Accounts receivable ledger (p. 212)
A subsidiary ledger that contains credit customer accounts.
Contra revenue account (p. 203)
An account with a debit balance, which is contrary to the normal balance for a revenue account.
Control account (p. 212)
An account that links a subsidiary ledger and the general ledger because its balance summarizes the balances of the accounts in the subsidiary ledger.
Credit memorandum (p. 203)
A note verifying that a customer’s account is being reduced by the amount of a sales return or sales allowance plus any sales tax that may have been involved.
Credit terms (p. 210)
Terms for payment on credit by buyer to seller.
List price (p. 209)
An established retail price.
Manufacturing business (p. 200)
A business that sells goods that it has produced.
Merchandise inventory (p. 201)
The stock of goods a merchandising business keeps on hand.
Merchandizing business (p. 200)
A business that sells goods purchased for resale.
