Sales return and allowance is increased when ? Sales Returns and Allowances is increased whenan employee does a good job.O goods are sold on credit.goods that were sold on credit are returned.O customers refuse to pay their accounts.

Name: Sales return and allowance is increased when ? Sales Returns and Allow
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: Sales return and allowance is increased when ? Sales Returns and Allowances is increased whenan employee does a good job.O goods are sold on credit.goods that were sold on credit are returned.O customers refuse to pay their accounts.

Introduction Allowance is a defined amount of financial or monetary advantage provided by the…

Answered: Sales Returns and Allowances is…

Business

Accounting

Sales Returns and Allowances is increased when an employee does a good job. goods are sold on credit. O goods that were sold on credit are returned. O customers refuse to pay their accounts.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 5MCQ

See similar textbooks

Similar questions

Which of the following scenarios increases accounts payable? A customer fails to pay an invoice. A supplier delivers raw materials on credit. Office supplies are purchased with cash. None of the above
You work as a cashier for a service business. Some days you are short of cash at the end of the day, and some days you have more cash than the cash register tape says was earned. You are embarrassed when your cash is short and dont want the owner to know, so you use your own money to make up the difference. On days when you are over, you keep the difference to help pay back what you paid to cover your shortages. What do you think of this practice? Explain.
A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize this sales return, assuming the customer has not yet remitted payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, purchases D. sales discounts, cost of goods sold
A customer returns $870 worth of merchandise and receives a full refund. What accounts recognize this sales return (disregarding the merchandise condition entry) if the return occurs before the customer remits payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, merchandise inventory D. accounts receivable, cost of goods sold
If a customer purchases merchandise on credit and returns the defective merchandise before payment, what accounts would recognize this transaction? A. sales discount, cash B. sales returns and allowances, cash C. accounts receivable, sales discount D. accounts receivable, sales returns and allowances
You work as a cashier in a service business. Some days you are short of cash at the end of the day, and some days you have more cash than the cash register tape says was earned. You’re embarrassed when your cash is short and don't want the owner to know, so you use your own money to make up the difference. On days when you’re over, you keep the difference to help recoup what you paid to cover your shortages. What do you think of this practice and why?
Which is exempt from VAT? A. Salaries of rank and file employees B. Revenue from lawyering services C. Gross sales of merchandising businesses D. Answer is not given.
Some business transactions purchase goods and services from the seller, on credit. The buyer of these goods and services, in good faith, intends to pay for the merchandise acquired or services rendered, on time. However, the seller knowing this is not always possible, will provide an incentive to the buyer. After reading “Purchase of Merchandise on Account”, page 146 to 148, illustrate and explain the ‘incentive’ a buyer receives to pay his bill.
When customers used their points accumulated from customer loyalty award programs to purchase goods: a revenue would be recognized an expense would be recognized liability would increase revenue would decrease
When writing off a customer's account using the allowance method: A. Bad Debts Expense is increased with a debit B. The customer's account is decreased with a debit C. The Allowance for Bad Debts account is decreased with a debit D. Bad Debts Expense is increased with a credit
Before paying an invoice for goods received on account, the controller or treasurershould ensure thata. the company is paying for the goods it actually received.b. the company is paying for the goods it ordered.c. the company has not already paid this invoice.d. all of the above.
You are working for a company and process a credit memo. This indicates that: merchandise was returned from the customer and the account receivable must be adjusted.merchandise was returned to a supplier and the accounts payable must be adjusted.merchandise was purchased and inventory must be adjusted.a sale took place and the accounts receivable must be adjusted.a sales discount was given to a customer for payments received early