Multiple choice 14. Which of the following accounts is not used to account for merchandisesales transactions?a.Salesb. Sales Tax PayableSales Returns and AllowancesС.d. Accounts Payable15. A customer returns merchandise that was delivered in poor condition andthat does not meet specification. The account that the seller would debitfor the amount of the return isisa. Sales Returns and Allowances.b. Purchase Returns and Allowances.C. Sales.d. Purchases.465

The term Merchandise means activity which increases sales especially increase sales from retailer to…

Answered: 14. Which of the following accounts is…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 1QY: Which of the following is true about the Sales Returns and Allowances account? a. It is used to...

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A customer returns $870 worth of merchandise and receives a full refund. What accounts recognize this sales return (disregarding the merchandise condition entry) if the return occurs before the customer remits payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, merchandise inventory D. accounts receivable, cost of goods sold
A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize this sales return, assuming the customer has not yet remitted payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, purchases D. sales discounts, cost of goods sold
Which of the following is an example of a contra revenue account? A. sales B. merchandise inventory C. sales discounts D. accounts payable
( Appendix 5A) Under the gross method, the seller records discounts taken by the buyer a. at the time of sale. b. at the end of the period in question. c. never; discounts are irrelevant under the gross method. d. as a reduction to sales revenue.
Which of the following statements is incorrect? a) Sales tax collected by a seller is recorded as an increase to sales tax payable. b) Freight in is used in the calculation of net purchases. c) A purchase discount is calculated after subtracting returns and allowances from gross purchases. d) If an item is shipped FOB destination, the seller is responsible for the shipping costs. e) If a seller makes a sale under the terms 2/10, net 30, the sales discount is only available if the buyer pays within the 30 day window. Plz answer fast without plagiarism please i give up vote
3.Which of the following transactions would not result in an adjustment to the inventory account under a perpetual inventory system? A)The return of merchandise by a customer. B)The sale of merchandise for cash. C)The sale of merchandise on credit. D)The receipt of payment from a customer within the discount period.
29 - How are purchase refunds recorded to which account?A) From the purchase to the debt of the returns accountB) To the credit of the commercial goods accountC) To the debt of domestic sales accountD) To trade goods account debtE) Cost of commercial goods sold is credited to the account
Which account balance is NOT used to compute the cost of goods sold? a.Merchandise Inventory b.Purchases c.Sales d.Purchases Discounts

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14. Which of the following accounts is not used to account for merchandise sales transactions? a. Sales b. Sales Tax Payable Sales Returns and Allowances С. d. Accounts Payable