Explain how does the trade credit is offered on open account.

Q: Define letter of credit.

A: Credit refers to the concept, is defined as the financial agreement where the borrowers receive…

Q: Describe the steps involve in the lending or credit process

A: Lending The process involves granting permission to use the money for a specific period of time…

Q: If a credit is issued to a Vendor, how will this affect the General Ledger Account?

A: General ledger account: It implies to the main component or part of general ledger maintained by the…

Q: -What is the journal entry for recording credit sales? a. Sales Dr. and Accounts Receivable Cr b.…

A: Journal entry is an important and attentive process of accounting cycle through the help of journal…

Q: How do debits and credits work

A: Debit and credit entry are part of double entry book keeping system. This is used to make an entry…

Q: How to record a credit invoice when the business has issued it but has not recorded it

A: Adjusting entries are recorded at the end of the accounting period to maintain the accrual base…

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: How are sales to customers using credit cards recorded?

A: Net sales means the amount of revenue earned and cost of goods sold means the cost of goods which…

Q: Briefly described the differences between a credit, charger , debit & smart card

A: Credit card is the types of plastic cards which are generally issued by the banks for purchasing…

Q: Compare secured and unsecured credit in your own words. Cite an example for each. You may place your…

A: Credit refers to the amount of money given by the lender to the borrower in return for which the…

Q: Accounts receivable are customer payments. (increased/decreased) by credit sales and are Need help?…

A: ACCOUNTS RECEIVABLEAccounts Receivable represents the amount which will be receivable from the…

Q: Give an example of consumer credit and explain the process how it is processed from application to…

A: The customer is allowed to ask for credit in case of no availability of funds. The suppliers provide…

Q: Define credit standards

A: The set of standards that a firm or bank uses to choose if an advance or credit line is to be…

Q: What is a sale on credit and why it is needed? Give three examples?

A: Sale on Credit: A sale on credit is revenue earned by a company when it sells goods and allows the…

Q: In what way are sales to MasterCard and VISA customers recorded?

A: The Answer:

Q: Where i can used credit union

A: Whenever a group of people collect deposits and use those deposits to give loans, it is known as…

Q: What is open-end credit and give and example

A: Open-end credit is a type of loan which is approved between the borrower and the financial…

Q: 7) When recording a customer credit card payment on account using QuickBooks, select: A) Create…

A: The following options are clearly evaluated to identify the same method of recording a credit card…

Q: A company that provides a service or product to a customer on credit has an __________ from that…

A: A goods or service sold on credit is treated as assets of the business as these are customer…

Q: Describe about the trade credit procedure.

A: Trade: Trade refers to buying or selling goods and service in exchange of money or money’s worth.

Q: Is it a credit memo issued by a vendor or a debit memo issued by a purchaser? What's the difference?

A: The difference will be explained:

Q: Discuss, in general, what it means for the brothersto set a credit and collections policy

A: Answer: Credit and collection policy refers to the laws and regulations of the company governing the…

Q: Can you allow credit period for an unknown customer based on the report of a credit rating agency?

A: A credit rating agency report may provide some information that could be used to assess the risk of…

Q: What happens when a client (buyer) returns goods bought on credit

A: A client (buyer) returns goods bought on credit shown here:

Q: On a sales receipt, the account selected in the Deposit to field results in Sales Receipt Payment…

A:

Q: According to the Revenue Cycle Flowcharting Process, the "Pure Credit Sales" portion of the credit…

A:

Q: What is the  basic differences between transferable letters of credit and back-to back letters of…

A: These are two types of credit given to businesses.

Q: What is the differ

A: A credit memorandum stand for credit memorandum when a contributor's withdrawal from his bank…

Q: explain what is Trade credit with a comprehensive example.

A: Trade credit is a type of commercial financing in which a customer is allowed to purchase goods or…

Q: What is a T-account? On which side is the debit? On which side is the credit? Where does the account…

A: Debits are recorded on the left and credits are recorded on the right side of a T-account with the…

Q: What are the main definitions of credit facilitation, billing and invoicing, remittance processing,…

A: Credit facilitation-Credit facilitator refers to a person in the CFP Online System who is designated…

Q: how is credit check in advance technology is different from credit check in basic technology

A:

Q: What section of FASB provide guidance on referral credit paid to customers?

A: FASB stands for "Financial Accounting Standards Board , which was established in the year 1973.It is…

Q: What are credit memos and debit memos?

A: SOLUTION- INVOICE IS A DOCUMENT SUBMITTED TO A CUSTOMER , IDENTIFYING A TRANSACTION FOR WHICH THE…

Q: romissory notes can be used in which of the following cases? a. Lending money b. All the given…

A: Explanation: Promissory note: A promissory note is a legal financial instrument that has a written…

Q: For a Credit Invoice Received, which entry should be made?   debit to sales returns and…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…