ACCT - Ch. 10

A sale in which a credit card is used for the total amount of the sale.

Sales Returns & Allowances is

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

Sales for cash and credit cards are recorded as a single cash sales transaction.

For a sale on account of $1,000 plus $80 sales tax, what amount is recorded as the AR debit?

Credit allowed for damaged merchandise, resulting in a decrease in the customer's balance.

The amount of sales tax collected is an asset of the business until paid to the state.

This is a cash discount on sales taken by a customer

A special journal used to record only cash receipt transactions.

All sales of merchandise are recorded in a sales journal.

A form prepared by the vendor showing the amount deducted for returns & allowances.

The terms 2/10, n 30 mean that a 2% discount may be taken if paid in 30 days.