Accounting Ch 10 (11E)

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

A subsidiary ledger containing all accounts for charge customers

A tax on a sale of merchandise or services

Revenue should be recorded when sales occurs not when payment is made

A report of credit card sales produced by a point-of-sale terminal and can be detailed or a summary.

Amount of cash received for a sale on account of $108 when 2% discount is applied

Total of each general amount column in CR Journal posted to general ledger accounts

Company records a sale on account 5/15. On 6/6 customer pays in full. Sale should be recorded in...

A special journal used to record only cash receipt transactions. 

Balance of AR should equal total of schedule of AR

Credit terms of 2/10, n30 means that if account is paid in...

A batch report is a detailed report of cash sales during a specific period of time

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

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

A cash discount on a sale taken by the customer.

What occurs when merchandise is sold on account and sales tax is collected

terminal summary is also known as Z tape

A sale in which the customer pays for the total amount of the sale at the time of the transaction

Total amount of credit card and debit card sales transactions is recorded as debit to cash.

Only state government can exempt from sales tax for certain customers

Amount of sales tax on a sale is calculated as price of goods

Separate transactions for cash, credit card, and debit cards are listed on terminal summary

Most businesses receive cash for credit and debit card sales

Sales Tax collect is a liability until paid to the government

report summarizes the cash & credit card sales of a point-of-sale terminal. Also known as a Z tape. 

A specialized computer used to collect, store, and report all the information about a sales transaction.

The process of preparing a batch report from a point-of-sale terminal. 

Sales tax payable has a normal debit balance

Business should post sales on account transactions to AR subsidiary frequently to

For a sale on account of $100 plus sales tax of $8: What amount is recorded is AR of Sales Journal

A listing of customer accounts, account balances, and total amount due from all customers.