Which of the following statements is true about a retail business? The operating cycle for a service business differs from the operating cycle for a retail business in that a service business must purchase merchandise for sale to customers.   The revenue activities of a retail business involve rendering services to customers.   The operating cycles of retail businesses and service businesses are exactly the same.   The revenue activities of a retail business involve the buying and selling of merchandise.

Q: Are there significant distinctions between conducting adjustment and closing for a service firm and…

A: Service Industry Service industry mainly focus on the providing services to the customers and the…

Q: Most of the accounting cycles have journal entries that accompany activities of each cycle.Which of…

A: Recording transaction in journal is termed as journalizing the entries. Transaction are first…

Q: Most of the accounting cycles have journal entries that accompany the activities of each cycle.…

A: A process of identifying a transaction, analyzing it and then recording the same in the books is…

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

A: When a customer pays at a shop by Credit card, there incur Credit Card Expenses. The company of the…

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: 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: Which of the following would not be considered an internal user of accounting data for the LMN…

A: Internal user means the person with in the company who use the financial information or accounting…

Q: State the standard method of determining the cost of goods sold by a retailing or a wholesaling…

A: The cost of goods sold includes the total cost of goods sold include the cost of goods that are sold…

Q: The operating cycle of a merchandiser with credit sales includes the following five activities.…

A: The main activities of a merchandising business is purchase, payment to the supplier, sales and…

Q: When is revenue recognized by service provider? By a merchandiser? By a manufacturer? Give examples…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

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: 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: The understanding of the accounting for any type of business entity is very important. While there…

A: Those business organizations which are engaged in purchases of finished goods from the manufacturing…

Q: Which of the following activities is not a component of the operating cycle? a.

A: operating cycle refers to the time the entity takes to buy the goods, process and sell those goods…

Q: How is the accounting cycle different for a merchandising operation, as compared to a service…

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

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: 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: 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: Economic enterprises, both for profit and nonprofit, generate revenues through business processes…

A: A thriving RCM method is crucial for a care observe to take care of monetary viability and still…

Q: Solve all questions Economic enterprises, each for profit and noncommercial, generate revenues…

A: a) Distinguish between packaging slip, a shipping notice and a bill of shipment as follows:

Q: Which of the following will decrease the investment in branch's account in the home office account…

A: Investment in branch account is an asset for the home office.

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: Is there a significant difference between adjusting and closing for a service firm and a merchandise…

A: Merchandise Company is a company that purchases finely finished goods and commodities and later…

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: 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: Assume you are proprietor of any firm you like. Briefly describe the products or services your firm…

A: If I am the proprietor of a Rice Mill, which procure the paddy from farmers and process paddy to the…

Q: Selling expenses DOES NOT include: O A. Delivering goods to customers OB. Accounting and Human…

A: The answer is given below:

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: 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: In a sales transaction, which of the following is an assertion of existence or occurrence: a. All…

A: Existence or occurrence deals with whether assets or liabilities exist at a given date and whether…

Q: Many companies use contra-revenue accounts to describe a reduction in Service Revenue (also Sales…

A: Solution concept The sales account includes the sales made in cash and credit both While calculating…

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: Muscat Supplies LLC is trading wholesale and retail merchandise business in Sohar. The business have…

A: Suppliers sells the goods to Muscat Supplies LLC. So it is purchases for Muscat Supplies LLC.…

Q: What items appear in financial statements of merchandising companies but not in the statements of…

A: Definition: Merchandising businesses: Merchandising companies that buy goods from suppliers, or…

Q: True or False. Closing entries for a merchandising business are not similar to those for a service…

A: The solution for the above question is shown below.

Q: What are the differences between accounting for service companies and accounting for merchandise…

A: The Answer :

Q: What is Sales Mix and why is it used in retail operations?

A: Sales mix is the proportion of each product sold by a company as a percentage of its total sales.…

Q: 1. Which accounts are used in a merchandising business but not in a service firm? 2. What is the…

A: "Since you have asked multiple question we will solve the first question for you.  If you want any…

Q: Which of the following information items with regard to a major customer must be disclosed?a. The…

A:

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: ou are a merchandising company.  Please make a random list of accounts with their balances that you…

A: Merchandising company is that company which deals in purchase and sale of merchandise and this type…

Q: Which of the following information items with regard to a major customer must be disclosed? a. The…

A: According to the disclosures requirements , if a company is making sales to major customer , then…

Q: The following two diagrams represent different inventory and cash payment policies. Please use…

A: Cash Conversion Cycle - It shows how long company require a time to convert their investment in…