10-1 Flashcards

1
Q

selling price

A

The amount a business receives from the sale of an item of merchandise.

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2
Q

markup

A

The amount a business adds to the cost of merchandise to establish the selling price.

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3
Q

accounts receivable ledger

A

A subsidiary ledger containing all accounts for charge customers.

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4
Q

sales tax

A

A tax on a sale of merchandise or services.

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5
Q

sales journal

A

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

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