Chapter 14 Accounting

A business that sells to the final user-you the consumer.

• broker

• intermediary

• retailer

• vendor

A business that sells to retailers.

• retailers

• wholesaler

• consumer

• partnership

Goods bought for resale.

• sales

• producer

• merchandise

• inventory

A revenue account to record the amount of the merchandise sold.

• sales

• inventory

• merchandise

• profit

The items of merchandise the business has in stock.

• retail

• sales

• purchases

• merchandise inventory

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

• sale on account

• accounts payable

• sales discount

• sales slip

A store card, imprinted with the customer's name and account # and facilitates the sale on account.

• sales card

• credit card

• debit card

• cash card

A form that lists: date of sale, customer acct id, description, qty and price of the item sold.

• memo

• gift wrap

• sales slip

• sales receipt

States the time allow for payment. n/30

• sales record

• sales tax

• credit terms

• time stamp

Rate is determined by the proper taxing authority and is stated as a percentage. Applies to retail sale of goods and services.

• inheritance tax

• sales tax

• W2

• W4