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
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 3MC: If a customer pays with a credit card and the service has been provided, which of the following...
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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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