Term
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Definition
| A person or business to whom merchandise or services are sold. |
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Term
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Definition
| A special journal used to record only sales of merchandise on account. |
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Term
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Definition
| A sale in which cash is received for the total amount of the sale at the time of the transaction. |
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Term
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Definition
| A sale in which a credit card is used for the total amount of the sale at the time of the transaction. |
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Term
| point-of-sale (POS) terminal |
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Definition
| A computer used to collect, store, and report all the information of a sales tranaction. |
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Term
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Definition
| The report that summarizes the cash and credit card sales of a POS. |
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Term
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Definition
| A report of credit card sales produced by a POS terminal. |
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Term
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Definition
| The process of preparing a report of credit card sales from a POS terminal. |
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Term
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Definition
| A special journal used to record only cash receipt transactions. |
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Term
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Definition
| A cash discount on sales taken by a customer. |
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Term
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Definition
| 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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Term
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Definition
| Credit allowed a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the vendor's accounts receivable. |
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Term
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Definition
| A form prepared by the vendor showing the amount deducted for returns and allowances. |
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Term
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Definition
| A tax on a sale of merchandise or services. |
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