The following items are found in the account sales, except a. Total sales. b. Amount due to consignor. c. Commission of consignee. d. Expenses of the consignor.

Q: Tell whether each of the following accounts is part of net sales, cost of goods sold, operating…

A: Explanation- All are in different different account according to their nature.Here is the nature of…

Q: Determine whether each sentence is True or False Interest payable, retained earnings, and sales…

A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…

Q: State and briefly explain any three distinguishing features between (i) a receipts and payments…

A: SOLUTION- THE FOLLOWING ARE THE DIFFERENCES BETWEEN RECEIPT & PAYMENT ACCOUNT AND INCOME &…

Q: debit to Income Summary of:

A: It is pertinent to note that incomes and expenses at the end of the year are closed by transferring…

Q: A. What document is used to create the Sales Order in the Revenue Cycle and where does itcome from?…

A: Answer a: Sales order is created by using a document formed by SAP.

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts.…

A: There were three types of accounts that were involved in recording the journal entries. They are…

Q: How do I find sales on account from a income statement or balance sheet

A: How do I find sales on account from a income statement or balance sheetSales on account can be…

Q: Which of the following statements is correct? Group of answer choices A)Revenue is recognized at the…

A: A)Revenue is recognized at the time of shipment when goods are shipped FOB destination-The given…

Q: Sales receipts, purchase orders, and payroll records are all examples of accounting transactions…

A: Book keeper is the employee of the company who is responsible to record the original transactions…

Q: Which of the following items is not a specific account in acompany’s accounting records?a. Accounts…

A: Accounts receivable is the payment which the company will receive for the goods sold on credit from…

Q: a) Write explanatory notes on the following terms as used in consignment accounts:i. Account saleii.…

A: Consignment includes two parties (consignor and consignee) wherein the consignee will be the one in…

Q: The accrued balance in a revenue account represents an amount which is:

A: Solution: The accrued balance in a revenue account represents an amount which is earned but not…

Q: In which of the following types of accounts are increases recorded by credits?   A. revenues and…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Under the realization principle, revenue from sale of products is recognized a. At date of delivery…

A: Recognition of Revenue - Recognition of Revenue is the recording of revenue in the financial year.…

Q: What are revenues that have been earned but not recorded in the accounts called? Group of answer…

A: Deferred revenue, also known as unearned revenue, refers to advance payments a company receives for…

Q: Which of the following explains the debit and credit rulesrelating to the recording of revenue and…

A:

Q: Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec.…

A: correct option is b.) Rent Expense Generally Assets, expenses, losses, and the owner's drawing…

Q: s the income and expense account credited in the entry to record the distribution profits?

A: Solution: When profit is distributed to owner, income and expense account is debited as profit is…

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts. Unearned…

A: Unearned revenue: The revenue which is received in advance by the company for the services or goods…

Q: Which of the following is an amount for products or services purchased on account? Oaccounts payable…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?

A: Introduction: Non-trading entities keep a revenue and expenditure account to determine the surplus…

Q: The cost of units sold is recorded by debiting Cost of Goods Sold and crediting

A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…

Q: The Sales Returns and Allowances account is reported as a

A: Sales Return refers to the process of returning goods by a customer back to the company or…

Q: Briefly explain the accounting treatment for sales returns and allowances. Where are these accounts…

A:

Q: After completing the preparation, the necessarg credit adjustments are made to adjust the balances…

A: At the end of accounting period, every business has to make some adjusting entries. These adjustment…

Q: Which accounting method (net cost or gross invoice price) provides the most useful information?

A: The net cost of any product is the amount of the invoice plus any taxes and extra fees that are…

Q: 6. An example of a contra-revenue account found on the Income Statement is the M O A. Sales Returns…

A: A revenue account that is anticipated to have a debit balance is referred to as a contra revenue…

Q: For each account, indicate whether it appears in the general ledger or the subsidiary ledger Prepaid…

A: We have to indicate whether Prepaid Rent appears in general ledger of subsidiary ledger.

Q: Indicate whether each statement best describes the allowance (A) method or the direct write-off…

A: Under the direct write off method the bad debts is treated as charged to expenses when it is clear…

Q: Distinguish between Income and Expenditure Account and Receiptand Payment Account.

A: Difference between income and expenditure account and receipt and payment account:

Q: In a sales transaction, which of the following is an assertion of existence or occurrence: a. All…

A: Existence or occurrence deals with whether assets or liabilities exist at a given date and whether…

Q: The income statement is drawn up from the figures in the _________________ Select one: a. Accounts…

A: An income statement may be defined as that type financial statement which is prepared to ascertain…

Q: what account balances are included in a revenue and collection cyle?

A: Revenue means proceeds or amount that is received from sale of goods and services in the business.…

Q: The income statement line gross profit will appear on which income statement format? Select one: a.…

A: 1. Receipt and Payment A/c: Receipt and payment A/c is prepared by non profit organization, Which…

Q: The classification and normal balance of the sales discount account would be A. expense and debit B.…

A: The seller for increasing their sales uses the sales discount method and for recovering early…

Q: Which of the following accounts are characterized as a "contra" account? (Select ALL tha apply) O…

A: Contra account: Contra effect of the transaction recorded on the opposite side

Q: Which of the following is an example of a contra revenue account?A. salesB. merchandise inventoryC.…

A: This account book transaction would be linked to certain associated accounts of a different sort.…

Q: Which of the following is not a revenue account? a. Professional fee b. Interest income c. Cost…

A: A revenue account is classified as an equity account and shall have a credit normal balance.

Q: How is cost of goods sold classified in the financial statements?a. As a revenueb. As an expensec.…

A: Cost of goods sold is the cost of goods that are being sold in that particular period. It is…

Q: Which type of debit account is balanced in the income statement columns of a worksheet?

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: Identify each of the following items relating to sections of an income statement as Revenue from…

A: Income Statement: The income statement reports the financial performance in terms of profit or loss…

Q: The account that appears in the chart of accounts for a merchandising entity but not for service…

A: Merchandise Entity - In this type of entity corporation is mainly generate revenue through sale of…

Q: Which of the given series have the same normal balances in the Accounting Equitation? Select one:…

A: Normal balance is the side of the account where the balance of the account is found. An account can…