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Who is the leading seller of merchandise in the NHL?
I believe the leading seller of merchandise is Washington Capitals captin Alexander Ovechkin
Inventory shortage is recorded when?
merchandise is returned to seller
Is closeout merchandise generally a good bargain?
For the most part a closeout merchandise is generally a good bargain because of the need for the merchandise to be sold. The seller usually puts the merchandise at prices that can't be beat.
If the ownership of merchandise passes to the buyer when the seller delivers the merchandise for shipment the terms are stated as FOB destination True or False?
false
What is the arrangement between buyer and seller as to when payments for merchandise are to be made?
Credit Terms
When arrangements between buyer and seller as to payments for merchandise are to be made are called?
credit terms
The arrangements between buyer and seller as to when payments for merchandise are to be made are called?
credit terms
Freight costs incurred by a seller on merchandise sold to customers will cause an increase in what?
selling price
If the seller is to pay the transportation cost of delivering merchandise the delivery terms are stated as?
Freight on Destination (FOD)
When merchandise is returned under the perpetual inventory system the buyer would credit a. Accounts Payable b. Merchandise Inventory c. Purchases Returns and Allowances...?
The Buyer would likely perform the following transaction: DR- Account Receivable CR - Merchandise Inventory The Buyer would probably debit CASH if they receive CASH from the Seller instead of having to WAIT on it. The Merchandise Seller would perform the following transaction: DR - Merchandise Inventory CR - Accounts Payable, OR CASH
Journal entry in financial accounting for purchase return?
Like sales discounts, sales returns and allowances reduce sales revenue. They also result in additional shipping and other expenses. Since managers often want to know the amount of returns and allowances for a period, the seller records sales returns and allowances in a separate account. Sales Returns and allowances is a "Contra (or offsetting) asset account to Sales. The seller debits Sales Returns and Allowances for the amount of the return or allowance. If the original sale was on account, the seller credits Accounts Receivable. Since merchandise inventory is kept up to date in a perpetual system, the seller adds the cost of the returned merchandise to the merchandise inventory account. The seller must also credit the cost of returned merchandise to the cost of merchandise sold account, since this account was debited when the original sale was made. What if the buyer pays cash and then later returns the merchandise. In this case the seller may issue a credit and apply it against other accounts receivables owed by the buyer, or the cash may be refunded. If the credit is applied against the buyer's other receivables, the seller records entries similar to those preceding. If cash is refunded for merchandise or for allowances, the seller debits sales returns and allowances and credits cash.
Are all sales final when the merchandise is defective?
Usually, yes. That's often why the seller specifies that the sale is final.
