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 issued 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

state on the retail sale of goods and services.

Terms that state the time

allowed for payment for a

sale on account.

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.