Answered: The objective of is to encourage the…

Name: The objective ofis to encourage thebuyer to purchase in large quantit
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: The objective ofis to encourage thebuyer to purchase in large quantities and toincrease the level of sales.a. Mark-upb. Cash discountc. Trade discountd. Margin

Business

Accounting

The objective of is to encourage the buyer to purchase in large quantities and to increase the level of sales. a. Mark-up b. Cash discount c. Trade discount d. Margin

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 1MC: Which of the following is an example of a contra revenue account? A. sales B. merchandise inventory...

See similar textbooks

Similar questions

Terminology Match each phrase with its definition. A. Sales discount B. Credit period C. Discount period D. FOB destination E. FOB shipping point F. Gross profit G. Merchandise inventory H. Purchases discount 1. 2. 3. 4. 5. 6. 7. 8. Goods a company owns and expects to see to its customers. Time period that can pass before a customer's full payment is due. Seller's description of a cash discount granted to buyers in return for early payment. Ownership of goods is transferred when the seller delivers goods to the carrier. Purchaser's description of a cash discount received from a supplier of goods. Difference between net sales and the cost of goods sold. Time period in which a cash discount is available. Ownership of goods is transferred when delivered to the buyer's place of business. 1
The return of goods by a customer ( Sales Return ) should be credited in the ledger account of ? Select one: a. Sales account O b. Accounts receivable account O c. Purchase Return account O d. Sales Return account
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
Which of the following accounts would normally have adebit balance?a. Inventoryb. Sales Returns and Allowancesc. Sales Discountsd. All of the above
Which of the following is an example of a contra revenue account?A. salesB. merchandise inventoryC. sales discountsD. accounts payable
Match each phrase with its definition. 1. Seller's description of a cash discount granted to buyers in return for early payment. 2. The amount of time allowed by a seller before payment is due from the buyer. 3. Time period in which a cash discount is available. 4. Refers to credit terms where goods in transit are owned by the seller. 5. Refers to credit terms where goods in transit are owned by the buyer. 6. Calculated as net sales minus cost of goods sold. 7. A current asset that includes the cost to buy goods and make them ready for sale. 8. Purchaser's description of a cash discount received from a supplier of goods.
Availabe Options Are: Sales Discount Credit Period Discount Period FOB Shipping Point FOB Destination Merchandise Inventory Gross Profit Purchases Discount
What document signals that a company should record thepurchase of goods on account?a. Purchase requisitionb. Purchase orderc. Receiving reportd. Supplier invoice
The cash discount (also known as purchase discount) is given to customers for a. Frequent purchases b. Bulk purchase c. Early and prompt payments d. Frequent sales
Which of the following account will be least likely involved in the purchasing sub-process of the purchasing and disbursement cycle? Group of answer choices a.Inventory b.Prepaid expenses c.Accounts payable d.Cash in bank
A cash discount on purchases should be debited to ______________ Select one: A. a revenue account B. a creditor account C. a debtor account D. an expense account
Enter the letter for each term in the blank space beside the definition that it most closely matches. A. Sales discount D. FOB destination G. Merchandise inventory B. Credit period E. FOB shipping point H. Purchases discount C. Discount period F. Gross profit 1. Goods a company owns and expects to sell to its customers. 2. Time period that can pass before a customer’s full payment is due. 3. Seller’s description of a cash discount granted to buyers in return for early payment. 4. Ownership of goods is transferred when the seller delivers goods to the carrier. 5. Purchaser’s description of a cash discount received from a supplier of goods. 6. Difference between net sales and the cost of goods sold. 7. Time period in which a cash discount is available. 8. Ownership of goods is transferred when delivered to the buyer’s place of business.