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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.
Illustrate Sales returns.
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State the steps of Merchandise inventory 1) TRANSFER THE BEGINNING INVENTORY FIGURE Debit INCOME SUMMARY for beginning inventory amount. Credit MERCHANDISE INVENTORY fo
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Q. Describe about Capital? Capital -- money invested in a business by its owners. On the right side or bottom of a balance sheet. Capital also denotes to machinery, buildings a
what is meant by credit note
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