You have just hired Geoffrey Hillman to be the accounting clerk for the Hats Off Corporation, a merchandiser of hats, caps, and scarves. Geoffrey has worked as a payroll clerk, but not in sales or cash receipts jobs. To help him you have offered to make note cards with the definitions of the following terms. Provide an example of each term when possible.

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accounts receivable subsidiary ledger cash discount cash receipt cash sale charge customer contra account controlling account credit cards credit memorandum credit terms inventory merchandise retailer sale on account Sales sales allowance sales discount sales return sales slip sales tax subsidiary ledger wholesaler