In a sales transaction, which of the following is an assertion of existence or occurrence: a. All sales transactions that occur are recorded b. Sales transactions have been recorded at the correct period c. The sales transaction has been recorded according to the amount that has been sent and the correct amount has been invoiced d. Sales transactions that have been recorded are valid sales to customers

Q: Which of the following accounts is not normally part of the revenue and collection cycle?a. Sales.b.…

A: Revenue and collection cycle is business process related to the products delivery and collection of…

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: With the accrual basis of accounting, revenue from a credit sale is recognized Multiple Choice…

A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the expenses and…

Q: The realisation concept determines when goods sent on credit to customers are to be included in the…

A: Sales: It is an activity of selling goods and services in exchange for money.

Q: In a manual system, after which event in the sales process should the customer be billed?

A: Sales Process: Sales Process can be defined as trade of goods and services provided by the trader of…

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: 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: Which of the following statements is correct? Group of answer choices A)Revenue is recognized at the…

A: A)Revenue is recognized at the time of shipment when goods are shipped FOB destination-The given…

Q: .   c.   completeness of receivables.   d.  collectibility of the invoices.

A: The four qualities of a confirmation are as follows: Receipt. Responses can be written or spoken.…

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

A:

Q: The controlling account in the general ledger that summarizes the individual accounts with creditors…

A: A chart of accounts is a in every accounting system which shows all available accounts that can be…

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: What document signals that a company should record thepurchase of goods on account?a. Purchase…

A:

Q: The functions of and documents generated by which of the below departments determine when a…

A: Lets understand the basics. In organization, there are various department which are inter connected…

Q: accordance with IFRS 15,  customer loyalty awards on the goods or services sold, the transaction…

A: As per IFRS 15, Revenue recognition  In case of sale of a product with loyalty awards,then the sales…

Q: The entry to record the return of merchandise from a customer would include a  debit to Sales…

A: Sale return means when goods sold to customer returned back because of any reson. When we sold goods…

Q: Business documents used to keep track of sales and purchases are called _____.   F.O.B. shipping…

A: The invoice is prepared by seller and buyer at the time of sale and purchase.

Q: purchases and disbursements cycle usually begins when a. a user department request for acquisition…

A: Solution: The purchase and disbursement cycle is the cycle in which the purchase needs of a business…

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: 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: 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: The following items are found in the account sales, except a. Total sales. b. Amount due to…

A: Consignment represents the situation where the consignor transfer the goods to consignee to sale the…

Q: The entry to record the granting of credit to a customer for a sales return is posted to…

A: Sales returns and allowances: Sometimes, customers either return goods due to manufacturing defects,…

Q: n records pur

A: Invoice-: An invoice is simply a time-stamped marketable paper that itemizes and documents an…

Q: Requirement a. What are the accounting requirements for a correct sales​ cutoff?     A. A shipment…

A: Revenue shall be recognition according to accounting standards. Following is the condition to…

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

A: An invoice refers to a bill that is issued by a seller to the buyer. It specifies details related to…

Q: Using a perpetual system, the entry to record the sale of merchandise on account includes a  a.…

A: Step 1: The sale of merchandise on account simply means that the goods have been sold on credit.…

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: What is the reason for ensuring that every copy of a vendor's invoice has a receiving report? O To…

A: Audit is the process of checking and examining books of account of the business, so that it can be…

Q: In general, revenue is recognized whena. The sales price has been collectedb. A purchase order has…

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

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: How to journalize entries from accounting for sales with frieght transaction

A: The journal entry is a way of recording business transactions. It is the event when business…

Q: A seller generally records sales at the full invoice price, butthe buyer often records purchases at…

A: A seller generally records sales at full invoice price, but buyer often records purchase at net…

Q: Which of the following is an example of a contra revenue account?A. salesB. merchandise inventoryC.…

A: This account book transaction would be linked to certain associated accounts of a different sort.…

Q: When goods are sold on a bill-and-hold basis, what conditions must be met to recognize revenue upon…

A: A technique of recognition of revenue under which the revenue is recognized at the point of sale but…

Q: Journalizing Sales Transactions

A: Journal entries is given bellow,

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…