the discount that is being acquired
Q: Which one of the following types of discounts is given to the buyer if the buyer makes a bulk…
A: The answer for the question on discounts is given hereunder :
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A: Purchase discount is discount availed by purchaser on early payment of purchases of merchandise on…
Q: types of discounts is given to the buyer if the buyer makes a bulk purchase ?
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A: The cash discount, often known as purchase discount or sale discount, is a type of discount.
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A: FOB shipping point sale: When the goods are shipped to the buyer, the title is transferred to the…
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A: Walmart is able to purchase a large volume of each goods or merchandise and the supplier provides a…
Q: What happens when a client (buyer) returns goods bought on credit
A: A client (buyer) returns goods bought on credit shown here:
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A: The trade discounts are the discounts given by the seller to attract the customers to purchase goods…
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A: Journal entry:- Customer Ac Dr to Sales A/C
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Q: Sellers use two methods in practice that simplify the process of recording sales discount. What are…
A: Sales: Sales is an activity of selling the merchandise inventory of a business.
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A: Solution: Before calculating the total cost of net purchases,For better understanding firstly we…
Q: To intensify the collection of receivables, Kate's Trading offered 2/10, n/30 to customers. What…
A: The discount is the benefits given by reduction in the amount to be paid.
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Q: Match each phrase with its definition. 1. Seller's description of a cash discount granted to buyers…
A:
Q: Enter the letter for each term in the blank space beside the definition that it most closely…
A:
Q: Which of the following is indicative of discounts received from a supplier on account of early…
A: solution concept Quantity discount : discount given when large quantity is purchased Value discount…
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…
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A: A discount refers to amount deducted from the normal selling price.
Q: hen the seller advances the transportation costs and the terms of sale are FOB shipping point, the…
A: Solution: When the seller advances the transportation costs and the terms of sale are FOB shipping…
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A: The invoice of a transaction includes the terms of payments and the amount of the transaction.…
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Kate Trading made an early payment to its suppliers to take advantage of the discount offered by the supplier. What account is most likely used for the discount that is being acquired by Kate Trading?
cash discount
trade discount
sales discount
purchase discount
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- This module discusses discounts given out to customers based on payment terms, such as 2/10, n/30. : What would the credit terms 3/15, n/45 stand for? Explain why it is important for a company to keep track of how much money in discounts is given out? What account is used to track discounts? From a business owner's point of view, what are the advantages of allowing discounts? From a business owner's point of view, what are the disadvantages of allowing discounts?Terminology Match each phrase with its definition. A. Sales discount B. Credit period C. Discount period D. FOB destination E. FOB shipping point F. Gross profit G. Merchandise inventory H. Purchases discount 1. 2. 3. 4. 5. 6. 7. 8. Goods a company owns and expects to see to its customers. Time period that can pass before a customer's full payment is due. Seller's description of a cash discount granted to buyers in return for early payment. Ownership of goods is transferred when the seller delivers goods to the carrier. Purchaser's description of a cash discount received from a supplier of goods. Difference between net sales and the cost of goods sold. Time period in which a cash discount is available. Ownership of goods is transferred when delivered to the buyer's place of business. 1The cash discount (also known as purchase discount) is given to customers for a. Frequent purchases b. Bulk purchase c. Early and prompt payments d. Frequent sales
- What is total price of the first invoice that activates the chain discount?When offered with single trade discounts, discount series, and cash discount, would you avail of them right away? Why and why not ?If a wholesale company provides a discount to NetSolutions for early payment of purchases of merchandise inventory made on account, the discount is called a __________________________? Group of answer choices purchases allowance sales allowance sales discounts purchases discount
- a) Explain in detail different types of documentation that the business would expect to change hands in purchase, sales, purchase returns and sales returns etc. b) Show the model of atleast one Credit Sales invoice, Purchase invoice, Debit note and Credit note. (you can use imaginary figure) c) What are policies for trade discount/cash discount, Is there any products are subject to trade discount and why? Explain the terms and conditions in detail.Conduct research on a real-world retailers trade discounts and policies, and discuss the following questions. Which company did you choose? What do they sell? What is a trade discount? What products are subject to a trade discount? Describe the discount terms/program in detail. Give examples. Are there any restrictions? What incentive does this company have to give a trade discount? How does this discount benefit the buyer? If the buyer had to choose between receiving a trade discount or regular cash purchase discount, which would benefit them more? Why?What are some benefits to a retailer for offering a discount to a customer?
- If a customer pays with a credit card and the service has been provided, which of the following accounts will be used to record the sales entry for this transaction? A. Cost of Goods Sold, Merchandise Inventory, Sales Revenue B. Sales Revenue, Credit Card Expense, Accounts Receivable C. Accounts Receivable, Merchandise Inventory, Credit Card Expense D. Cost of Goods Sold, Credit Card Expense, Sales RevenueIf a customer purchases merchandise on credit and returns the defective merchandise before payment, what accounts would recognize this transaction? A. sales discount, cash B. sales returns and allowances, cash C. accounts receivable, sales discount D. accounts receivable, sales returns and allowancesSellers use two methods in practice that simplify the process of recording sales discount. What are these methods of sales discount?
