Journalize the following merchandise transactions, using the net method under a perpetual inventory system. a. Sold merchandise on account, $18,000 with terms 1/10, n/30. The cost of the goods sold was $10,800. If an amount box does not require an entry, leave it blank. b. Received payment less the discount. If an amount box does not require an entry, leave it blank. c. Refunded $600 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank.

Q: Which of the following is related to Scientific system of maintaining accounts?

A: Double entry system is the scientific system of  maintaining accounts

Q: What information is each type of document supposed to provide?

A: Answer: There are different types of documents which provide various information.

Q: What is a memorandum entry? Why it is done?

A: A memorandum entry is different from the journal entries. The memorandum entry is not recorded by…

Q: What about the transactions in general journal

A: Introduction:- A general journal is used to record of a company’s financial transactions. It play…

Q: What are the causes of information risk

A: Information risk is related to the risk of three elements in any business, these are…

Q: 1. What are the advantages of the use of a ledger? 2. What are the steps in posting from Journal to…

A: Introduction:- Ledger is a collection of all accounts debited and credited in the journal. It assist…

Q: s an information syste

A: Accounting Information Systems helps to perform the tasks in the job of Budget Analysis. An…

Q: What are the accounts written off? Explain with example?

A: Accounts written off means those debtors or accounts receivables from which money can no longer be…

Q: The document which sets out basic rules for how a compay is to run?

A: Every company operating as a limited liabilities corporation, partnership firm, or public company…

Q: What document initiates the billing process?

A:

Q: What is a transaction?

A: Transaction refers to the business activity which brings change in the business assets, liabilities…

Q: What is a ledger?

A: Accounting: Accounting can be defined as the process of identifying the business transaction,…

Q: Where are transactions initially recorded?

A: The primary point where the financial transaction, which is initiated or effected by entity during a…

Q: What is the definition of bookkeeping?

A: Bookkeeping is considered as a part of accounting. It deals with the recording of day-to-day…

Q: which internal users need the accounting information

A: Accounting information data is the data that emerges from business exchanges. When distinguished,…

Q: What information is contained in the general ledger master file?

A: General Ledger:  The financial information required for the preparation of financial reports of…

Q: What exactly is a suspense account?

A: The trial balance is prepared to record the final balance of each account as debit and credit.  The…

Q: What is the purpose of a bookkeeping system?

A: This question explains about the purpose of a bookkeeping system

Q: ow is forcasting part of the bookkeeping proces

A: Bookkeeping involves several tasks, including recording transactions, posting debits and credits,…

Q: What is bookkeeping

A: Book Keeping is one of the functions of accounting.

Q: Which of the following is related to science systems of maintaining account?

A: a) Single Entry System: A single entry system of accounting is a method of maintaining book keeping…

Q: What are finanicial transactions?

A: Transaction process system: It is a transaction process system can be defined as a system which is…

Q: Describe how accounts are used to record information about the effects oftransactions?

A: Firstly the transaction are recorded in the original books i.e. Journal, when the transactions are…

Q: briefly, what is the role of the clearinghouse, and is it important?

A: Clearance is very important to meet buyers with sellers and to make transactions possible between…

Q: Explain the steps in processing transactions and the role of source documents.

A: Accounting cycle: It can be defined as the collective process of identifying, recording, and…

Q: What is the purpose of a journal? What is the purpose of a general ledger?

A: Journal entries: A journal entry is recorded for every business transaction. It is the first step in…

Q: What additional issues are involved with miscellaneous, other, and clearing accounts?

A: Accounting is a system, or a process of collecting and organizing economic transactions, analyzing,…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is