When the seller advances the transportation costs and the terms of sale are FOB shipping point, the seller records the payment of the transportation costs by debiting a. Accounts receivable b. Sales c. Accounts payable d. Transportation in

Q: With the accrual basis of accounting, revenue from a credit sale is recognized Multiple Choice…

A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the expenses and…

Q: The realisation concept determines when goods sent on credit to customers are to be included in the…

A: Sales: It is an activity of selling goods and services in exchange for money.

Q: 6. when a cormpany returns merchandise previously purchased on account, the entry to record the…

A: Hi student Since there are multiple questions, we will answer only first question. Whenever business…

Q: FOB destination of a Merchandise Business means: a. Goods are placed free on board to the buyer's…

A: Free on broad (FOB) is a term indicating whether the seller or the buyer will bear the loss and…

Q: When a product is sold on credit, which account should be debited for the seller? A.cash…

A: Sale of a product means to sell the goods in stock to the customer. It can be sold either on cash or…

Q: Sales are recognized as earned revenue when a)Cash is received from credit sales b)An order is…

A: The revenue recognition is one among the various generally accepted accounting principles (GAAP).…

Q: If title to merchandise purchases passes to the buyer when the goods are shipped from the seller,…

A: Free on Board is a trade term used to indicate whether the buyer or the seller is liable for goods…

Q: Under the realization principle, revenue from sale of products is recognized a. At date of delivery…

A: Recognition of Revenue - Recognition of Revenue is the recording of revenue in the financial year.…

Q: If title to merchandise purchases passes to the buyer when the goods are shipped from the seller,…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: It is used to show who is responsible for paying for shipping and when the title of the goods passes…

A: Payment term used to show who is responsible for paying for shipping and when the title of the goods…

Q: When a customer eventually pays for items that have been purchased on credit, the transaction will…

A: Here, Customer is our Debtor.  Company usually sales its goods on credit and that customer who…

Q: The Purchases account in a general ledger: O a. is an asset account. O b. appears on the income…

A: Account: It can be defined as a record in the general ledger that is used by the business to sort…

Q: b. Debits: Accounts Receivable, Cost of Goods Sold; credits: Sales options correctly expresses the…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: hich of the following accounts is a contra account?   Select one: a. Drawing b. Transportation In c.…

A: Solution: A contra account is related to a main account and used in a general ledger to reduce the…

Q: 1. Which of the following accounts are used when recording the sales entry of a sale on credit?e A.…

A: Sales is a revenue account and all revenues increase when credited.  Accounts receivable is an Asset…

Q: In a perpetual system, what would be the journal entry for a sales return. (a) Dr. Sales return and…

A: Journal entry is a process of recording the business transactions in the books of accounts for the…

Q: Complete the following table by indicating for (a) through (g) whether the proper answer is debit or…

A:

Q: Using the following invoice answer the following questions. 1. How would this transaction be…

A: Since you have asked multiple questions under a single question but as per our protocol we provide…

Q: a) merchandise inventory,  b) accounts payable, c)   cost of goods sold,  d) customer refunds…

A:

Q: The balance of the Cost of Goods Sold account: O a. increases when there is a sale. O b. increases…

A: When there is a sale then unit of goods would be sold more and which will increase the cost of…

Q: which two accounts are used to recognize shipping charges for a buyer assuming the buyer purchases…

A: Shipping cost depends upon the terms of the contract. Generally, there are two types of conditions.…

Q: when a buyer returns merchandise purchased for cash, the buyer will record the transaction as a…

A: The purchase return in the books of the buyer under the perpetual inventory is to debit the accounts…

Q: A credit balance to a client's accounts payable account representing right to receive payment for…

A:

Q: Enter the letter for each term in the blank space beside the definition that it most closely…

A: Sales discount : The discount given by the seller of goods and services to the buyer for promoting…

Q: he entry to record the sale of goods on account uses a perpetual system and comprises a

A: Here is the Answer:

Q: What accounts are used to recognize a retailer's purchase from a manufacturer on credit? Assume the…

A: Perpetual inventory system is a method under which the movement of inventory is recorded at…

Q: Let's assume the merchandiser (buyer) pays after the discount period expires, how will the vendor…

A: The payment terms of Sports Emporium Sales is 2/10, n/30. It means if payment is done within 10 days…

Q: 1. Credit Terms a. The cost of the merchandise inventory that the business has sold to customers. 2.…

A: FOB destination point vs FOB shipping point : In FOB destination point, the seller transfers the…

Q: When a payment is made to a supplier for goods previously purchased on account, the debit is to an…

A: Solution:- Discussion of clarification regarding payment is made to a supplier for goods previously…

Q: Which of the following accounts has a normal debit balance. (Choose all that apply)

A: Assets, expenses, losses, and the owner's drawing account will normally have debit balances. Their…

Q: Normal balances of merchandise accountsWhat is the normal balance of the following accounts: (a)…

A: Merchandise business is that form of business in which seller purchases goods from some other person…

Q: Which of the following situations has to .5 ? do with account payable )2 نقطة( Sales on credit…

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: 1. e buyer is to pay the transportation costs of delivering merchandise, delivery terms are stated…

A: 1)Option A  is correct FOB shipping point Means free on board at shipping point; buyer incurs all…

Q: The classification and normal balance of the sales discount account would be A. expense and debit B.…

A: The seller for increasing their sales uses the sales discount method and for recovering early…

Q: Which account is not classified as selling expenses? O A. Sales Discounts O B. Transportation out O…

A: Answer) The correct answer in the given question is: (B) Transportation Out   Selling expenses are…

Q: It is used to who is responsible for paying shipping and when the title of the goods passes from…

A: The goods and services are usually exchanged between two parties. One is seller and the other is…

Q: When merchandise is sold, the cost of merchandise sold (COMS) is a type of ___________ to the…

A: An Asset is something that is owned and controlled by an entity having some future economic…

Q: Which of the following needs an adjustment to the accounts receivable account of AB Company? a. a…

A: The freight cost  is paid by the seller till the goods have reached their destination and then the…

Q: Match each phrase with its definition. 1. Seller's description of a cash discount granted to buyers…

A:

Q: The "dual nature of merchandise transactions" as described in this chapter means every business…

A: Solution Merchandising company means the company which is not engage in production and are rather…

Q: Which of the following accounts has a normal debit balance? a.Accounts Payable b.Sales c.Interest…

A: Accounts Payable: Accounts Payable means money owed by a company to its creditors. It is an current…

Q: The journal entry to record a credit sale ignoring cost of goods sold is ANSWER: Accounts…

A: Journal Entry for Credit sale : Account Name                            Debit     Credit Accounts…

Q: When the transportation charges are paid by the seller, merchandise is shipped a. FOB destination…

A: Transportation charges are charges that are being paid for freight charges from the point of seller…

Q: When merchandise is bought for​ resale, which of the following accounts would be​ increased?   A.…

A: Merchandise: It can be defined as any type of manufactured goods which may include commercial or…

Q: hen the seller advances the transportation costs and the terms of sale are FOB shipping point, the…

A: Solution: When the seller advances the transportation costs and the terms of sale are FOB shipping…

Q: A can defined as a partial payment remunerated as an advance on the sales person's commission. O a.…

A: Charge account:- It is an arrangement where one person can purchase products or services on credit.…

Q: Which account will be debited to record the Sale of merchandise on credit under periodic inventory…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.