A check which has been paid by the bank Non-sufficient funds check A check dishonored by the bank because of insufficient funds in the account of the maker of the check blank endorsement An endorsement consisting of only the endorser’s signature
A check which has been paid by the bank
Non-sufficient funds check
A check dishonored by the bank because of insufficient funds in the account of the maker of the check
blank endorsement
An endorsement consisting of only the endorser’s signature
T account
An accounting device used to analyze transactions
Debit
An amount recorded on the left side of the T account
Credit
An amount recorded on the right side of the T account
Normal balance
The side of the account that is increased
Chart of accounts
A list of accounts used by a business
Accounts payable
Amounts to be paid in the future for goods and services already acquired.
Accounts receivable
Amounts to be received in the future due to the sale of goods or services.
selling price
The amount a business receives from the sale of an item of merchandise.
markup
The amount a business adds to the cost of merchandise
to arrive at the selling price.
accounts receivable ledger
A subsidiary ledger containing all accounts for charge customers.
sales tax
A tax on a sale of merchandise or services.
sales journal
A special journal used to record only sales of merchandise on account.
cash sale
A sale in which the customer pays for the total amount of the sale at the time of the transaction
sales discount
A cash discount on a sale taken by the customer.
point-of-sale (POS) terminal
A specialized computer used to collect, store, and report all the information about a sales transaction.
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