You are watching: Identify the statements below which summarize what cash discounts are
on dec 7 toys r fun purchased 1000 of merchandise through terms of 2/10 n/30. if payment is made on december 16 show the forced journal entry for playthings r fun to document the payment under the perpetual inventory system
Sales is a (expense/revenue/asset) account and also is reported on the (income/balance) (statement/sheet)
Dogs R US offers the perpetual inventory device to account for its merchandise. A customer reverted merchandise. Assuming that the purchase was originally bought on crmodify for $400 with a price to Dogs R US of $100, demonstrate compelled journal entry of Dogs R US to record the rerotate.
Delittle bit Sales and also Retransforms Allowances $400Credit Accounts Receivable $400Delittle bit Merchandise Inventory $100Credit Cost of Goods Sold $100
1. Cash discounts are explained in crmodify terms2. A seller views a cash discount as a sales discount3. A buyer views a cash discount as a purchase discount4. Sellers deserve to approve a cash discount to encourage buyers to pay earlier5. A lessened payment uses to the discount period
RetailerAn intermediary that buys products from manufacturers or wholesalers and sells them to consumers.WholesalerAn intermediary that buys products from manufacturers and sells them to retailers or wholesalers.MerchandiserEarns net income by buying and offering commodities.
dem. exactly how to prep a multi step i/s by ranking the items listed below in order of a merchandiseroperating expensesgross profitother rev and also expcogsinc from operationssales
Use the supplementary documents to compute the complete price of merchandise purchases for 2017: OR Calculate the total price of merchandise purchased using the information:
Invoice expense of merchandise purchases $40,000Less: purchase discounts rcvd $3,000purchase returns and allowances $100Add: Cost of transport - in $500Total: $37,400
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