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Q. Define purchase discounts and purchase returns?
Two general deductions from purchases are (a) purchase discounts and (b) purchase returns and allowances. In the general ledger both of these items usually carry credit balances. From the buyer's side of the transactions cash discounts are purchase discounts and merchandise returns as well as allowances are purchase returns and allowances.
An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment? A. $912
A great tool to import and certify transaction data from other financial systems and make invoices debit memos credit memos and on-account credits Setup steps: 1. Describe th
The Sneed Corporation issues 10,000 shares of $50 par value preferred stock for cash at $75 per share. The entry to record the transaction will consist of a debit to Cash for $75
State the term- Debits must always equal credits To help understand Temporary Owner's Equity accounts. All transactions which affect owner's equity could be recorded in one
How the use of different accounting policies affect the financial performance of different entities operating within the same industry
How to do a trial Balance Particulars Amount Dr. Amount Cr. In
Q. What is FOB shipping point? FOB shipping point signifies free on board at shipping point. The buyer acquires all transportation costs after the merchandise has been loaded o
Required: Record the following transaction on the spreadsheet, total each column a. Issued 100 shares of common stock for $12 per share, par=$1, on Jan 15, 2011. b. On Feb. 5 pu
Flying High Inc. plans to raise $5,000,000 external financing through issuing bonds, and is considering two options: regular bonds and zero couple bonds. The regular bonds will ha
example of increase asset, decrease owner equity
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