Century 21 Accounting Multicolumn Journal
11th Edition
ISBN: 9781337679503
Author: Gilbertson
Publisher: Cengage
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Which of the following accounts does not belong in the purchases and disbursement cycle?
Group of answer choices
a.Prepayments
b.Accounts payable
c.Sales returns and allowances
d.Fixed assets
Explain the difference between Sales Returns and Sales Allowances. What are Sales Discounts? What are their respective normal balances? What type of accounts are Sales Returns and Allowances and Sales Discounts? Why is it important to have these accounts?
Which of the following accounts does not belong in the purchases and disbursement cycle?
A. Prepayments
B. Accounts Payable
C. Sales returns and allowances
D. Fixed Assets
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- What is the normal balance for each of the following accounts: (a) Purchases? (b) Sales Discounts? (c) Purchases Returns and Allowances? (d) Sales? (e) Purchases Discounts? (f) Sales Returns and Allowances?arrow_forwardWhich of the following is not included when computing Net Purchases? A. purchase discounts B. beginning inventory C. purchase returns D. purchase allowancesarrow_forwardWhich of the following is true about the Sales Returns and Allowances account? a. It is used to record the sale of merchandise. b. It is used to record the reduction of inventory. c. It is a contra account, deducted from sales. d. It is used to record discounts for prompt payment. e. None of the above.arrow_forward
- Which two accounts are used to recognize shipping charges for a buyer, assuming the buyer purchases with cash and the terms are FOB Shipping Point? A. delivery expense, cash B. merchandise inventory, cash C. merchandise inventory, accounts payable D. The buyer does not record anything for shipping since it is FOB Shipping Point.arrow_forwardIf a customer purchases merchandise on credit and returns the defective merchandise before payment, what accounts would recognize this transaction? A. sales discount, cash B. sales returns and allowances, cash C. accounts receivable, sales discount D. accounts receivable, sales returns and allowancesarrow_forwardWhich of the following is an example of a contra revenue account? A. sales B. merchandise inventory C. sales discounts D. accounts payablearrow_forward
- Purchase returns and discounts are deducted from gross purchases when computing for net purchases. True Falsearrow_forwardWhat type of accounts are Sales Returns and Allowances and Sales Discounts?arrow_forwardWhich account balance is NOT used to compute the cost of goods sold? a.Merchandise Inventory b.Purchases c.Sales d.Purchases Discountsarrow_forward
- Why are sales, sales returns and allowances, bad debts, cashdiscounts, accounts receivable, and allowance for uncollectible accounts all included inthe same cycle?arrow_forwardWhich of the following accounts is not a contra-revenue? Group of answer choices A)Sales discounts B)Credit card discounts C)Sales returns and allowances D)Allowance for doubtful accounts E)All the above are contra-revenuesarrow_forward
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