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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

SALES DOCUMENTS For each document or procedure listed below, indicate whether it would be used for a retail business or a wholesale business, as described in the chapter.

  1. 1. sales ticket
  2. 2. sales invoice
  3. 3. credit approval
  4. 4. cash register tape summary
  5. 5. credit memo
  6. 6. customer purchase order

To determine

Indicate whether the given sales documents are used in the retail, or wholesale businesses.

Explanation

Sales: Sale is an exchange transaction of merchandise wherein the seller transfers the ownership of asset or goods to buyer, for money.

Retail businesses: The businesses which buy goods from manufacturers or wholesale businesses and sell to the consumers are referred to as retail businesses.

Wholesale businesses: Wholesale business is that which buy goods from suppliers, or manufacturers, and sell to retailers. These companies act as middlemen between manufacturing and retailing companies.

Sales documents used in retail businesses:

  • Cash register tape summary
  • Sales ticket
  • Credit memorandum

Sales doc...

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