acc1 chapter 19
Terms
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- sight draft
- draft payable on sight when the holder presents it for payment
- bill of lading
- a receipt signed by the authorized agent of a transportation company for merchandise received that also serves as a contract for the delivery of the merchandise
- time draft
- draft that is payable at a fixed or determined future time after it is accepted
- exports
- goods or services shipped out of a seller's home country to a foreign country
- sales discount
- cash discount on sales
- imports
- goods or services bought from a foregin country and brought into a buyer's home country
- trade acceptance
- form signed by a buyer at the time of the time of a sale of merchandise in which the buyer promises to pay the seller a specified sum of money, usually at a stated time in the future
- cash receipts journal
- a special journal used to record ONLY cash receipt transactions
- contract of sale
- a document that details all the terms agreed to by seller and buyer for a sales transaction
- letter of credit
- letter issued by a bank guarenteeing that a named individual or business will be paid a specific amount provided stated conditions are met
- credit memorandum
- form prepared by the vendor showing the amount deducted for returns and allowances
- commercial invoice
- a statement prepared by the seller of merchandise addressed to the buyer showwing a detailed listing and description of merchandise sold, including prices and terms
- draft
- a written, signed, and dated order from one party ordering another party, usually a bank, to pay money to a third party
- sales journal
- special journal used to record ONLY sales of merchandise on account
- sales allowance
- 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
- sales return
- credit allowed a customer for the sale price of returned merchandise, resulting in a decrease in the vendor's accounts receivable