What accounts are affected when a bill from a vendor supplying you products is recorded

Q: In a system like QuickBooks Online, when should you create an invoice? a. When a customer…

A: There are two ways recording sales Transaction in Quick books.   1. If customer Do not pay at time…

Q: Normally revenue is recognized when:

A: Answer

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: 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: 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: In Quickbooks, for a purchase on account and the subsequent payment for the purchase, which business…

A: To require: In Quickbooks, for a purchase on account and the subsequent payment for the purchase,…

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

A: Customer record: It is the record of customers of company which contains details like name, address,…

Q: Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the…

A:

Q: In the revenue cycle (for sales on credit), a customer places an order for a certain product. Which…

A: Every time an order is received by an organisation, there is whole set of process that needs to be…

Q: What is the account title used for revenue when goods are delivered to customers?

A: Account title: An account title is a unique name assigned to an account in an accounting system. An…

Q: Under the realization principle, revenue from sale of products is recognized a. At date of delivery…

A: Recognition of Revenue - Recognition of Revenue is the recording of revenue in the financial year.…

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: Match the following form (transaction type) with the appropriate transaction description: Рayment…

A: Transactions: A business transaction is a financial transaction that takes place between two or more…

Q: What are the ways that payments by a seller to a customer is done?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: When should revenue from the sale of merchandise normally be recognized? (Assume the company reports…

A: The revenue should be recognized in the following conditions. 1.When the amount realized or received…

Q: What is the GL entry when a company receives a payment from a customer? Debit revenue, credit…

A: General ledger entry for receiving a payment from a customer means entry for amount received from…

Q: When does the cost of inventory become an expense?a. When cash is collected from the customerb. When…

A: Answer: b. When inventory is delivered to a customer

Q: From the following list, identify those that are likely to serve as source documents.  Trial…

A: A source document refers to the original document that includes all the information of the business…

Q: Distinguish between the sales order, billing, and AR departments. Why can’t the sales order or AR…

A: The sales order, billing and AR department are responsible for placing the orders from the…

Q: Customer sales should only be recorded usin

A: Customer sales should only be recorded using Sales Receipts or Invoices .

Q: A company that provides a service or product to a customer on credit has an __________ from that…

A: A goods or service sold on credit is treated as assets of the business as these are customer…

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: Drawing from your basic accounting knowledge, list the relevant data attributes that constitute the…

A: Accounting Information system: The Accounting Information System is a system that a business uses…

Q: In a manual accounting system, what advantage does the journal voucher system have over the…

A: Journal  Voucher Journal voucher is a special source of document which has been replaced for general…

Q: Under what circumstances would accounts receivable be posted as a credit balance : A. When the…

A: The different accounts in the business have different balance as debit and credit.

Q: Compare and contrast a manual accounting system for processing customer transactions. Include an…

A: A manual accounting system is a bookkeeping system for recording business activity transactions,…

Q: Explain how a retailing firm would determine the cost of goods sold during an accounting period.

A: Retailing firms are those firms that are run for the prime purpose of earning profits. The cost of…

Q: Individual customer accounts are kept in a ledger O purchase ledger O sales ledger O general ledger…

A: Solution: Individual customer accounts are kept in a ledger called a "Subsidiary ledger".

Q: Before paying an invoice for goods received on account, the controller or treasurershould ensure…

A: Treasurer or controller:

Q: what is procedure to posting account receivable ledger and inventory system . Explain with entry

A: Accounts receivable ledger shows the balances of the debtors to whom the stocks were Sold on credit.…

Q: You are working for a company and process a credit memo. This indicates that: merchandise was…

A: A credit memo is issued by a seller to the buyer indicating that amount due from the buyer has been…

Q: Use the information from the T account to journalize the transaction from the vendors perspective.

A: Journal means the book of prime entry where all entries are recorded in different pages. Journal…

Q: If the company has a multiple trasactions, what ledger should you post the trasaction?

A: Financial accounting involves recording of financial transactions of a firm during the accounting…

Q: When a customer returns merchandise previously purchased on credit, the entry for the seller to…

A: Journal entry:- Customer Ac Dr to Sales A/C

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: When a customer pays in advance for products or services, which of the following accounts is…

A: We have the following question: When a customer pays in advance for products or services, which of…

Q: Why does billing receive a copy of the sales order when the order is approved but does not bill…

A:

Q: When should revenue from the sale of merchandise normally be recognized? A)When the customer takes…

A: Revenue recognition concept says that when all the risk and reward has been passed on to the buyer…

Q: Which files do you usually find in a sales order module versus an accounts receivable (customer)…

A: Sale is the outflow of the commodities or the inventory held with the business entity to generate…

Q: How are sales to customers using MasterCard and VISA recorded?

A: Sales: Sales is an activity of selling the merchandise inventory of a business.

Q: how to bill customer using accrual-basis accounting

A: in Accruals accounting of income or revenue they are billed when goods or services are given but…

Q: If a customer pays with a credit card and the service has been provided, which of the following…

A: Credit card is like a physical card which are used as a postpaid, in which customer or card holder…