Unit 4 Vocabulary

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Across
  1. 1. A cash discount on sales taken by a customer
  2. 5. A person or business to which merchandise or services are sold
  3. 9. Changes recorded on a worksheet to update the general ledger accounts at the end of a fiscal period
  4. 10. Summarizes what a business owns, what a business owes, and the current net worth on a specific date
  5. 11. Credit allowed a customer to return the sales price of returned merchandise
  6. 15. The report that summarizes the cash and credit card sales of a point-of-sale terminal
  7. 16. A transaction in which the purchased merchandise is to be paid for at a later time
  8. 18. A GAAP principle that requires matching expenses incurred in an accounting period with the revenue earned in the same period
  9. 19. A columnar accounting form that is used to summarize the general ledger information needed to prepare the financial statements for a business
  10. 20. Accounts used to accumulate information from one fiscal period to another
Down
  1. 2. Journal entries recorded to update general ledger accounts at the end of the fiscal period
  2. 3. The process of preparing a batch report of credit card sales from a point-of sale terminal
  3. 4. A report of credit card sales produced by a point-of sale terminal
  4. 6. Credit allowed a customer for part of the sales price of merchandise that is not returned
  5. 7. The specific length of time a month, a quarter, or a year covered by the financial reports of a business
  6. 8. Source document listing the details of a sales return or allowance
  7. 12. Selling merchandise to the final use
  8. 13. Accounts used to accumulate information until it is transferred to the owner’s capital account
  9. 14. A sale in which cash is received for the total amount of the sale at the time of the transaction
  10. 17. The number assigned to the account