Accounting for Sales and Accounts Receivable FLASHCARDS.

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Presentation transcript:

Accounting for Sales and Accounts Receivable FLASHCARDS

Contra revenue account An account with a debit balance, which is contrary to the normal balance for a revenue account Contra revenue account

Control account An account that links a subsidiary ledger and the general ledger since its balance summarizes the balances of the accounts in the subsidiary ledger Control account

Merchandising business A business that sells goods purchased for resale Merchandising business

Open-account credit A system that allows the sale of services or goods with the understanding that payment will be made at a later date Open-account credit

Service business A business that sells services Service business

For additional reinforcement of accounting terms, visit the crossword puzzle on this Web site.