Sales discounts and sales returns, Accounting Basics

Assignment Help:

Q. Sales discounts and Sales returns?

Sales discounts arise when the seller tenders the buyer a cash discount of 1 percent to 3 percent to induce early payment of an amount due.

Sales returns result from merchandise being returned by a buyer for the reason that the goods are considered unsatisfactory or have been damaged. A sales allowance is a subtraction from the original invoiced sales price granted to a customer when the customer keeps the merchandise but is dissatisfied.

Related Discussions:- Sales discounts and sales returns

Advance accounting theory, hi I was wondering you use provide the solution ...

hi I was wondering you use provide the solution of the back of the book for advance accounting theory by Craig Deegan 4 edition ISBN - 13: 978-007101314 - 7 ISBN - 10: 007101314

The bayside company uses the lifo cost flow method, The Bayside Company use...

The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate tax rate is also high this ye

Prepare a statement of funds, Q. Balance Sheets of a limited company are sh...

Q. Balance Sheets of a limited company are shown in figure as on 31 st December, 2008 and 2009: Taking into account the following additional information, give a statement

Profit, profit

profit

Summary of significant accounting policies, Q. Summary of significant accou...

Q. Summary of significant accounting policies? As part of their annual reports companies comprise summaries of significant accounting policies. These policies help users in int

Understand how to account for transportation costs, Q. Understand how to ac...

Q. Understand how to account for transportation costs? FOB terms are particularly important at the end of an accounting period. Goods in transit after that belong to either the

STATEMENT OF CASH FLOW, #2, The comparative balance sheets and income state...

#2, The comparative balance sheets and income statements of Worsley Ltd are shown below. Worsley Ltd. Statement of Financial Position as at December 31 Current Assets 20x3

Internal control devices for banking activities, Internal control devices f...

Internal control devices for banking activities include signature cards, deposit tickets, checks, and bank statements. 01.) True 02.) False True or False?

A physical inventory on december 31 shows 2, a physical inventory on decemb...

a physical inventory on december 31 shows 2,000 units on hand. holliday sells the units for $12 each. the company has an effective tax rate of 20%. holliday uses the periodic inv

What is perpetual inventory records, Q. What is Perpetual inventory records...

Q. What is Perpetual inventory records? Perpetual inventory records Even though companies could apply perpetual inventory procedure by hand tracking units and dollars in and ou

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages