. The form issued by a seller to inform a buyer that a credit has been made to accounts receivable. 2. Under the periodic system, it is the account credited when the proprietor withdraws merchandise for personal use. 3.. It is the amount of reduction allowable from the list price of goods offered for sale. 4. This is computed by deducting returns and allowances and partial payments from the invoice cost. Choices Sales Purchase invoice Purchase discount Debit memo Trade discount Drawing Trade - In Capital Purchase Allowances Sales Invoice Credit memo Cash discount
. The form issued by a seller to inform a buyer that a credit has been made to accounts receivable. 2. Under the periodic system, it is the account credited when the proprietor withdraws merchandise for personal use. 3.. It is the amount of reduction allowable from the list price of goods offered for sale. 4. This is computed by deducting returns and allowances and partial payments from the invoice cost. Choices Sales Purchase invoice Purchase discount Debit memo Trade discount Drawing Trade - In Capital Purchase Allowances Sales Invoice Credit memo Cash discount
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 4MC: If a customer purchases merchandise on credit and returns the defective merchandise before payment,...
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1. The form issued by a seller to inform a buyer that a credit has been made to
2. Under the periodic system, it is the account credited when the proprietor withdraws merchandise for personal use.
3.. It is the amount of reduction allowable from the list price of goods offered for sale.
4. This is computed by deducting returns and allowances and partial payments from the invoice cost.
Choices
Sales
Purchase invoice
Purchase discount
Debit memo
Trade discount
Drawing
Trade - In
Capital
Purchase Allowances
Sales Invoice
Credit memo
Cash discount
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