Accounting - Ch10

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

• selling price

• list price

• markup

• profit

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

• markup

• sales discount

• sales tax

A subsidiary ledger containing all accounts for charge customers.

• accounts receivable ledger

• accounts payable ledger

• purchases ledger

• cash payments ledger

A tax on a sale of merchandise or services.

• sales tax

• purchases tax

• county tax

• state tax

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

• sales journal

• purchases journal

• cash receipts journal

• cash payments journal

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

• cash sale

• charge sale

• terminal summary

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

• point-of-sale (POS) terminal

• discount terminal

• terminal summary

• batching out

The report that summarizes the cash and credit card sales of a point-of-sale terminal.

• terminal summary

• batch report

• batching out

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

• terminal summary

• batching out

• batch report

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

• batching out

• terminal summary

• sales report