Accounting chapter 10 solution, Exercises of Accounting
A person or business to whom merchandise or services are sold -
ANSWERcustomer
a tax on a sale of merchandise or services - ANSWERsales tax
a special journal used to record only sales of merchandise on account -
ANSWERsales journal
a sale in which cash is received for the total amount of the sale at the time of
the transaction - ANSWERcash sale
a sale in which a credit card is used for the total amount of the sale at the
time of the transaction - ANSWERcredit card sale
a computer used to collect, store, and report all the information of a sales
transaction - ANSWERpoint-of-sale terminal
the report that summarizes the cash and credit card sales of a point-of-sale
terminal - ANSWERterminal summary
a report of credit card sales produced by a point-of-sale terminal -
ANSWERbatch report
, the process of preparing a batch report of credit card sales from a point-of-
sale terminal - ANSWERbatching out
a special journal used to record only cash receipt transactions - ANSWERcash
receipts journal
a cash discount on sales taken by a customer - ANSWERsales discount
credit allowed a customer for the sales price of returned merchandise,
resulting in a decrease in the vendor's accounts receivable - ANSWERsales
return
credit allowed a customer for part of the sales price of merchandise that is
not returned, resulting in a decrease in the vendor's accounts receivable -
ANSWERsales allowance
a form prepared by the vendor showing the amount deduct for returns and
allowances - ANSWERcredit memorandum
True or False:
Most states do not require a business to collect sales tax from customers -
ANSWERfalse
True or False:
sales tax rates are usually stated as a percentage of sales - ANSWERtrue
True or False:
A person or business to whom merchandise or services are sold -
ANSWERcustomer
a tax on a sale of merchandise or services - ANSWERsales tax
a special journal used to record only sales of merchandise on account -
ANSWERsales journal
a sale in which cash is received for the total amount of the sale at the time of
the transaction - ANSWERcash sale
a sale in which a credit card is used for the total amount of the sale at the
time of the transaction - ANSWERcredit card sale
a computer used to collect, store, and report all the information of a sales
transaction - ANSWERpoint-of-sale terminal
the report that summarizes the cash and credit card sales of a point-of-sale
terminal - ANSWERterminal summary
a report of credit card sales produced by a point-of-sale terminal -
ANSWERbatch report
, the process of preparing a batch report of credit card sales from a point-of-
sale terminal - ANSWERbatching out
a special journal used to record only cash receipt transactions - ANSWERcash
receipts journal
a cash discount on sales taken by a customer - ANSWERsales discount
credit allowed a customer for the sales price of returned merchandise,
resulting in a decrease in the vendor's accounts receivable - ANSWERsales
return
credit allowed a customer for part of the sales price of merchandise that is
not returned, resulting in a decrease in the vendor's accounts receivable -
ANSWERsales allowance
a form prepared by the vendor showing the amount deduct for returns and
allowances - ANSWERcredit memorandum
True or False:
Most states do not require a business to collect sales tax from customers -
ANSWERfalse
True or False:
sales tax rates are usually stated as a percentage of sales - ANSWERtrue
True or False:
