In the revenue cycle (for sales on credit), a customer places an order for a certain product. Which step does not occur before shipping the goods to the customer? Check inventory availability Pick and pack the goods Check customer credit Bill the customer Obtain the customer order

Q: control weakness

A: Option a is wrong because the approval of consumer credit is done by the credit department, the…

Q: What is the billing and collection process flow? Group of answer choices 1. If the customer is a new…

A: Billing process flow involves many steps like setting up the product code then setting up customer…

Q: When a customer returns goods, the merchandiser will:

A: Inventory:   Inventory refers to the raw materials, work-in process, and the finished goods…

Q: Most of the accounting cycles have journal entries that accompany activities of each cycle.Which of…

A: Recording transaction in journal is termed as journalizing the entries. Transaction are first…

Q: Most of the accounting cycles have journal entries that accompany the activities of each cycle.…

A: A process of identifying a transaction, analyzing it and then recording the same in the books is…

Q: In the preparation of the worksheet of a merchandising business, the ending balance of the…

A: Merchandise inventory is the current assets, goods purchased or manufactured with the purpose of…

Q: For each of the following statements, fill in the blanks with the correct account names. A retailer…

A: Retailer is the person who deals in purchase and sale of merchandise. At the time of credit…

Q: If merchandise purchased on account is returned, the buyer may inform the seller of the details by…

A: Given, Goods are purchased by-merchandise is returned.

Q: Sawicki Music Supply is a mail-order business that accepts merchandise orders by telephone and mail.…

A: Data Flow Diagram: Data flow diagram can be defined as the method to show the data flow of a process…

Q: Which of the following journal entries is recording merchandise inventory leaving the warehouse on a…

A: A seller can sell goods to its customer on cash and credit basis. if its is a Cash sale  then there…

Q: Manufacturers, distributors, wholesalers, and retailers usually sell goods on credit rather than for…

A: Discount is given by seller to the buyer of goods and services. Discount reduces the amount of…

Q: It is used to show who is responsible for paying for shipping and when the title of the goods passes…

A: Payment term used to show who is responsible for paying for shipping and when the title of the goods…

Q: The Vespa store would record the following journal entries (debits and credits) to recognize the…

A: The term journal refers to recording of the accounting transactions by using double entry system of…

Q: Distinguish between the sales order, billing, and AR departments. Why can’t the sales order or AR…

A: The sales order, billing and AR department are responsible for placing the orders from the…

Q: 1. What would a credit manager do if a sales order received caused a customer to exceed its credit…

A: The credit manager should disapprove the sales order as it will increase the collection period…

Q: purchases and disbursements cycle usually begins when a. a user department request for acquisition…

A: Solution: The purchase and disbursement cycle is the cycle in which the purchase needs of a business…

Q: When granting a sales allowance, is there a return of merchandise inventory from the customer?…

A: Sales allowance is an allowance where reduction in reduction in selling price is granted to customer…

Q: If merchandise sold on account is returned to the seller, the seller may inform the customer of the…

A: Solution:- If merchandise sold on account is returned to the seller, the seller may inform the…

Q: When a retailer sells merchandise to a customer on credit which one of the following accounts is…

A: Selling merchandise to the customer would include two journal entries, one is for selling goods, and…

Q: d. The sales department approves sales credit memos as the result of product returns and forwards…

A: The sales department of the company is responsible for recording the sales made by the company…

Q: Mr. Ameen use periodic inventory system makes the following journal entry in his business: Debit…

A: Under the periodic inventory system, cost if goods sold are calculated at the end of the period.…

Q: As orders are received from customers, a personnel in the sales department prepares a sales order…

A: What area in the transaction cycle is deemed a control weakness instead of strength? a. The approval…

Q: If an accounting manager asks you to delay recording an invoice for the purchase of merchandise…

A: Income statement is prepared by the business organizations so as to know how much amount of gross…

Q: The entry to record the return of merchandise from a costumer would include a  credit to sales…

A: Given: To determine the entry to record the return of merchandise from a costumer that would include…

Q: What account balance is not used to computer the cost of good sold? a. Sales  b. Purchased c.…

A: Calculate the cost of goods sold as follows: Cost of goods sold = Opening inventory + Purchases -…

Q: If a customer purchases merchandise on credit and return the defective merchandise before payment,…

A: Perpetual inventory system: The perpetual inventory system records and updates the inventory after…

Q: f merchandise sold on account is returned to the seller, the seller may inform the customer of the…

A: Answer -  Correct Answer is - Credit memorandum, Because, A credit note or credit memorandum is a…

Q: What accounts are affected when a bill from a vendor supplying you products is recorded

A: when vendors supply products to the company the following accounts will be affected -   1) if we are…

Q: Which of the following accounts has a normal debit balance. (Choose all that apply)

A: Assets, expenses, losses, and the owner's drawing account will normally have debit balances. Their…

Q: Which onscreen form is usually used to record a sales transaction that the customer will pay later?…

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

Q: When a customer returns a product to Hartville Equipment that the customer purchasedon account,…

A: When a customer returns a product to Hartville Equipment that the customer purchased on account,…

Q: Why does billing receive a copy of the sales order when the order is approved but does not bill…

A:

Q: Describe the data flow in the buying process that begins when the purchasing organization sends a…

A: The Answer:

Q: In a retail business that uses a perpetual inventory system, scanning a bar code does not: O…

A: In a retail business that uses a perpetual inventory system, scanning a bar code does not: Option…

Q: If a company uses a periodic inventory system, which of the following entry or entries are required…

A: When a physical inventory count is done, a periodic inventory system simply updates the general…

Q: If a customer purchases merchandise on credit and returns the defective merchandise beforepayment,…

A: When customer made purchases on credit from the business, then one side it will generate accounts…

Q: A seller generally records sales at the full invoice price, butthe buyer often records purchases at…

A: A seller generally records sales at full invoice price, but buyer often records purchase at net…

Q: In comparing the accounts of a merchandising company with those of a service company, what…

A: Perpetual inventory system:- It is the system in which sales and purchase of inventory is a…

Q: Suppose you are being interviewed for a bookkeeping job for a retailer that uses a perpetual…

A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Q: When a seller receives payment from a customer who takes the discount for paying early, the journal…

A: When a  seller receives payment within discount period, cash account will be debited with accounts…

Q: Manufacturers, distributors, wholesalers, and retailers usually sell goods on credit rather than for…

A: Discount:- It is a rebate which one party gives to another party to encourage his own benefit. It is…

Q: The revenue account for a merchandising business is typically called ___________. Group of answer…

A: Solution: Merchandise business generally involves purchase and sales of merchandise. It is a type of…

Q: Explain in detail different types of documentation that the business would expect to change hands in…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Manufacturers, distributors, wholesalers, and retailers usually sell goods on credit rather than for…

A: The invoice of a transaction includes the terms of payments and the amount of the transaction.…