Match each phrase with its definition. 1. Seller's description of a cash discount granted to buyers in return for early payment. 2. The amount of time allowed by a seller before payment is due from the buyer. 3. Time period in which a cash discount is available. 4. Refers to credit terms where goods in transit are owned by the buyer. 5. A current asset that includes the cost to buy goods and make them ready for sale. 6. Refers to credit terms where goods in transit are owned by the seller. 7. Calculated as net sales minus cost of goods sold. 8. Purchaser's description of a cash discount received from a supplier of goods.

Match each phrase with its definition. 1. Seller's description of a cash discount granted to buyers in return for early payment. 2. The amount of time allowed by a seller before payment is due from the buyer. 3. Time period in which a cash discount is available. 4. Refers to credit terms where goods in transit are owned by the buyer. 5. A current asset that includes the cost to buy goods and make them ready for sale. 6. Refers to credit terms where goods in transit are owned by the seller. 7. Calculated as net sales minus cost of goods sold. 8. Purchaser's description of a cash discount received from a supplier of goods.

Name: Availabe Options Are:Sales DiscountCredit PeriodDiscount PeriodFOB Shi
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Description: Availabe Options Are:Sales DiscountCredit PeriodDiscount PeriodFOB Shipping PointFOB Destination Merchandise InventoryGross ProfitPurchases Discount Match each phrase with its definition.1.Seller's description of a cash discount granted to buyers in

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 13MC: Which of the following accounts are used when recording the sales entry of a sale on credit? A....

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If a customer pays with a credit card and the service has been provided, which of the following accounts will be used to record the sales entry for this transaction? A. Cost of Goods Sold, Merchandise Inventory, Sales Revenue B. Sales Revenue, Credit Card Expense, Accounts Receivable C. Accounts Receivable, Merchandise Inventory, Credit Card Expense D. Cost of Goods Sold, Credit Card Expense, Sales Revenue
Which of the following accounts are used when recording the sales entry of a sale on credit? A. merchandise inventory, cash B. accounts receivable, merchandise inventory C. accounts receivable, sales D. sales, cost of goods sold
Terminology Match each phrase with its definition. A. Sales discount B. Credit period C. Discount period D. FOB destination E. FOB shipping point F. Gross profit G. Merchandise inventory H. Purchases discount 1. 2. 3. 4. 5. 6. 7. 8. Goods a company owns and expects to see to its customers. Time period that can pass before a customer's full payment is due. Seller's description of a cash discount granted to buyers in return for early payment. Ownership of goods is transferred when the seller delivers goods to the carrier. Purchaser's description of a cash discount received from a supplier of goods. Difference between net sales and the cost of goods sold. Time period in which a cash discount is available. Ownership of goods is transferred when delivered to the buyer's place of business. 1
Enter the letter for each term in the blank space beside the definition that it most closely matches. A. Sales discount D. FOB destination G. Merchandise inventory B. Credit period E. FOB shipping point H. Purchases discount C. Discount period F. Gross profit 1. Goods a company owns and expects to sell to its customers. 2. Time period that can pass before a customer’s full payment is due. 3. Seller’s description of a cash discount granted to buyers in return for early payment. 4. Ownership of goods is transferred when the seller delivers goods to the carrier. 5. Purchaser’s description of a cash discount received from a supplier of goods. 6. Difference between net sales and the cost of goods sold. 7. Time period in which a cash discount is available. 8. Ownership of goods is transferred when delivered to the buyer’s place of business.
credit terms are terms for a. when the payments for merchandise are to be made b. when inventory is purchased c. when the returns of merchandise are to be made d. when payments for merchandise are to be made with cash
Match each phrase with its definition. 1. The amount of time allowed by a seller before payment is due from the buyer 2. Refers to credit terms where goods in transit are owned by the seller 3. Calculated as net sales minus cost of goods sold 4. Purchaser's description of a cash discount received from a supplier of goods. 5. A method in which cost of goods sold is recorded only at the end of a period 6. The expense of purchasing and preparing the merchandise sold during a period 7. Time period in which a cash discount is available 8 Refers to credit terms where goods in transit are owned by the buyer
When goods are sold on credit the account of a customer is called : Select one: a. Purchases Return b. Account Payable c. Sales Return d. Account Receivable
1. What do you call to a document issued when you purchase or sold on account (credit basis)? 2. It is the nominal price of an item before any trade discount.
1. Enter the letter for each term in the blank space beside the definition that it most closely matches. A. Sales discount B. Credit period C. Discount period D. FOB destination E. FOB shipping point F. Gross profit G. Merchandise inventory H. Purchase discount I. Cash discount J. Trade discount 1. Goods a company owns and expects to sell to its customers. 2. Time period that can pass before a customer's payment is due. 3. Seller's description of a cash discount granted to buyers in return for early payment. 4. Reduction below list or catalog price that is negotiated in setting the price of goods. 5. Ownership of goods is transferred when the seller delivers goods to the carrier. 6. Purchaser's description of a cash discount received from a supplier of goods. 7. Reduction in a receivable or payable if it is paid within the discount period. 8. Difference between net sales and the cost of goods sold. 9. Time period in which a cash discount is available. 10. Ownership of goods is…
What is an account payable? .... OA. It is a liability for goods or services purchased on credit and supported by the credit standing of the purchaser. B. It is an amount of money to be received from a supplier. OC. It is a liability for goods or services purchased on credit and supported by a written agreement. OD. It is an asset arising from the sale of goods or services on credit.
The return of goods by a customer ( Sales Return ) should be credited in the ledger account of ? Select one: a. Sales account O b. Accounts receivable account O c. Purchase Return account O d. Sales Return account
When a customer eventually pays for items that have been purchased on credit, the transaction will affect: Select one: a. An asset and a liability b. An asset and an expense c. Two assets d. An asset and income