a special journal used to record only sales of merchandise on account
TRANSCRIPT
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Accounting Terms
InternationalSales
Sales OnAccount
CashReceipts
GeneralJournal
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A special journal used to record only sales of merchandise on
account.
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Sales Journal
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A deduction that a vendor allows on the invoice amount to
encourage prompt payment on sales.
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Sales discount
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Credit allowed a customer for the sales price of returned
merchandise, resulting in a decrease in the vendor’s accounts
receivable.
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Sales return
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A form signed by a buyer at the time of a sale of merchandise
in which the buyer promises to pay the seller a specified sum of money, usually at a stated
time in the future.
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Trade acceptance
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A receipt signed by the authorized agent of a
transportation company for merchandise received that also
serves as a contract for the delivery of the merchandise.
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Bill of Lading
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Goods or services shipped out of a seller’s home country to a
foreign country.
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exports
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A letter issued by a bank guaranteeing that a named
individual or business will be paid a specified amount provided
stated conditions are met.
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Letter of credit
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A written, signed, and dated order from one party ordering
another party, usually a bank, to pay money to a third party.
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draft
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When recording an international cash sale, these accounts are
affected in this way and recorded in this journal.
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Cash – DebitSales – CreditCash Receipts
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When receiving a time draft for an international sale, these accounts are affected and recorded in this journal.
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Time Drafts Receivable – DebitSales Credit
General Journal
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The three columns in the sales journal.
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Accounts Receivable DebitSales Credit
Sales Tax Payable Credit
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The source document for a sale on account.
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Sales Invoice
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The accounting concept that states: regardless of when cash is
received, revenue should be recorded when merchandise is
sold.
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Realization of Revenue
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A business owes the sales taxes collected to this.
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State Government
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When organizations like schools do not have to pay sales tax, they
are said to be this.
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Exempt
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When recording cash and credit card sales, this is placed in the
account title column.
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Check Mark
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The source document used when recording cash and credit card
sales.
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Cash Register Tape
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The amount to place in the sales tax payable debit column in the transaction receiving cash on account from Ten Company, $1924.76, covering S176 for
$1944.00 ($1,800 plus sales tax, $144), less 1% discount and sales
tax, Receipt 297.
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$1.44
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A contra account to sales
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Sales Discount
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A deduction on the invoice amount is given for this reason.
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To encourage early payment
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The original copy of a credit memorandum is given to the
customer. The second copy is used as the source document.
This concept is applied.
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Objective Evidence
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The normal balance of the Sales Returns and Allowances account.
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Debit
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The best order to post from the journals.
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Sales JournalPurchases JournalGeneral Journal
Cash Receipts JournalCash Payments Journal
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A listing of customer accounts, account balances, and total
amount due from all customers.
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Schedule of Accounts Receivable
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Business transactions are stated in numbers that have common
values.
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UNIT OF MEASUREMENT