the cost of merchandise to arrive at the selling price
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accounts receivable ledger
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A subsidiary ledger containing all accounts for charge customers
