Examlex
Explain how web-based shopping and online self-service improves customer relationships.
Merchandise Return
Occurs when a customer returns a product to the seller for a refund, exchange, or credit, affecting the seller’s inventory and sales figures.
State Sales Tax
A tax imposed by state governments on the sale of goods and services, which varies by state and is collected by businesses at the point of sale.
Sales Tax Payable
A liability account in the general ledger that stores the amount of sales tax collected from customers, which is owed to the government.
FOB Shipping Point
A term used in shipping agreements indicating that the buyer takes ownership and responsibility for goods once they are shipped, and is responsible for freight costs and risks.
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