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an existing line of credit that a consumer can use at a store is not called an acquisition account
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- If a customer pays with a credit card and the service has been provided, which of the following accounts will be used to record the sales entry for this transaction? A. Cost of Goods Sold, Merchandise Inventory, Sales Revenue B. Sales Revenue, Credit Card Expense, Accounts Receivable C. Accounts Receivable, Merchandise Inventory, Credit Card Expense D. Cost of Goods Sold, Credit Card Expense, Sales RevenueWhat accounts are used to recognize a retailers purchase from a manufacturer on credit? A. accounts receivable, merchandise inventory B. accounts payable, merchandise inventory C. accounts payable, cash D. sales, accounts receivableA journal entry that requires a debit to Accounts Receivable and a credit to Sales goes in which special journal?
- For each of the following statements, fill in the blanks with the correct account names. A. A retailer purchases merchandise on credit. The retailer would recognize this transaction by debiting _____ and crediting _______. B. A retailer pays for purchased merchandise within the discount window. The retailer would recognize this transaction by debiting ________ and crediting _________ and ________. C. A customer returns merchandise to the retailer and receives a full refund. The retailer would recognize this transaction by debiting _________ and crediting _________ if the customer had not yet paid on their account. D. A customer pays for purchased merchandise within the discount window. The retailer would recognize this transaction by debiting ________ and _______, and crediting _________.When goods are sold on credit the account of a customer is called : Select one: a. Purchases Return b. Account Payable c. Sales Return d. Account ReceivableWhen a customer returns merchandise previously purchased on credit, the entry for the seller to record the return requires a debit to the _________ account and a credit to the __________ account? Save for Later
- When a cxompany extends credit directly to a customer for a purchase, the sale is recorded as a debit in theWhich of the following is the correct journal entry to record a sale to a customer on account? A) Debit Cash Credit Sales B) Debit Sales Credit Accounts Receivable C) Debit Accounts Receivable Credit Cash D) Debit Accounts Receivable Credit SalesWhen a customer (buyer) returns merchandise purchased on credit,what is to be done?
- If a customer pays with a credit card and the service has been provided, which of the following accounts will be used to record the sales entry for this transaction? Elaborate in your response asides from choosing the correct choice. A. Cost of Goods Sold, Merchandise Inventory, Sales Revenue B. Sales Revenue, Credit Card Expense, Accounts Receivable C. Accounts Receivable, Merchandise Inventory, Credit Card Expense D. Cost of Goods Sold, Credit Card Expense, Sales RevenueIf merchandise sold on account is returned to the seller the seller may inform the customer of the details by issuing a a. Credit memo b. Purchase invoice c. Debit memo d.If merchandise purchased on account is returned, the buyer can inform the seller of the details by issuing:A. A debit memorandumB. A credit memorandumC. An invoiceD. A bill