Accounting Ch 10 (11E)

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

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

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

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

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

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

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

Most businesses receive cash for credit and debit card sales

Balance of AR should equal total of schedule of AR

A cash discount on a sale taken by the customer.

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

Sales Tax collect is a liability until paid to the government

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

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

A special journal used to record only cash receipt transactions.

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

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

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

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

A tax on a sale of merchandise or services

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

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

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

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

terminal summary is also known as Z tape

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

A subsidiary ledger containing all accounts for charge customers

Sales tax payable has a normal debit balance

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

Only state government can exempt from sales tax for certain customers

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