Demonstrate, using practical example how to prepare accounts from the Sales day book and Sales return day book.   ?

Q: returns some merchandise that had been purchased on account (accounts receivable), NetSolutions will…

A: when ever the goods are sold and purchased different type of document that are issued by the buyer…

Q: Which of the following will be the Correct source document assuming that your business received…

A: The various documents are prepared to be provided to customer or received from supplier.

Q: A. What document is used to create the Sales Order in the Revenue Cycle and where does itcome from?…

A: Answer a: Sales order is created by using a document formed by SAP.

Q: If a customer pays with a credit card and the service has been provided, which of the following…

A: When a customer pays at a shop by Credit card, there incur Credit Card Expenses. The company of the…

Q: Identify if the two statements are either true or false. 1. The bill of lading is a document…

A: The given statement answer is given in the below step.

Q: If a company uses a multi-column purchases journal, which of the following possibleheadings for…

A: Solution Concept Multi column purchase journal is a journal used to record the credit purchase…

Q: In the expanded purchases journal, debits are made in which columns? choices:  Accounts Payable,…

A: Answer : Merchandise inventory ,office supplies ,and store supplies.

Q: For each of the following statements, fill in the blanks with the correct account names. A retailer…

A: Retailer is the person who deals in purchase and sale of merchandise. At the time of credit…

Q: -What is the journal entry for recording credit sales? a. Sales Dr. and Accounts Receivable Cr b.…

A: Journal entry is an important and attentive process of accounting cycle through the help of journal…

Q: Put the following into the correct order for processing a sale on account with QuickBooks®.  A.…

A: When sales are made on account, firstly, the sales order is recorded, then the payments are…

Q: In the revenue cycle (for sales on credit), a customer places an order for a certain product. Which…

A: Every time an order is received by an organisation, there is whole set of process that needs to be…

Q: What effects on a retail store's accounting equation occur when merchandise returned by customers is…

A: Introduction:- The following Accounting Equation used for preparation of balance sheet as follows…

Q: Describe the flow of data in the purchasing process that is initiated when the purchasing…

A: Purchasing process refers to the process of procurement of goods or inventory. It starts with the…

Q: As a consultant explain to your staff how the absence of Trial Balance will affect the preparation…

A: Comments; Multiple questions asked Trial balance - It is a statement that shows the particular…

Q: Distinguish between the sales order, billing, and AR departments. Why can’t the sales order or AR…

A: The sales order, billing and AR department are responsible for placing the orders from the…

Q: posting from a sales journal to an accounts receivable ledger?

A: Sales journal is also referred as sales book or sales day book.  All the credit sales are recorded…

Q: One-column sales journal may be used to record collection on account sales of goods for cash sales…

A: Sales Journal records all the entries related to the sales made to customers both for cash and on…

Q: 1. What would a credit manager do if a sales order received caused a customer to exceed its credit…

A: The credit manager should disapprove the sales order as it will increase the collection period…

Q: What is another name for the bill that the seller sends to the buyer when the buyer purchases…

A: Solution: Purchase order is prepared and sent by buyer to seller while placing an order. Receiving…

Q: Sales are normally recorded on the date of thea. Customer purchase order.b. Bill of lading.c. Sales…

A:

Q: the customer of the details by issuing a sales invoice a. b. purchase invoice credit memorandum С.…

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

Q: Drawing from your basic accounting knowledge, list the relevant data attributes that constitute the…

A: Accounting Information system: The Accounting Information System is a system that a business uses…

Q: Read the following statements carefully:   Recalculate the allowance of accounts receivables.…

A: Type of Audit Procedures It is preliminary assessment an auditor is required to identify and…

Q: If merchandise sold on account is returned to the seller, the seller may inform the customer of the…

A: Solution:- If merchandise sold on account is returned to the seller, the seller may inform the…

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: As orders are received from customers, a personnel in the sales department prepares a sales order…

A: What area in the transaction cycle is deemed a control weakness instead of strength? a. The approval…

Q: Which statement about the Expenditure Cycle is correct? The blind copy of the purchase order goes…

A: Step 1 The expenditure cycle is the flow of activities related to the acquisition of and payment for…

Q: The entry to record the return of merchandise from a costumer would include a  credit to sales…

A: Given: To determine the entry to record the return of merchandise from a costumer that would include…

Q: please i need help with quickbooks, please tell me in quickbooks where do i supposed to records…

A: Solution: (1) Date Account Dr Cr   Insurance that has been paid in advance $1,200…

Q: You are working for a company and process a credit memo. This indicates that: merchandise was…

A: A credit memo is issued by a seller to the buyer indicating that amount due from the buyer has been…

Q: A bill or a statement issued by the seller to the buyer giving details of goods sold. a. chart of…

A: The seller issues a bill containing all the details about the sales to the buyer.

Q: When a customer returns merchandise previously purchased on credit, the entry for the seller to…

A: Journal entry:- Customer Ac Dr to Sales A/C

Q: For a Credit Invoice Received, which entry should be made?   debit to sales returns and…

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

Q: If merchandise sold on account is returned to the seller the seller may inform the customer of the…

A: Concept introduction:   An organization can be manufacturing, servicing of merchandising type. For a…

Q: You were hired to assist Oman based Company in designing an accounting system for Oman Co., Ltd. has…

A: We will answer only first three subparts of the question as it is not specified which sub part is to…

Q: Which onscreen form is usually used to record a sales transaction that the customer will pay later?…

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

Q: Describe the data flow in the buying process that begins when the purchasing organization sends a…

A: The Answer:

Q: the following w

A: the correct answer is  d. SALES INVOICES

Q: If a customer purchases merchandise on credit and returns the defective merchandise beforepayment,…

A: When customer made purchases on credit from the business, then one side it will generate accounts…

Q: Describe the flow of data in the purchasing process that is initiated when the purchasing…

A: A data flow diagram is a flow of data that analyzes the beginning criteria and end results of a…

Q: Journalizing Sales Transactions

A: Journal entries is given bellow,

Q: 1) What is the difference between a debit memorandum and a credit memorandum? 2) What is the…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: What is the purpose of the Purchase Returns and Allowances account? Why not just record a purchase…

A: Purchase accounts are used in periodic inventory system as a general ledger account in which…

Q: Describe and put the sales notebook to use. What procedures are involved in submitting sales journal…

A: The Answer

Q: When a customer uses a credit card such as MasterCard or VISA to buy merchandise in a store, the…

A: Solution: When a customer pays for purchase using credit card, it is a cash sales for the seller as…

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 a seller receives payment from a customer who takes the discount for paying early, the journal…

A: When a  seller receives payment within discount period, cash account will be debited with accounts…

Q: Explain in detail different types of documentation that the business would expect to change hands in…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

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.