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Q. Explain about Purchase returns and allowances?
Purchase returns and allowances A purchase return takes place when a buyer returns merchandise to a seller. When a buyer receives a decrease in the price of goods shipped a purchase allowance results. After that the buyer commonly uses a debit memorandum to notify the seller that the account payable with the seller is being reduced Accounts Payable is debited. The buyer may perhaps use a copy of a debit memorandum to record the returns or allowances or may wait for confirmation typically a credit memorandum from the seller.
Q. Show Debit and Credit column? - Debit column. In the debit column the sum of the debit is on the same line as the title of the account debited. - Credit column. In the cr
office supplies on hand at year end amounted to 3000
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
Q. What is Accounts receivable? Accounts receivable as well called trade accounts receivable are amounts owed to a business by customers. An account receivable occurs when a co
Calculate the amount of assets for Company
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A key functional area of SAP for Utilities that supports cross-company exchange of settlement data based on international standards like as EDI, XML, and Microsoft Excel. Interc
Q. Describe about Fixed Assets? Fixed Assets can't be quickly turned into cash without interfering with business operations.Fixed assets comprise buildings, land, machinery, fu
Q. What is Sales revenues? The sale of goods takes place between two parties. The seller of the merchandise transfers them to the buyer in exchange for cash or a promise to pay
Q. Explain about Sales account? In theory sellers could record both sales allowances and sales returns as debits to the Sales account for the reason that they cancel part of th
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