Accounting_ - Elizabeth Almendros Accounting Customer A person or business to whom merchandise or services are sold Sales Tax A tax on a sale of

Accounting_ - Elizabeth Almendros Accounting Customer A...

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Elizabeth Almendros Accounting 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 (POS) terminal-A computer used to collect, store, and report all the information of a sales transaction Terminal summary- The report that summarizes the cash and credit card sales of a point of sale terminal 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 card 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 vendors accounts receivable Sales allowance- Credit allowed a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the vendors accounts receivable Credit memorandum- A form prepared by the vendor showing the amount deducted for returns and allowances

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