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Chapter 10
Journalizing sales and cash Receipts Using Special Journals
14
Accounting
12th Grade
01/07/2013

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Term
Customers
Definition
a person of business to whom merchandise or services are sold
Term
Sales tax
Definition
a tax on a sale of merchandise or services
Term
Sales journal
Definition
a special used to record only sales of merchandise on account
Term
Cash sale
Definition
a sale in which cash is received for the total amount of the sale at the time of the transaction
Term
Credit card sale
Definition
a sale in which a credit card is used for the total amount of the sale at the time of the transaction
Term
point-of-sale terminal
Definition
a computer used to collect, store, and report all the information of a sales transaction
Term
Terminal summary
Definition
the report the summarizes the cash and credit card sales of a point-of-sale terminal
Term
Batch report
Definition
a report of credit card sales produced by a point-of-sale terminal
Term
Batching out
Definition
the process of preparing a batch report of credit of credit card sales from a point-of-sale terminal
Term
Cash receipts journal
Definition
a special journal used to record only cash receipt transactions
Term
Sales discount
Definition
a cash discount on sales
Term
Sales return
Definition
credit allowed a customer for the sales price of returned merchandise, resulting in a decrease in the vendor's accounts receivable
Term
Sales allowance
Definition
credit allowed a customer for the part of the sales price of merchandise that is not returned, resulting in a decrease in the vendor's account receivable
Term
Credit memorandum
Definition
a form prepared by the vendor showing the amount deducted for returns and allowances
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