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Q. What is Sales Discounts account?
The Sales Discounts account is the contra revenue account to the Sales account. In the income statement the seller deducts this contra revenue account from gross sales. Sellers utilize the Sales Discounts account relatively than directly reducing the Sales account so management is able to examine the sales discounts figure to evaluate the company's sales discount policy. Note that the Sales Discounts account isn't an expense incurred in generating revenue. Relatively the purpose of the account is to reduce recorded revenue to the amount actually realized from the sale.
Which of the following items will be entered in the cash payments journal of an entity when app applicable subsidiary journals are in use? Merchandise purchased on credit Merchand
data dictionary
Annual interest of 5% paid if balance exceeds 800, $7 monthly fee if account falls below minimum balance, average monthly balance $1,160, account falls below $800 during 5 months
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
Q. Show the company's Balance sheet? Balance sheet the balance sheet Exhibit contains the liabilities, assets and stockholders' equity items taken from the work sheet. Note tha
Q. How to determine inventory cost? To place the proper evaluation on inventory a business must answer the question: Which costs must be included in inventory cost? After that
Hello, I'm having trouble understanding Direct Cost, Overhead Cost and Indirect Cost. ***Also Period cost and Product cost. please can anyone explain it and give examples for eac
Q. FIFO under perpetual inventory procedure? FIFO under perpetual inventory procedure in perpetual inventory procedure the ending balance in the Merchandise Inventory account r
State about the Balance Sheet columns of worksheet Balance Sheet columns of worksheet would comprise the amounts from Adjusted Trial Balance columns which are assets, capital,
An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment? A. $912
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