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What general ledger accounts are affected and how by a sales returns and allowances transactions?
it affects the sales tax payable and the accounts receivable.
The account that appears in the chart of accounts for a merchandising business but not for a service business?
Sales
Are credit sales recorded by accounts receivable?
Yes, credit sales are recorded by accounts receivable. When a business makes a sale on credit, it increases its accounts receivable balance, reflecting the amount owed by customers. This entry is typically recorded as a debit to accounts receivable and a credit to sales revenue in the accounting system. Thus, accounts receivable serves as a record of outstanding credit sales that the business expects to collect in the future.
Is cash on demand an accounts receivable payment term not standard in business?
No, Accounts receivable are amounts due from customers for credit sales
Why are increase in accounts receivable a cash reduction on the flow statement?
Increase in accounts receivable causes the reduction in cash because if sales are made on cash then there is no increase in accounts receivable and company receives cash which causes the increase in cash while accounts receivable not.
What general ledger accounts are affected and how by a sales returns and allowances transactions?
it affects the sales tax payable and the accounts receivable.
The account that appears in the chart of accounts for a merchandising business but not for a service business?
Sales
What does corporate sales mean?
selling business to business / companies handling only coporate accounts.
Are credit sales recorded by accounts receivable?
Yes, credit sales are recorded by accounts receivable. When a business makes a sale on credit, it increases its accounts receivable balance, reflecting the amount owed by customers. This entry is typically recorded as a debit to accounts receivable and a credit to sales revenue in the accounting system. Thus, accounts receivable serves as a record of outstanding credit sales that the business expects to collect in the future.
Which form of business organization accounts for the largest proportion of business sales in the US?
Sole Proprietoships and Corporations.
Why do debtors of a business want to use accounts?
Be sure that after-sales services will continue
Is cash on demand an accounts receivable payment term not standard in business?
No, Accounts receivable are amounts due from customers for credit sales
Why are increase in accounts receivable a cash reduction on the flow statement?
Increase in accounts receivable causes the reduction in cash because if sales are made on cash then there is no increase in accounts receivable and company receives cash which causes the increase in cash while accounts receivable not.
Function of a sales department in hotel?
The function of a sales department in a hotel is to attract or get business for the hotel. Sales managers often specialize in conventions, tours, or corporate accounts for the hotel.
When a customer charges merchandise he purchases what account are affected and how?
When a customer charges merchandise, two accounts are affected: Accounts Receivable and Sales Revenue. Accounts Receivable increases, reflecting the amount owed by the customer, while Sales Revenue also increases, indicating the income generated from the sale. This transaction reflects the company's right to receive payment in the future while recognizing the sale has occurred.
What form of business organization accounts for almost 85 percent of all sales revenues in the US?
A corporation
What is the aim of an accounts SBA?
To keep records of the sales and purchases made by a business as well as it capitals. And to find out if the business is making a profit or loss.
