Acct - Ch 10

What is a terminal summary report?

• a report that summarizes the cash and credit card sales of a point of sale terminal

• a report that summarizes the returns at a point of sale terminal

• a report that summarizes the credit card sales of a point of sale terminal

• A computer used to collect, store, and report all the information of a sales transaction

Most states do not require a business to collect sales tax from customers

• True

• False

What is a sales discount?

• A penalty for late payment

• A discount offered to encourage quick payment

• A fee for using credit cards

• A tax deduction

Which other account might be credited along with Sales in cash and credit card sales transactions?

• Cash

• Sales Tax Payable

• Accounts Receivable

• Inventory

What is the role of a check mark or an X in the account title column?

• To indicate a specific account

• To show a completed transaction

• To indicate no specific account will be posted

• To mark an error

What accounts are debited and credited when recording received cash on account from a customer, less a discount?

• Credit Accounts Receivable, Debit Cash, Debit Sales Discount

• Debit Accounts Receivable, Credit Cash, Credit Sales Discount

• Credit Cash, Debit Accounts Receivable, Debit Sales Discount

• Debit Cash, Credit Sales Discount, Credit Accounts Receivable

What is the normal balance of Sales Discount?

• Credit

• Debit

• Neutral

• Zero

What accounts are debited when receiving cash on account from a customer?

• Accounts Receivable

• Cash

• Sales Discount

• Sales Tax Payable

Which is an account that is credited when recording cash and credit card sales?

• Cash

• Sales Tax Payable

• Sales discount

• Accounts receivable

What is a Batch report

• A computer used to collect, store, and report all the information of a sales transaction

• A special journal used to record only sales of merchandise on account

• a report that summarizes the cash and credit card sales of a point of sale terminal

• A report of credit card sales produced by a point of sale terminal