Also answer these questions please.1) What is the difference between a debitmemorandum and a credit memorandum?2) What is the difference between a salesdiscount, a sales return and a salesallowance?3) Explain the function of the sales journaland the cash receipts journal. HGoogle File Access Directions:Please click on File in the upper left corner.1.- If you are working on a Chromebook or Google Docs, choose the Make a copy option and save a copy of the document to your Google Drive.- If not, choose the Download as option and then the Microsoft Excel (.xlsx) option to download an editable copy of the document to your computer.Question? Contact your instructor!3GENERAL JOURNALPAGE42.GENERALDOC.POST.DATEACCOUNT TITLENO.REF.DEBITCREDIT81 July1 Sales return198.0012Sales tax13.8610Elizabeth edwards211.86311Goods returned by Elizabeth44125 July4 Sales allowance1,118.025136Eastside hospital1,118.0264Damaged goods to eastside hospital7.78 July7 Sales return592,0086.Sales Tax41.4499710To Chevy chase633.5010811Goods returned by Chevy chase119.12 July9 Sales return377.191213Sales tax26.4013114Wolf blitzer403.59141515Good returned by wolf blitzer34July 1- Credit granted to customer Elizabeth Edwards for returned merchandise, $198.00 plus sales tax $13.86 for total of $211.86. Credit iJuly 4-Credit granted to customer Eastside Hospital for damaged merchandise, $1,118.02 (no sales tax). Credit memo #4.265July 7- Credit granted to customer Chevy Chase for returned merchandise, $592.06 plus sales tax $41.44 for total of $633.50. Credit memc

A journal entry is a form of accounting entry that is used to report a business transaction in a…

1) What is the difference between a debit memorandum and a credit memorandum? 2) What is the difference between a sales discount, a sales return and a sales allowance? 3) Explain the function of the sales journal and the cash receipts journal.

1) What is the difference between a debit memorandum and a credit memorandum? 2) What is the difference between a sales discount, a sales return and a sales allowance? 3) Explain the function of the sales journal and the cash receipts journal.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following accounts has a normal debit balance. (Choose all that apply) feea earned accounts receivable cost of goods sold sales and returns allowances sales accounts payable
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The classification and normal balance of the sales discount account would be A. expense and debit B. revenue and credit C. contra revenue and debit D. asset and debit
Fill in the cash payments journal using the transactions below also.
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Identify the items from the following list that are likely to serve as source documents. Item a. Sales receipt b. Liability accounts c. Balance sheet d. Ledger e. Bank statement f. General journal g. Income statement h. Telephone bill i. Credit card receipt Is this a source document?
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The journal entry to record a credit sale ignoring cost of goods sold is ANSWER: Accounts Receivable Sales Revenue Explain to me why this is the answer
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