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Assets purchased for resale are recorded in which of the following accounts?
Merchandise Inventory
How should a return of merchandise purchased on account be recorded?
As a debit to the accounts payable account and a credit to the purchases returns and allowances account
When merchandise is purchased to resell to customer's it is recorded in the account entitled?
merchandise inventory
When a buyer returns merchasndise purchased for cash the the buyer may record the transaction using the following entry?
When a buyer returns merchandise purchased for cash, the transaction can be recorded with a debit to the Accounts Payable or Purchases Returns and Allowances account and a credit to Cash. This reflects the decrease in cash due to the return of the merchandise. Additionally, if inventory was involved, the Inventory account may also be debited to reflect the return of goods.
How is a cash payment received from a customer for a product purchased on account recorded?
debit to cash and credit to accounts receivable
Assets purchased for resale are recorded in which of the following accounts?
Merchandise Inventory
How should a return of merchandise purchased on account be recorded?
As a debit to the accounts payable account and a credit to the purchases returns and allowances account
When merchandise is purchased to resell to customer's it is recorded in the account entitled?
merchandise inventory
Bring out the difference between trade discount and cash dicount?
Cash discount is the discount in amount in accounts payable while trade discount is on sales price discount which is not recorded in business books and transaction is recorded at discount price.
When a buyer returns merchasndise purchased for cash the the buyer may record the transaction using the following entry?
When a buyer returns merchandise purchased for cash, the transaction can be recorded with a debit to the Accounts Payable or Purchases Returns and Allowances account and a credit to Cash. This reflects the decrease in cash due to the return of the merchandise. Additionally, if inventory was involved, the Inventory account may also be debited to reflect the return of goods.
How is a cash payment received from a customer for a product purchased on account recorded?
debit to cash and credit to accounts receivable
How is recorded a cash payment received from a customer for a product purchased on account?
debit to cash and credit to accounts receivable
A cash payment received from a customer for a product purchased on account would be recorded as?
A cash payment received from a customer for a product purchased on account would be recorded as a debit to cash and a credit to accounts receivable. This entry reflects the increase in cash and the decrease in the amount owed by the customer. It effectively clears the accounts receivable balance related to that specific sale.
Inventory shortage is recorded when?
merchandise is returned to seller
Is inventory shrinkage recorded as an expense?
As a reduction to merchandise inventory
When purchasing merchandise for resale what journal is the transaction recorded in?
journal
When is discount allowed to debtors?
Discount allowed for the early settlement of accounts - This discount is allowed to your debtors or customers at the time of the settlement of their account. You may agree with your customers to allow a certain percentage of discount allowed e.g. 2½ % if they settle the full amount on an invoice within 30 days). This discount is recorded when a debtor or customer settles the full invoice within the specified time. This discount needs to be entered as an expense in a Discount Allowed account and will reduce the net profit and will have no effect on the gross profit.This is murali +9199591-22272
