Which of the following is not an example of a retailer? A. electronics store B. grocery store C. car dealership D. computer manufacturer E. jewelry store
Q: 19-Which of the following will be called as a Merchandising Business? a. Receives a loan from bank…
A: A merchandising business is one of the most common types of businesses. A merchandising is a…
Q: sources of input data may include all of the following business documents except : a- sales invoice…
A: Sources of input data is the the invoice or any other form of data from which data of a transaction…
Q: If a company uses a multi-column purchases journal, which of the following possibleheadings for…
A: Solution Concept Multi column purchase journal is a journal used to record the credit purchase…
Q: Identify the type of business as service (S), retail merchandiser (RM), or wholesale…
A: A service is a transaction or activity in which no physical goods are transferred from the seller to…
Q: What are the Source documents used in a merchandising business?
A: Merchandising business is the one in which the entity deals in with goods / products.
Q: Some business transactions purchase goods and services from the seller, on credit. The buyer of…
A: Purchase of Merchandise on Account - Purchases on Accounts means Inventory purchase without paying…
Q: For each of the following statements, fill in the blanks with the correct account names. A retailer…
A: Retailer is the person who deals in purchase and sale of merchandise. At the time of credit…
Q: How are sales to customers using MasterCard and VISA (credit/debit cards) recorded?
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: Which of the following is an example of Expense of a Merchandise Business? a. Salary and Wages paid…
A: Introduction: Expense: Amount spent on for running the day to day activities of the business called…
Q: From the following examples, select which one is a transaction. a. a seller receiving payment from a…
A: Introduction : In simple words, transaction refers to a commercial activity in which two independent…
Q: hat account does a merchandiser use that a service company does not use?
A: Merchandiser deals in purchasing and selling products to customer whereas a service company deals…
Q: When goods are sold on credit the account of a customer is called : Select one: a. Purchases Return…
A: Lets start one by one to understand the all the terms, Purchase return:- It is a type of transaction…
Q: elect all that apply Determine which of the following statements below regarding a merchandiser are…
A: Solution Concept Merchandiser are the person who basically buys a merchandise and sells the…
Q: Do you think that the role of Accounting is very important in a Merchandise business? If yes,…
A: SOLUTION- A merchandising business buys goods in finished form for resale to customers. 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: What is the business name of the vendor (seller)? How do you know this? (using the image)
A: Here in this question, we are required to answer the name of seller. Seller is the person who sells…
Q: Which of the following will be called as a Merchandising Business? a. Receives a loan from bank b.…
A: Merchandising business: A merchandising business is the most common type of business is undertaken…
Q: merchandising business
A: We know that manufacturing is a process in which an entity converts inputs to outputs. It is a…
Q: How can you discuss the need for liquidity to conduct business for a parts store to someone that…
A: Liquidity is a measurement of ability to pay it's short term obligations which are due within one…
Q: Three types of retail businesses are being compared: (a) jewelry store, (b) book store, and (c)…
A: The inventory turnover ratio is used to measure the rate at which a company’s inventory is purchased…
Q: separate account for sales returns and allowances useful to management? If you owned a…
A:
Q: Which of the following accounts will be affected when furniture is purchased on cash? Select one: a.…
A: SOLUTION- RULE OF REAL ACCOUNT- DEBIT WHAT COMES IN TO BUSINESS CREDIT WHAT GOES OUT OF BUSINESS.
Q: Using the following invoice answer the following questions. 1. How would this transaction be…
A: Since you have asked multiple questions under a single question but as per our protocol we provide…
Q: procedure will complete the purchase procedure in a company?
A: Option a is wrong because approving suppliers invoice is usually done at the beginning stage of…
Q: In a merchandising (retail) type businesses, how can you use the periodic inventory method and still…
A: Retailing is a business activity under which no middlemen is required to sell the goods to the…
Q: Why should a business engaged in merchandising always try to negotiate with its vendors, the…
A: Inventory is the detailed list of items that are present on hand. It constitute of all the finished…
Q: Bookkeeping in SMEs differ from industry. How does the bookkeeping in the manufacturing industry for…
A: Solution
Q: When a store purchases merchandise, why are individual departments not allowed to directly deal with…
A: Internal control helps an organization to safeguard its objectives. It helps to reduce risk and…
Q: Which of the following businesses would most likely not report cost of goods sold on their income…
A: Cost of goods sold refers to that direct costs of the inventory the company incurred to produce the…
Q: Why do businesses often offer "Sales Discounts" to their customers?
A: Sales Discounts - Sales Discounts are the discounts given by the company to the customers. This…
Q: 1. Which accounts are used in a merchandising business but not in a service firm? Briefly define…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Which of the following will be not be called as Source Document of a Business? a. Debit note raised…
A: Source document contains the information about a transaction like, date, amount, party, etc. Debit…
Q: consider a recent purchase you made in a store. It could be a bottle of soda, a pack of gum, or a…
A: I bought a bottle of soda from a store. The product was promoted in-store. It was placed in front of…
Q: sources of input data may include all of the following business documents except : a- sales invoice…
A: Source document refers to the document of original record, that is recorded when it is collected for…
Q: A furniture store debits purchases for a purchase of O a. a freezer O b. a computer Oc. a set of…
A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…
Q: 22- Which of the following business uses perpetual inventory system? a. Pharmacy b. Tailor c. Cold…
A: A perpetual inventory system is superior to the older periodic inventory system because it allows…
Q: Give the journal entry for the following service/merchandising business transactions without the…
A: Journal entries refer to recording and classifying the business transaction into books of accounts…
Q: The "dual nature of merchandise transactions" as described in this chapter means every business…
A: Solution Merchandising company means the company which is not engage in production and are rather…
Q: William specializes in purchasing and selling of furniture, currently the business decided to sell a…
A: Special journals are those journal books which are used for accounting and recording of transactions…
Q: If you are a jewelry store, what inventory system is applicable to you? How about for a hardware…
A: Perpetual is the inventory system that would most likely be used by a jewelry store. In the…
Q: 1) What distinguishes a retail business from a service business
A: Introduction:- Retail business is completely different from Service business. Retail business mean…
Q: Which of the following business uses perpetual inventory system? a. Pharmacy b. Barber c. Tailor…
A: The perpetual inventory system records the inventory change with each and every transaction. So in…
Q: The following data would be considered important to know about a retailer's customer EXCEPT? O a.…
A: In this question we are given 4 options about retail customer and we need to choose the correct…
Q: Which of the following items would not appear in the operating section of the multiple−stepincome…
A: In this question covered the concept of Multiple Income Statement . Multiple Income Statement…
Q: A furniture store debits purchases for a purchase of a
A: In any business, Purchases Account is debited for the purchases of those goods that are meant to be…
Q: Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Which of the following is not an example of a retailer? A. electronics store B. grocery store C. car dealership D. computer manufacturer E. jewelry store
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- If you are a jewelry store, what inventory system is applicable to you? How about for a hardware store? Explain your answers.Assume you are considering opening a retail business. You are trying to decide whether to have a traditional brick-and-mortar store or to sell only online. Explain how the activities and costs differ between these two retail arrangements.From the following examples, select which one is a transaction. a. a seller receiving payment from a buyer while giving him the item he bought b. a buyer searching for information in the internet and his friends c. a girl window-shopping in a store for things she want to buy d. a shopper comparing products of different products in different stores
- Which of the following will be called as a Merchandising Business? a. Receives a loan from bank b. Earns net income by buying goods only c. Earns profits from commission only d. Earns net income by buying and selling merchandiseWhich of the following would normally be classified as a Selling expense of Merchandising business? a. Insurance expense of the office b. Rent expense of the office c. Advertising expense d. Telephone expense of the officeWhich of the following business uses perpetual inventory system? a.Pharmacy b.Barber c.Tailor d.Cold store (small)
- What are the specific accounting policies that a bookstore businesses should have? Provide a specific example.Mustafa Computer Supplies LLC is selling computer accessories for wholesale and retail business. Which of the following is False Statement? a. Mustafa Computer Supplies LLC is doing a retail business b. Mustafa Computer Supplies LLC is a merchandise business c. Mustafa Computer Supplies LLC is a doing a manufacturing business d. Mustafa Computer Supplies LLC is doing a wholesale businessWhich of the following will be called as an expense of a Merchandise business? a. Sale of Merchandise inventory b. Trade discount c. Cost of goods sold d. Loan from bank Muscat
- Give specific examples of accounting policies applicable for a small business like a bookstore.Which of the following accounts is used in merchandising but not in service type of business? a. allowance for bad debts b. purchase discounts c. depreciation expense d. sales returns and allowancesFor each of the following statements, fill in the blanks with the correct account names. A. A retailer purchases merchandise on credit. The retailer would recognize this transaction by debiting _____ and crediting _______. B. A retailer pays for purchased merchandise within the discount window. The retailer would recognize this transaction by debiting ________ and crediting _________ and ________. C. A customer returns merchandise to the retailer and receives a full refund. The retailer would recognize this transaction by debiting _________ and crediting _________ if the customer had not yet paid on their account. D. A customer pays for purchased merchandise within the discount window. The retailer would recognize this transaction by debiting ________ and _______, and crediting _________.