1. Accounting for Sales and Accounts Receivable FLASHCARDS

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

3. 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

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

5. 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

6. Service business A business that sells services Service business

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