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Q. Common deductions from gross sales?
Generally sales are for cash or on account when a sale is for cash the debit is to Cash and the credit is to Sales. While a sale is on account the debit is to Accounts Receivable and the credit is to Sales.
When companies tender trade discounts the gross selling price gross invoice price at which the sale is recorded is equal to the list price minus any trade discounts.
Two common deductions from gross sales are (a) sales discounts and (b) sales returns and allowances. These subtractions are recorded in contra revenue accounts to the Sales account. The Sales Discounts account as well as the Sales Returns and Allowances account normally has debit balances. Net sales = Sales - (Sales discounts + Sales returns and allowances).
Q. Balance of the Merchandise Inventory account? The balance of the Merchandise Inventory account is a cost of the inventory that should be on hand. This fact is a major reason
A of surat consigned goods to b of jaipur
Q. Describe the methods of recording? Two general deductions from gross sales are (a) sales discounts and (b) sales returns and allowances. Sellers trace these deductions in co
Q. What is Long-term liabilities? Long-term liabilities are debts such as a bonds payable and mortgage payable that aren't due for more than one year. Companies must show matur
WHAT IS ACCOUNTING
A Use the CPS data to calculate mean log(wage) for women and men. log(wage) is coded as the variable LNWAGE and the variable FE is coded 1 for female and 0 for male.) First use the
Q. Show types of activities performed by business organizations? The forms of business unit examined in the previous section are classified according to the type of ownership o
Notes to financial statements
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Q. Transactions affecting only the balance sheet? Since every transaction affecting a business entity must be recorded in the accounting records analyzing a transaction before
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