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Q. What is sales allowance?
A sales allowance is a inference from the original invoiced sales price granted when the customer keeps the merchandise but is dissatisfied for any of a number of reasons including damage, inferior quality or deterioration in transit. When a seller agrees to the sales return or else sales allowance the seller sends the buyer a credit memorandum indicating a reduction (crediting) of the buyer's account receivable. The credit memorandum is a document that provides space for the name and address of the concerned parties followed by a space for the reason for the credit and the amount to be credited. A credit memorandum becomes the foundation for recording a sales return or a sales allowance.
Establishing the Change Fund Change Fund (asset) is debited and Cash is credited. Only time this fund would be used is if the fund is established or increased, just like Pet
What is TRIAL BALANCE This statement is a listing on a certain date which demonstrates all accounts and their balances. This generally happen at the end of the month however it
What is uses of Purchases journal Purchases journal (SPECIAL JOURNAL) Used to record only credit purchases of merchandise-may be only one column which is posted to two accou
Process for Calculating gross earnings These are employee's earnings before any amount is deducted by the employer. Earnings are calculated either by a standard monthly r
Examine each of the items listed below to determine which items include statements that 3) would indicate that manufacturing diversity exists. Required: Label the items that inc
How many kind of Assets?
Determine the concept of Closing entries-(REID) 1) Close Sales account and other income statement accounts with credit balances to Income Summary. 2) Close each expense ac
Numerous accounting organizations have codes of ethics governing the behaviour of their members. For example both the American Institute of Certified Public Accountants and the Ins
A vendor reduces an item listed at $140 on July 1st by 20%, and then reduces it another 25% on September 1st. What is the sale price of the good after the last reduction? A. $7
Beth Clark is an Accounting Manager at Specialty Products Corp. One afternoon in early January 2012, her boss, Controller Dan Greene, met with her and stated the following, "Beth,
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