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What is credit sales?
Credit sale is a sales transaction by which the buyer is allowed to take immediate possession of the purchased goods and pay for them at a later date.
What is convenience goods?
Convenience goods are Widely distributed and relatively inexpensive goods which are purchased frequently and with minimum of effort, such as gasoline (petrol), newspapers, and most grocery items .
If the payment for goods purchased today is due in 30 days?
If the payment for goods purchased today is due in 30 days, it means that the buyer has a grace period of 30 days to settle the invoice without incurring any late fees or penalties. This arrangement allows the buyer to manage their cash flow and potentially generate revenue from the purchased goods before the payment is required. It is essential for both parties to adhere to the agreed terms to maintain a good business relationship.
The amount of goods and services the average citizen can buy?
The amount of goods and services that the average citizen can buy is known as a standard of living. The cost of a standard of living varies greatly depending on a number of factors.
What is cost principle?
Accounting concept that goods and services purchased should be recorded at their historical cost and not at their current market value.
What is the term that means limiting the the amount of goods that could be purchased?
Yasmeen
What island was purchased for a amount of beads and other goods?
Manhattes Manhattes Manhattan
Does customs duty come under direct expense?
I was look for the answer to this very same question! And I found it: "Customs duty comes in two types: Import Duty & Export Duty. Duty paid on goods imported from Abroad is known as Import Duty and is debited to the Trading A/c but Duty paid on goods exported expense connected with sales, is debited to profit and loss account, so import duty on goods purchased from abroad is a direct expense and export duty on goods sold is indirect expense."
What is the Accounting definition of carriage inward?
Carriage inward :Occurs when a business has to pay for purchased goods to be delivered to it's Premises.Carriage Outward:Occurs when a business PAYS for sold goods to be delivered to it's customers premises.Carriage inward and outward are always debited and both must be treated as Expenses.
How do you record journal entry to purchase goods with trade discount?
debit goods purchased (at trade discount amount)credit cash / bank / accounts payable
Journal entry for Cash purchase of goods?
cash purchase of goods: inventory (Debit) increased Cash in Hand (Credit) decreased with amount of total cost of Goods purchased
When goods are shipped FOB destination and the seller pays the transportation charges what journal entry does the buyer make?
Journal entry in the books of the buyer: [Debit] Goods Purchased xxxx [Credit] Cash/bank xxxx As buyer has not paid the freight charges, he will only record the transaction with original goods purchased amount.
Why is bills payable debited in purchases control accounts?
Bills payable are debited in purchases control accounts to reflect the reduction in liabilities when goods are purchased on credit. This entry indicates that the company now owes money to suppliers for those purchases, which increases the total purchases recorded in the control account. Debiting bills payable helps maintain accurate financial records by ensuring that expenses and liabilities are properly matched and accounted for.
Are goods returned debited or credited?
Goods returned are typically credited to the inventory account, reducing the inventory balance. Simultaneously, the corresponding accounts payable or sales returns account is debited, reflecting the decrease in expenses or revenues. This accounting treatment ensures that both the inventory and financial statements accurately reflect the return transaction.
How do you place a value on money?
By the amount of goods or services you can buy for it. By the amount of goods or services you can buy for it. By the amount of goods or services you can buy for it. By the amount of goods or services you can buy for it.
In a process costing system what account is debited when manufacturing overhead costs are applied to the cost of production?
the finished goods inventroy account
What is the journal entry goods purchased?
[Debit] Goods Purchased xxxx [Credit] Cash / bank / accounts payable xxxx
