A business that sells to the retailers

Goods bought to resell to customers

The items of merchandise a business has in stock

A revenue account to record the amount of the merchandise sold.

The sale of merchandise that will be paid for at a later date

A customer to whom a sale on account is made

A card issues by a business containing a customer's name and account number that facilitates the sale on account.

A form that lists the details of a sale.

A tax levied by a city or a state on the retail sale of goods and services

Terms that state the term allowed for payment for a sale on account

A business periodically sends the collection of sales tax to the state. Until then, the amount owed is recorded in a liability account called Sales Tax Payable.

A separate ledger that contains accounts for each charge customer, it is summarized in the Accounts Receivable controlling account in the general ledger.

An account that serves as a control on the accuracy of the account balances in the subsidiary ledger; its balance must equal the total of all account balances in the subsidiary ledger.

A ledger with detailed data that

is summarized in a controlling account in the general ledger.

Any merchandise returned

for credit or a cash refund.

A price reduction granted

for damaged goods kept

by the customer

A form that lists the details of a sales return

or sales allowance.

An account whose balance is a

decrease to its related account

The cash received by a business in a single transaction.

A transaction in which the business received full payment for the merchandise sold at the time of the sale.

The amount a customer can deduct from the total owed for purchased

merchandise if payment is made within a certain time; also called sales discount