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Which source document would be used when goods are sold on credit?
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Is an application for credit considered a source document?
A source document is one that originates and provides proof of a financial transaction. My guess is if the amount approved is not indicated on there it is considered correspondence. For bookkeeping purposes though, the source document would be specific check or credit card indicating the amount of credit.
What is an accounting source document?
It is the original paper or document that indicates that a transaction took place. For a sale, the account source document would be the sales receipt or invoice. For a purchase, it would be the receipt or invoice from the vendor. For salaries, it would be the cancelled paycheck.
A company using a perpetual inventory system that returns goods previously purchased on credit would?
Debit Sales and credit Accounts Payable.
Why is trade credit generally the largest source of short term credit for small firms?
Well, trade credit would be credit extended by suppliers (I guess). So, if in fact it is the largest source of short term credit, it would be because it is easier to get credit from people that want to sell you something than from someone that lends money (the potential profit warrants the risk).
When using Journal Entries for Refund Debit AR credit Sales What is the account that the check would offset?
When goods refund:[Debit] Sales returns[Credit] accounts receivable / cashAdjusting entry:[Debit] sales revenue[Credit] Sales returns
Is an application for credit considered a source document?
A source document is one that originates and provides proof of a financial transaction. My guess is if the amount approved is not indicated on there it is considered correspondence. For bookkeeping purposes though, the source document would be specific check or credit card indicating the amount of credit.
What is an accounting source document?
It is the original paper or document that indicates that a transaction took place. For a sale, the account source document would be the sales receipt or invoice. For a purchase, it would be the receipt or invoice from the vendor. For salaries, it would be the cancelled paycheck.
What enabled sharecroppers to purchase goods on credit?
The sharecroppers were able to purchase goods on credit for a mortgage or lien on the farmer's crop. The merchant would advance supplies such as food, clothes, or tools in return.
A company using a perpetual inventory system that returns goods previously purchased on credit would?
Debit Sales and credit Accounts Payable.
Why is trade credit generally the largest source of short term credit for small firms?
Well, trade credit would be credit extended by suppliers (I guess). So, if in fact it is the largest source of short term credit, it would be because it is easier to get credit from people that want to sell you something than from someone that lends money (the potential profit warrants the risk).
Which document is an example of a primary source?
A diary written by someone during the time period being studied would be considered a primary source document. It provides a firsthand account of experiences, thoughts, and emotions from that specific time.
What can historians not use to study prehistory?
Any written document, otherwise that would be an source and be a part of history.
Which document would be a primary source for the study of prohibition on?
A primary source is an unaltered document that was written by someone during the era in question. Journals or letters from bootleggers, bartenders or patrons would be primary sources for the study of Prohibition.
Is The Bill of Rights primary or secondary source?
The Declaration of Independence is a primary source, but only if you use the original document or a fascimile of the real document. Someone else's paraphrase of it or opinion would be a secondary source.
What is one reason Document B would not be a reliable source to understand what happened when Moctezuma met Cortés?
caca
What would the journal entry be for payment received for goods previously sold on credit?
debit cash / bankcredit accounts receivable
Is Marco Polo's book a Primary source?
Yes. It is document detailing a person's actual journey or involvement, therefore it is exclusively a primary source. It is not an analysis of different primary sources, which would make it a secondary source and it is not an overview of a general topic, which would make it a tertiary source.
