A business that sells to retailers.

Goods bought to resell to customers.

The items of merchandise a business has in stock. 

A revenue account to record the amount of merchandise sold. 

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

A form that lists the details of a sale. 

Any merchandise returned for a credit or a cash refund. 

Terms that state the time allowed for payment for a sale on account. 

The cash received by a business in a single transaction. 

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 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.

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.

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

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

A form that lists the details of a sales return or sales allowance.

An account whose balance is a decrease to its related account.

A price reduction granted for damaged goods kept by the customer.

A ledger with detailed data that is summarized in a controlling account in the general ledger.