EA3. LO 6.1 Match each of the following terms with the best corresponding definition. A. Sales allowance i. A customer returns merchandise for a full refund B. Purchase return ii. A retailer receives a partial refund but keeps the defective merchandise C. Sales discount iii. A customer receives a partial refund but keeps the defective merchandise D. Purchase discount iv. A customer pays their account in full within the discount window E. Sales return v. A type of purchase discount negotiated between a manufacturer and a retailer before settlement on a final price F. Trade discount vi. A retailer returns merchandise for a full refund G. Purchase allowance vii. A retailer pays their account in full within the discount window

EA3. LO 6.1 Match each of the following terms with the best corresponding definition. A. Sales allowance i. A customer returns merchandise for a full refund B. Purchase return ii. A retailer receives a partial refund but keeps the defective merchandise C. Sales discount iii. A customer receives a partial refund but keeps the defective merchandise D. Purchase discount iv. A customer pays their account in full within the discount window E. Sales return v. A type of purchase discount negotiated between a manufacturer and a retailer before settlement on a final price F. Trade discount vi. A retailer returns merchandise for a full refund G. Purchase allowance vii. A retailer pays their account in full within the discount window

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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Decreases in the seller's receivable from a customer's return of merchandise or from granting the customer an allowance from the amount owed to the seller. Select one: O a. Freight Out b. Purchases Discount and Allowances c. Freight In d. Sales Discount and Allowances
The normal balance of the following accounts is a debit Multiple Choice O Sales returns and allowances, and purchase discounts. Cost of goods sold, and purchase discounts Transportation-in and income summary Sales returns and allowances, cost of goods sold Sales discounts and interest revenue
Sellers use two methods in practice that simplify the process of recording sales discount. What are these methods of sales discount?
When inventory is purchased on credit with terms FOB shipping point, what does the buyer do? Responses The buyer receives a discount if payment is made before the goods leave the seller’s place of business. The seller bears the insurance expense of goods during transit. The buyer reports the liability when the goods reach the buyer’s place of business. The buyer reports the liability when the goods leave the seller’s place of business.
What accounts are used to recognize a retailer’s purchase from a manufacturer on credit?A. accounts receivable, merchandise inventoryB. accounts payable, merchandise inventoryC. accounts payable, cashD. sales, accounts receivable
A receiving report is filled out when we receive: An inventory shipment from a vendor. Items that a customer is authorized to return from a previous sale. A payment on a customer's account. a and b only. Answer is not the First option!
Early payment discounts offered by vendors are __________________ if payment is made within the discount period. Select one: A. automatically calculated by QBO B. displayed in the pay bills window C. displayed on the bill form D. None of the above are correct
Calculate the missing information for the purchase. Item SellingPrice(in $) SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price Book $ 8 $ 0 0 $19.44
Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) A (Click the icon to view the transactions.) Sales Journal Page Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR 2024 Jun. More Info Jun. 1 Sold merchandise inventory on account to Fred Jig, $1,270. Cost of goods, $1,000. Invoice no. 101. Jun. 8 Sold merchandise inventory on account to lan Frog, $2,225. Cost of goods, $1,580. Invoice no. 102. Jun. 13 Sold merchandise inventory on account to Jillian Trump, $380. Cost of goods, $300. Invoice no. 103. Jun. 28 Sold merchandise inventory on account to Glen Whitney, $900. Cost of goods, $610. Invoice no. 104. Print Done