Chapter 11 Vocats

• Customer: Person or business to whom merchandise or services are sold.
• Sales Tax: Tax on a sale of merchandise or services.
• Cash Sale: Sale in which cash is recieved for the total amount of the sale at the time of the transaction.
• Credit Card Sale: Sale in which a credit card is used for the total amount of the sale at the time of the transaction.

Important Facts

• Price of Goods x Sales Tax Rate = Sales Tax
• Price of Goods + Sales Tax = Tatal Amount Received
• Sales Tax Payable ( Debit goes down and Credit goes up)
• Invoice: A Form describing the goods or services sold, the quantity, and the price. Infomation showing about the sales.
• Sales Invoice: An invoice used as a source document for recording a sale on account. Its also referred to as a sales ticket or a sales slip.