Sales made, but for which payment has not yet been collected, are called accounts payable? (From the stores prospective) True False
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Sales made, but for which payment has not yet been collected, are called accounts payable? (From the stores prospective)
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- 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? 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 RevenueIdentify whether each of the following transactions, which are related to revenue recognition, are accrual, deferral, or neither. A. sold goods to customers on credit B. collected cash from customer accounts C. sold goods to customers for cash D. collected cash in advance for goods to be delivered laterWhich two accounts are used to recognize shipping charges for a buyer, assuming the buyerpurchases with cash and the terms are FOB Shipping Point?A. delivery expense, cashB. merchandise inventory, cashC. merchandise inventory, accounts payableD. The buyer does not record anything for shipping since it is FOB Shipping Point.
- Which of the following is the correct journal entry to record a sale to a customer on account? A) Debit Cash Credit Sales B) Debit Sales Credit Accounts Receivable C) Debit Accounts Receivable Credit Cash D) Debit Accounts Receivable Credit SalesAmounts due from customers that are expected to be collected in the current operating cycle and do not charge interest are known as: Group of answer choices sales returns & allowances cost of goods sold accounts receivable notes receivable The allowance method of estimating uncollectible accounts is widely-used because it follows this principle: Group of answer choices Matching Going-concern Revenue Recognition CostThe journal entry to record a credit sale ignoring cost of goods sold is ANSWER: Accounts Receivable Sales Revenue Explain to me why this is the answer
- When a customer returns merchandise previously purchased on credit, the entry for the seller to record the return requires a debit to the _________ account and a credit to the __________ account? Save for LaterHi when it says "Contra against purchase ledger", it means it can be registered on both Sales and Purchase ledger accounts? or only Sales? What about if says "Sales in balance set off against purchase ledger "? ThanksWhich of the following accounts does not belong in the purchases and disbursement cycle? Group of answer choices a.Prepayments b.Accounts payable c.Sales returns and allowances d.Fixed assets
- When goods are sold on credit the account of a customer is called : Select one: a. Purchases Return b. Account Payable c. Sales Return d. Account ReceivableWhich of the following are the suppliers of goods/services whose invoices have not yet been paid? a. Cash b. Accounts Receivable c. Accounts Payable d. InventoryWhen a customer pays in advance for products or services, which of the following accounts is credited? a.Sales Revenue b.Cash c.Unearned Revenue d.Accounts Receivable