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

Q: The business needs to record the trade discount in the book of account”. Question Do you agree…

A: Discount means the amount which is not required to be paid or received. Discount is deducted to find…

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 called as an expense of a Merchandise business? a. Sale of…

A: a.) Sale of merchandise inventory means sales of goods so it is and income. b.) Trade discount is…

Q: The credit terms of a sale are normally indicated on a(n): a.check. b.invoice. c.bill of lading.…

A: Credit terms are terms that indicate when payment is due for sales and discount offered.

Q: On a journal entry with a debit to Cost of Goods Sold you would expect a credit to…

A: In the Double Entry System, its must that Every Debit will have the Credit and its also necessary…

Q: The return of goods by a customer ( Sales Return ) should be credited in the ledger account of ?

A: Sales return in accounting is used to refer the goods or item once purchased and returned to the…

Q: Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases…

A: Calculate purchase discoounts:Purchase discount =( Purchase - Purchase returns and allowance)*…

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: Some business transactions purchase goods and services from the seller, on credit. The buyer of…

A: Purchase of Merchandise on Account - Purchases on Accounts means Inventory purchase without paying…

Q: Assuming that you are a wholesale merchandiser. You sold goods to retail merchandiser under the…

A: Goods sold to a retail merchandiser on account. The payment terms of 3/10 n/60 shows that goods are…

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: If merchandise purchased on account is returned, the buyer may inform the seller of the details by…

A: Given, Goods are purchased by-merchandise is returned.

Q: The credit period during which the buyer of merchandise is allowed to pay usually begins with what…

A: Credit period generally begins with the date of sales as recorded on the invoice.If the payment is…

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: We record a sale on account that involves sales tax in which journal?     cash disbursement…

A: Sales on account are generally recorded in the sales journal,but it only record sales on account not…

Q: When a customer (buyer) returns merchandise purchased on credit,what is to be done?

A: Sales Returns: It is the merchandise returned by a buyer to a seller due to many reasons like excess…

Q: Which of the following journal entries is appropiate when a credit sales is made under a perpetual…

A: Under the perpetual inventory method, we need to record sales and also the cost of goods sold.

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: It is used to show who is responsible for paying for shipping and when the title of the goods passes…

A: Payment term used to show who is responsible for paying for shipping and when the title of the goods…

Q: ssuming that you are a retail merchandiser. You bought goods from wholesale merchandiser under the…

A: Note: 2/10, n/30: Here, 2 represent the discount rate if payment is made within ten days. And if…

Q: On a journal entry with a debit to Cost of Goods Sold you would expect a credit to…

A: option (d)Merchandise Inventory

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: When granting a sales allowance, is there a return of merchandise inventory from the customer?…

A: Sales allowance is an allowance where reduction in reduction in selling price is granted to customer…

Q: b. Debits: Accounts Receivable, Cost of Goods Sold; credits: Sales options correctly expresses the…

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

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: In a perpetual system, what would be the journal entry for a sales return. (a) Dr. Sales return and…

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

Q: Which of the following accounts is closed by debiting the account? Purchases Purchase Returns and…

A: For purchases(cash) entry will be  Purchases A/C Dr        Cash A/c.  Cr

Q: A retailer pays for purchased merchandise within the discount window. The retailer would recognize…

A: Accounts Payable - Accounts Payable is the creditor for the company. Company owed some amount for…

Q: When a cxompany extends credit directly to a customer for a purchase, the sale is recorded as a…

A: Sales can be in cash or credit. Cash sales amount is received immediately and credit sales amount is…

Q: Please tell us about Sales Discounts.  Why are they necessary?  Does this account appear on the…

A: Discount is the amount of reduction in the value of sale or purchase. In other words, discount in…

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: In a sales transaction, which of the following is an assertion of existence or occurrence: a. All…

A: Existence or occurrence deals with whether assets or liabilities exist at a given date and whether…

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

A: Answer -  Correct Answer is - Credit memorandum, Because, A credit note or credit memorandum is a…

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: In accounting for consignment sales, sales revenue and the related cost of goods sold should be…

A: Introduction:- Consignment arise when goods are sent by their owner to an agent who undertakes to…

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

A: The Answer:

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: 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: Prepare the journal entries to record these transactions on the books of Geeslin. Jan. 1…

A: When an event occurs in the business and it can be measured and expressed in terms of money, it…

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: 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: Which account will be debited to record the Sale of merchandise on credit under periodic inventory…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

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.