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- An entity offering products with an offer to refund the cost of the purchase within 30 days after the sale if the customer is not satisfied with the products. Revenues should be recognized at the time of sale with an offset to revenue for possibility of returned items. TRUE OR FALSEAccording to ASC 606, how should a referral credit be recorded in your financial statement, as a reduction of revenue or as a marketing expense? Referral credit - Company ABC is giving their existing customers a $30 credit if they refer a New Customer (after this customer makes a purchase).Suppose you are being interviewed for a bookkeeping job for a retailer that uses a perpetual inventory system. The employer feels that the only way to determine whether or not the person being interviewed actually understands how to record transactions, is to ask them to provide an example showing the accounts (no amounts necessary) that would be debited and credited for the following: Purchase merchandise inventory on account. Sale of goods on account Return of part of the merchandise purchased in 1. above to the supplier. Payment to supplier, taking advantage of the discount that was offered. Return of goods by customer for credit. Payment received from customer, taking advantage of discount that was offered.
- When a seller receives payment from a customer who takes the discount for paying early, the journal entry will include a debit to sales discount credit to sales debit to salesLet's assume the merchandiser (buyer) pays after the discount period expires, how will the vendor (seller) journalize the Jeff. Fvpayment? Add the appropriate amount to the appropriate accounts provided below. Use the invoice provided.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 Revenue
- If merchandise sold on account is returned to the seller, the seller may inform the customer of the details by issuing aA seller generally records sales at the full invoice price, but the buyer often records purchases at net cost. Explain the logic of the buyer and seller recording the transaction at different amounts.Which one of the following documents is not needed to process a payment to a vendor? A. vendor invoice B. packing slip C. check request D. purchase order
- 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 RevenueAssuming that Muscat Trading LLC is a furniture trader in Nizwa. The business wants to raise a Credit note. Which of the following statement is correct in regards to a Credit note? a. It will be raised by Muscat Trading LLC to the Suppliers at the time returning the goods due to partial damage of goods b. It will be raised by Muscat Trading LLC at the time of selling the goods to Customers under the credit terms of 2/10 n/60 c. It will be raised by Muscat trading LLC at the time of receiving the goods returned by customers due to damage of goods d. It will be raised by Muscat Trading LLC at the time of Purchase of Merchandise from Suppliers under the credit terms of 2/10 n/30For each of the following statements, fill in the blanks with the correct account names. A retailer purchases merchandise on credit. The retailer would recognize this transaction by debiting _____ and crediting _______. A retailer pays for purchased merchandise within the discount window. The retailer would recognize this transaction by debiting ________ and crediting _________ and ________. 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. A customer pays for purchased merchandise within the discount window. The retailer would recognize this transaction by debiting ________ and _______, and crediting _________.
