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Q. What is sales allowance?
A sales allowance is a inference from the original invoiced sales price granted when the customer keeps the merchandise but is dissatisfied for any of a number of reasons including damage, inferior quality or deterioration in transit. When a seller agrees to the sales return or else sales allowance the seller sends the buyer a credit memorandum indicating a reduction (crediting) of the buyer's account receivable. The credit memorandum is a document that provides space for the name and address of the concerned parties followed by a space for the reason for the credit and the amount to be credited. A credit memorandum becomes the foundation for recording a sales return or a sales allowance.
Q. Advantages and Disadvantages of LIFO? LIFO: Advantages (a) LIFO reports both sales revenue and cost of goods sold in current dollars and (b) lower income taxes result if use
Journal voucher is the voucher in which all the adjustment related entries and non cash non bank transactions are come ijournal eg-dep, some of them book the bills in journal and
A store receives $400 cash after offering a chain discount of 10/10/5 on a good. What was the list price? A. $492.20 B. $519.82 C. $533.33 D. $612.00
The owner's equity of Logan's company is equal to one quarter of the total assets. Liabilities equal $60,000. What is the amount of owner's equity?
Accounting is a significant service activity in business and is concerned along with collecting, evaluating, communicating and recording the results of past events. The history of
help with journalizing payroll transactions and filling on the cash payments journal, may 15, paid cash for april's payroll tax liability. withheld taxes from april payrolls; emp
Debenture holder are those who gives long term loan at specific interest rate in term of cas. Creditor gives only short term credit in term of cash for purchasing of goods.
Assignment On accounting is language of business
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.
Ken, a resident, is a handyman who contracts with people to do a variety of jobs including repairing fences, fixing household items and small painting jobs. As part of this work, K
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