Accounting Chapter 10 Review

A terminal summary is also known as T tape.

The amount a business adds to the cost of merchandise to arrive at the selling price.

Sold merchandise on account to Scheels Home Store, plus sales tax would go in which journal?

The process of preparing a batch report of credit card sales from a POS.

An invoice is a form showing the goods sold, quantity, price, and terms of sale. 

Separate transactions are recorded for cash, credit card, and debit card totals. 

Most states do not require a business to collect sales tax from customers. 

A subsidiary ledger containing all accounts for charge customers.

A report of credit card sales produced by a point-of-sales terminal. 

The report that summarizes the cash and credit card sales of a POS.

Sale where the customer pays for the total amount of the sale at the time of the transaction. 

A sale of merchandise increases the revenue of a business. 

A computer used to collect, store, and report all information about sales transactions.

The amount a business receives from the sale of an item of merchandise.

The amount a business adds to the cost of merchandise to arrive at the selling price.

The liability account Sales Tax Payable has a normal debit balance. 

A special journal used to record only sales of merchandise on account. 

The amount of sales tax collected is an expense of operating a business. 

A cash discount on sales taken by the customer. 

Recorded cash and credit card sales, plus sales tax would go in which journal?

The source document for cash received on account from a customer is a receipt.

A special journal used to record only cash receipt transactions.