What is purpose of sales journals?

Q: Define sales journal.

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Customer payments received in advance of the product or service being provided is recorded in which…

A: The company can collect advance from the customer before sale of the goods. This method of…

Q: Journal entry for sales

A: The journal entry is prepared to record the monetary transactions of the company in the boooks.

Q: What is a LIFO inventory pool?

A: Definition: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So,…

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

A: The sales order module contains an open sales order which is an internal document issued by seller…

Q: What is the LIFO retail method?

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: 1. Identify any two examples of Wholesale Merchandise Business and Retail Merchandise Business

A: Introduction:- A merchandising business, often known as merchandisers, is one of the most common…

Q: What document intiates the sales process

A: Answer: Sales order procedures involves accepting a customer order and processing it, filling the…

Q: Create a General Journal Merchandise Operation (Perpetual Activity) on JIBT DISTRIBUTORS

A: Journal entries are the primary recording makes in the books of account. All the transactions are…

Q: Explain purchase accounting

A: Purchase accounting means any premium paid by bidder in excess of the value of books of aims assets…

Q: whats the inventory tracking for this?

A: Goods which are held for the resale by the business and the business deals with such type of…

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

A:

Q: Explain the posting process of the sales journal?

A: Sales JournalThe Sales Journal is used to record the transaction when the sale of merchandise…

Q: Define purchases Journal.

A: Journal: Journal is the book of original entry. Journal consists of the day-to-day financial…

Q: When does sales revenue is recognized? When does sales revenue is recorded? Does recognize and…

A: The sales revenue is the amount of total sales made during the period.

Q: What are the columns that are typically used in the purchases journal?

A: A Purchase Journal records all purchases made on credit during a period. In other words, this is the…

Q: Is it a credit memo issued by a vendor or a debit memo issued by a purchaser? What's the difference?

A: The difference will be explained:

Q: Explain an example how to record sales revenue.

A: Sales revenue is the revenue from the sales generated by the company. The sales may be either cash…

Q: Define Sales revenue.

A:

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: Why is a “blind” purchase order used as a receiving report document?

A: Blind Purchase Order: Blind purchase order contains all the information related to the purchase of…

Q: Describe post sales service arrangements the firm does or should provide

A: After sale services help the companies achieve customer satisfaction and retain their customers.…

Q: Discuss the objects of the cut off on the sales and collection cycle.

A: The cash collection cycle is the number of days it takes to recover accounts receivable. The…

Q: Provide one example of a transaction that affect  service business and  merchandise business.

A: Business refers to all those organization or company who engaged in any type of industrial,…

Q: What is the other name of purchases returns

A: Whenever inventory is being purchased in business for sale or for use in production and…

Q: Define Conventional retail method.

A: Definition:   Retail inventory method: It takes into account all the retail amounts that are, the…

Q: What is an inventory manager?

A: Inventory Management: It refers to the process of managing the Inventory or stock of raw materials,…

Q: Summarize on what you understand from the purchase cycle system

A: Purchase Cycle System- Purchasing Cycle system refers to as system of buying product and service.

Q: What is the audited net sales balance?

A: Net Sales Net sales is the difference between gross sales minus sales return and allowance.  Sales…

Q: Explain Retail Terminology with example.

A: Retail terminology: Retail terminology refers to the jargon or technical terms specifically used in…

Q: Define the term Retail Terminology.

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: What is the difference in the operating cycle of a service provider and a merchandiser?

A: Operating cycle is defined as the amount of time the company requires to use its cash in order to…

Q: Define the term merchandiser.

A: Cost accounting system: Cost accounting system of an organization consists of procedures and…

Q: By using FIFO method: Post Journal entries for Sales and CGS?

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: What purpose does a purchasing department serve?

A: Purchasing Department: The purchasing department accommodates the organization for the inventory…

Q: what document initiates the sale process

A: In the above questions we have asked about the document which initiates sale process.

Q: Describe the operating cycle of a merchandiser.

A:

Q: 18-Which of the following is an example of Source document? a. Sales Ledger b. Invoice c. Assets…

A: Some common examples of source documents include sales receipts, checks, purchase orders, invoices,…

Q: What is just-in-time (JIT) inventory system?

A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…

Q: Explain the purpose of sales journal.

A: Journals are prepared by the company to record the monetary transactions of the company.

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.