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controlling account Match the terms with the definitions, chapter 10 A summary account maintained in the general ledger for a subsidiary ledger (for example, the accounts receivable ledger). Merchandise returned by a customer for a refund. A transfer of merchandise from one sales return sale business or individual to another in exchange for cash or a promise to pay cash. Discounts to encourage prompt payment by cash discounts customers who buy merchandise on account. The seller's term for cash discounts. sales discounts A document issued when credit is given for merchandise returned or for an allowance. credit memo A document that is generated to bill the customer who made the purchase. sales invoice An alphabetical or numerical listing of customer accounts and balances, usually prepared at the end of the month. schedule of accounts receiva ✓ A document created as evidence of a sale in sales ticket a retail business. A separate ledger containing an individual account receivable for each customer, kept in either alphabetical or numerical order. Reductions in the price of merchandise granted by the seller because of defects or other problems with the merchandise. Purchases merchandise such as clothing, furniture, or computers, and sells that merchandise to its customers. accounts receivable ledger sales allowances merchandising business

controlling account Match the terms with the definitions, chapter 10 A summary account maintained in the general ledger for a subsidiary ledger (for example, the accounts receivable ledger). Merchandise returned by a customer for a refund. A transfer of merchandise from one sales return sale business or individual to another in exchange for cash or a promise to pay cash. Discounts to encourage prompt payment by cash discounts customers who buy merchandise on account. The seller's term for cash discounts. sales discounts A document issued when credit is given for merchandise returned or for an allowance. credit memo A document that is generated to bill the customer who made the purchase. sales invoice An alphabetical or numerical listing of customer accounts and balances, usually prepared at the end of the month. schedule of accounts receiva ✓ A document created as evidence of a sale in sales ticket a retail business. A separate ledger containing an individual account receivable for each customer, kept in either alphabetical or numerical order. Reductions in the price of merchandise granted by the seller because of defects or other problems with the merchandise. Purchases merchandise such as clothing, furniture, or computers, and sells that merchandise to its customers. accounts receivable ledger sales allowances merchandising business

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 1MC: Which of the following is an example of a contra revenue account? A. sales B. merchandise inventory...
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controlling account Match the terms with the definitions, chapter 10 A summary account maintained in the general ledger for a subsidiary ledger (for example, the accounts receivable ledger). Merchandise returned by a customer for a refund. A transfer of merchandise from one sales return sale business or individual to another in exchange for cash or a promise to pay cash. Discounts to encourage prompt payment by cash discounts customers who buy merchandise on account. The seller's term for cash discounts. sales discounts A document issued when credit is given for merchandise returned or for an allowance. credit memo A document that is generated to bill the customer who made the purchase. sales invoice An alphabetical or numerical listing of customer accounts and balances, usually prepared at the end of the month. schedule of accounts receiva ✓ A document created as evidence of a sale in sales ticket a retail business. A separate ledger containing an individual account receivable for each customer, kept in either alphabetical or numerical order. Reductions in the price of merchandise granted by the seller because of defects or other problems with the merchandise. Purchases merchandise such as clothing, furniture, or computers, and sells that merchandise to its customers. accounts receivable ledger sales allowances merchandising business
Transcribed Image Text:controlling account Match the terms with the definitions, chapter 10 A summary account maintained in the general ledger for a subsidiary ledger (for example, the accounts receivable ledger). Merchandise returned by a customer for a refund. A transfer of merchandise from one sales return sale business or individual to another in exchange for cash or a promise to pay cash. Discounts to encourage prompt payment by cash discounts customers who buy merchandise on account. The seller's term for cash discounts. sales discounts A document issued when credit is given for merchandise returned or for an allowance. credit memo A document that is generated to bill the customer who made the purchase. sales invoice An alphabetical or numerical listing of customer accounts and balances, usually prepared at the end of the month. schedule of accounts receiva ✓ A document created as evidence of a sale in sales ticket a retail business. A separate ledger containing an individual account receivable for each customer, kept in either alphabetical or numerical order. Reductions in the price of merchandise granted by the seller because of defects or other problems with the merchandise. Purchases merchandise such as clothing, furniture, or computers, and sells that merchandise to its customers. accounts receivable ledger sales allowances merchandising business
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