General entry purchase return

Q: purchase discount

A: The purchase term "2/10, n/30" means that 2% discount will be available if the payment is made…

Q: A. What document is used to create the Purchase Order in the Expenditure Cycle and wheredoes it come…

A: Answer a: The purchase requisition document is used to create the Purchase Order. It comes from the…

Q: Merchandise purchased fo Freight In... Freight Out.. Purchased returns..

A: Before calculating the inventoriable costs,for better understanding,firstly we need to understand…

Q: Journalizing Purchases Transactions

A: Above all purchase transactions are on Credit. journal entries will be as follows.

Q: Drawing, explain how a purchase transaction on account impacts the buyer and the seller and also…

A: Purchase transaction means when one party purchases goods from another party. This transaction can…

Q: How to journaalize entries from accounting for purchase with frieght transaction?

A: A journal entry is the first step to recording any transaction of monetary nature. Journalizing is…

Q: Assignment: Draw the T account of Purchases, Sales, Mr. D, Mr. E, Return inwards, Return outwards,…

A: Ledger is collection of all the accounts in an accounting system. When every journal is posted to…

Q: effect of purchase on account on current rattion

A: Current Ratio (CR): It is one of the liquidity ratios which measures the company’s ability to pay…

Q: purchase price

A: Purchase price = Net assets taken over - Required gain

Q: Inventory tumover

A: Inventory turnover ratio = Cost of goods sold/((Opening inventory + Closing inventory)/2)

Q: How to journalize entries from accounting for purchase with frieght transaction?

A: On any purchase if freight charges paid it is called freight in charges and it is part of cost of…

Q: Explain purchase accounting

A: Purchase accounting means any premium paid by bidder in excess of the value of books of aims assets…

Q: The adjusting entry to take up accrued expenses is recorded in the: (A purchases journal B general…

A: Adjusting entries are those journal entries which are passed at the end of accounting period in…

Q: Define Purchase discounts.

A: Purchase discounts: The sellers offer a reduction in purchase price on initial purchases, to…

Q: Required Prepare the SALES JOURNAL Prepare the PURCHASES JOURNAL

A: A journal is a record that records every one of the monetary exchanges of a business, to be utilized…

Q: Differentiate between a purchase requisition and a purchase order.

A: Difference between purchase requisition and purchase order The difference between the purchase…

Q: Which of the following is not included when computing Net Purchases?A. purchase discountsB.…

A: Purchases is the value of cost of goods that is being purchased or acquired from the suppliers…

Q: 4. Which of the following accounts are used when recording a purchase?

A: 1. If Cash purchase: If the purchase is made out of cash, both cash and inventory accounts are used…

Q: Define purchases Journal.

A: Journal: Journal is the book of original entry. Journal consists of the day-to-day financial…

Q: Payment for acquisition of merchandise antory are ren orted as investing aporte

A: Payment for acquisition of merchandise inventory is done as a part of normal business operations.…

Q: Question 1 All of the documents are involved in the purchase-to-pay (expenditure) process, except:…

A: Picking ticket is the list of details regarding the items that are to be shipped from the warehouse…

Q: Define Purchase return.

A: Financial accounting is the process of recording, summarizing, and reporting all the transactions in…

Q: ) Identify changes in th anagement accounting usinesses to be succes onditions (what is happ ow?).

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: Why is a “blind” purchase order used as a receiving report document?

A: Blind Purchase Order: Blind purchase order contains all the information related to the purchase of…

Q: schedule of COGS, Net purchase, and Net sale

A:

Q: Design a purchase requisition, purchase order and purchase specification

A: Here provide the details of the Purchase requisition, purchase order and purchase specification…

Q: ne Hire Purchase Interest over the Sum of the digits method LC Account (as it will appear in

A: "Since you have asked multiple sub part question we will solve the first three sub part question for…

Q: What is the other name of purchases returns

A: Whenever inventory is being purchased in business for sale or for use in production and…

Q: ne revenue recognition principle (point of sale).

A: There are two bases of Accounting (1) Cash bases Accounting System (2) Accrual bases Accounting…

Q: purchase Returns & Allowances appears where on an Income Statement?

A: The income statement is the financial statement of the business which shows about the profitability…

Q: What is b Purchase Volume?

A: Purchase volume means the total amount of all the purchases charged to a single account.

Q: Why is Profit and Loss Adjustment Account prepared? Explain.

A: There are following two reasons of why Profit and loss adjustment account is prepared;-  1.   To…

Q: Summarize on what you understand from the purchase cycle system

A: Purchase Cycle System- Purchasing Cycle system refers to as system of buying product and service.

Q: Define Perpetual inventory system.

A: A perpetual inventory system updates and records the transaction as and when it occurs either at the…

Q: what document initiates the sale process

A: In the above questions we have asked about the document which initiates sale process.

Q: 18-Which of the following is an example of Source document? a. Sales Ledger b. Invoice c. Assets…

A: Some common examples of source documents include sales receipts, checks, purchase orders, invoices,…

Q: what document initiates the sale

A: Sales Process:   Sales process is defined as a repeatable process that starts from accepting the…

Q: - record the purchase

A: Journal entry is the primary entry made for recording a particular accounting transaction.

Q: Define Prepaid expenses.

A:

Q: The authority to accept incoming goods in receiving should be based on a(n)(1) vendor’s invoice. (3)…

A: Delivery is an act of transferring goods, services, commodities, securities or cash from one place…

Q: merchandise inventory

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

Q: Define purchase allowance

A: Following is the meaning of a purchase allowance

Q: ceives a credit terms of : e Inventory account?

A: Given terms as, 2/10 and n/30