14. Which of the following accounts is not used to account for merchandise sales transactions? a. Sales b. Sales Tax Payable Sales Returns and Allowances С. d. Accounts Payable
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- A customer returns $870 worth of merchandise and receives a full refund. What accounts recognize this sales return (disregarding the merchandise condition entry) if the return occurs before the customer remits payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, merchandise inventory D. accounts receivable, cost of goods soldA customer returns $690 worth of merchandise and receives a full refund. What accounts recognize this sales return, assuming the customer has not yet remitted payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, purchases D. sales discounts, cost of goods soldWhich of the following is an example of a contra revenue account? A. sales B. merchandise inventory C. sales discounts D. accounts payable
- The Sales Discounts Forfeited account ________. A. is a balance sheet account B. represents additional sales revenue C. represents additional revenue due to the customer not paying within the discount period D. is a contra Sales Revenue accountWhich of the following groupings of accounts includes only accounts that carry a normal credit balance? a.Customer Refunds Payable, Estimated Returns Inventory, and Sales b.Sales Tax Payable, Cost of Goods Sold, and Sales c.Inventory, Delivery Expense, and Sales d.Sales Tax Payable, Customer Refunds Payable, and SaleWhich account balance is NOT used to compute the cost of goods sold? a.Merchandise Inventory b.Purchases c.Sales d.Purchases Discounts
- If a customer purchases merchandise on credit and returns the defective merchandise beforepayment, what accounts would recognize this transaction?A. sales discount, cashB. sales returns and allowances, cashC. accounts receivable, sales discountD. accounts receivable, sales returns and allowances3.Which of the following transactions would not result in an adjustment to the inventory account under a perpetual inventory system? A)The return of merchandise by a customer. B)The sale of merchandise for cash. C)The sale of merchandise on credit. D)The receipt of payment from a customer within the discount period.1. The form issued by a seller to inform a buyer that a credit has been made to accounts receivable. 2. Under the periodic system, it is the account credited when the proprietor withdraws merchandise for personal use. 3.. It is the amount of reduction allowable from the list price of goods offered for sale. 4. This is computed by deducting returns and allowances and partial payments from the invoice cost. Choices Sales Purchase invoice Purchase discount Debit memo Trade discount Drawing Trade - In Capital Purchase Allowances Sales Invoice Credit memo Cash discount
- Which of the following statements is NOT true? a.Sales Discounts is a contra-revenue. b.Sales Returns & Allowances has a DR normal balance. c.Freight costs are included when determining discounts. d.Purchase Discounts is a contra account.If a customer purchases merchandise on credit and return the defective merchandise before payment, what accounts would recognize this transaction? Assume the perpetual inventory system is used. A.Sales Discount, Cash B.Accounts Receivable, Sales Discount C.Sales Returns and Allowances, Cash D.Accounts Receivable, Sales Returns and Allowances8. Bentley Manufacturing Co. uses the LIFO method of costing its inventory, which indicates that: Select one: A. Merchandise are sold in the order in which they are received B. Last merchandise purchased is sold out first C. There is no specific order in which merchandise is sold D. None of the above 9. A Credit memo is a note from a seller indicating its intent to credit a customer’s accounts receivable. Select one: True False