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

Cash is proved when the total of the Cash Debit column of a cash receipts journal equals the next unused check stub.

When cash is received for a sale on account within the discount period, the amount credited to Accounts Receivable is reduced by the amount of discount.

When a customer is granted credit for merchandise returned, Accounts Receivable is debited.

A terminal summary reports total cash and credit card sales of a point-of-sale terminal.

Regardless of when merchandise is sold, revenue should be recorded when cash is received.

Because Sales Discount is a contra account to Sales, it has a normal credit balance.

Point-of-sale terminals use UPC symbols to obtain the description and price of merchandise sold.

Using a terminal summary as a source document for weekly cash and credit card sales is an application of the accounting concept

Sales invoices should be

When merchandise is sold on account and sales tax is also collected,

For a sale on account of $1,000.00 plus sales tax of $80.00, the amount recorded in the Accounts Receivable Debit column of a sales journal is

Sales discounts are recorded in a

. The amount of cash received for a sale on account of $1,000.00 plus sales tax of $80.00 when the cash is received within the 2 percent discount period is

Sales Returns and Allowances is

The amount of sales tax on a sale is calculated as the price of goods