Difference between sales receipts and invoices

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: Which accounting technique gives the most relevant information (net cost or gross invoice price)

A: The most relevant information of accounting technique will be explained:

Q: An account that is classified as a contra-revenue: O a. may include sales discounts and credit card…

A: Solution: A contra revenue account is reverse of revenue account i.e. contra revenue accounts is…

Q: Distinguish between sales book and sales account.

A: Sales book: Sales book is one of the subsidiary book of accounting in which all the transactions…

Q: Define Sale of Receivables.

A: Sales: A sale refers to the operating activity through which the company earns income by selling…

Q: What are the normal balances of the various sales-related accounts?

A:

Q: Which of the following forms cannot be customized? Select one: A. Estimate B. Sales Receipt C.…

A: Under QBO there is a feature to customize your forms.

Q: What is the nature of (a) a credit memo issued by the seller of merchandise, (b) a debit memo issued…

A: (a) A credit memo issued by the seller of merchandise.A credit memo is a commercial document that is…

Q: Which document authorizes the purchase of the inventory from an approved vendor? the petty cash…

A: A company purchases inventory works on it and sells them as finished product. So purchase plays an…

Q: What type of accounts are Sales Returns and Allowances and Sales Discounts?

A: Sales return and allowance accounts refers to the good returned to the business that were sold. This…

Q: What purpose is served by prenumbering sales orders, shipping documents, and sales invoices?

A: Revenue Cycle: Revenue cycle records all the transactions that originate from selling a product and…

Q: When does sales revenue is recognized? When does sales revenue is recorded? Does recognize and…

A: The sales revenue is the amount of total sales made during the period.

Q: What is the name of the account used to record purchases of merchandise inventory?

A: The concept of merchandise inventory is associated with cost of goods that is in hand and available…

Q: Explain “Sales Returns and Allowances”. Why does this account have a normal debit balance?

A: Sales Returns and Allowances Sales Return and Allowances is actually a contra revenue account (i.e.…

Q: According to the Revenue Cycle Flowcharting Process, the "Pure Credit Sales" portion of the credit…

A:

Q: Sales made to person on credit should be credited to which of following ledger accounts

A: Accounting is essential to operating a company since it allows businesses to track income and…

Q: a) Prepare the purchase ledger (account payables) control account and the sales ledger (account…

A: (a)

Q: Which of the following accounts does not belong in the purchases and disbursement cycle? A.…

A: Purchase Cycle: Purchase cycles (also known as buying cycles) refer to the steps that customers take…

Q: Briefly explain the accounting treatment for sales returns and allowances. Where are these accounts…

A:

Q: Difference between a debit and a credit.

A: Debit and credit are the two aspects of a transaction and a ledger account. The short form used for…

Q: 6) Which of the following are the normal baiances of Sales, Sales discounts, and Sales returms and…

A: Introduction: Accounting: Accounting is an art of recording , classifying and summarising and…

Q: Which accounting method (net cost or gross invoice price) provides the most useful information?

A: The net cost of any product is the amount of the invoice plus any taxes and extra fees that are…

Q: What is Target’s policy with respect to accounting for merchandise returns?

A: Financial Statements: Financial statements are a group or reports that present the financial…

Q: A credit memo states the amount of a sales allowance or return

A: Credit memo is a document issued by the seller of the goods to the buyer as a source document

Q: Describe the accounting treatment for merchandise returns.

A: Purchase returns: Purchase returns are the goods returned by the buyer out of the goods purchased.…

Q: Infrequent sales returns would be recorded in which journal?

A: Sales returns refer to goods returned by the customers and journal is the first book of entry to…

Q: Goods returned by customer will be debited to which account?

A: When a customer returns the goods sold to him it is called sales return i.e. it reduces the income…

Q: Why should the function of requisitioning the purchase of goods be segregated from the function of…

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

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: How do you determine the invoice of merchandise returned?

A: Merchandise return refers to the inventory that is returned by the customer to the seller for their…

Q: Which of the following journal entry is correct for the transactions of goods returned by a…

A: When we make a sales to customer, we pass the following entry:- Trade receivables  Dr           To…

Q: Return of merchandise sold on account is recorded in the: A purchases journal B either sales or…

A: Merchandise is very important asset for the business. Purchase and sale of merchandise is recorded…

Q: Merchandise inventory turnover measures the relationship between:

A: Inventory Turnover Ratio:   It is an accounting ratio to show the number of times a company has sold…

Q: Why are contra-revenue accounts used rather than directlydeducting from the Sales Revenue account?

A: Sales revenue: The amount of price of merchandise sold during a certain period is referred to as…

Q: merchandise inventory

A: Merchandise inventory refers to price at which the company wants to sell further to its clients at a…

Q: True or False: The posting of purchase transactions to the general ledger is done in the same manner…

A: Purchase transactions are the transactions relating to the procurement of goods from the party…

Q: r and shipping document?  O Invoice price, vendor, delivery date, quantity. O Invoice date,…

A: A three-way matching refers to the process that involves matching the desired purchase orders,…

Q: Which of the following documents associated with the purchases and cash disbursements cycle is most…

A: Answer:-  Journal entry meaning:- A journal entry is the act of recording or keeping track of any…

Q: difference between ledger and account

A: The ledger is prepared using journal entries.

Q: What is accounting for merchandise inventory?

A: (1) The Merchandise Inventory is one type of the Account that exists on the Balance Sheet. This…