From the following examples, select which one is a transaction. a. a seller receiving payment from a buyer while giving him the item he bought b. a buyer searching for information in the internet and his friends c. a girl window-shopping in a store for things she want to buy d. a shopper comparing products of different products in different stores

From the following examples, select which one is a transaction. a. a seller receiving payment from a buyer while giving him the item he bought b. a buyer searching for information in the internet and his friends c. a girl window-shopping in a store for things she want to buy d. a shopper comparing products of different products in different stores

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 1EA: For each of the following, indicate if the statement reflects an input component, output component,...

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Using the following invoice answer the following questions. 1. How would this transaction be journalized by the seller? Identify the accounts, the amounts and whether the entry is a debit or credit. 2. What journal should the seller use for this transaction? EXPLAIN. 3. What is the business name of the vendor (seller)? How do you know this? 4. What is the business name of the merchandiser (buyer)? How do you know this? 5. P.O. Number stands for Purchase Order Number. What is a purchase order? Which part, buyer or seller, typically creates the purchase order? 6. Freight designation is F.O.B. Destination. Who is responsible for paying the shipper? 7. Explain what the terms of sale 2/10, n/30 represents? 8. If the merchandiser pays within 10 days of the invoice date how much will they actually pay? Explain your answer. 9. Explain why the merchandiser is not paying sales tax. 10. What information from this invoice would be entered in the Source Document column of the journal?…
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