True or false 1. The sellers and buyers are required to record trade discounts

Which of the following is not a characteristic of FOB Destination?A. The seller pays for shipping.B. The seller owns goods in transit.C. The point of transfer is when the goods leave the seller’s place of business.D. The point of transfer is when the goods arrive at the buyer’s place of business

A receiving report is filled out when we receive: An inventory shipment from a vendor. Items that a customer is authorized to return from a previous sale. A payment on a customer's account. a and b only. Answer is not the First option!

When should revenue from the sale of merchandise normally be recognized? A)When the customer takes possession of the merchandise.   B)When the customer takes possession of the merchandise, if sold for cash, or when payment is received, if sold on credit.   C)Either on the date the customer takes possession of the merchandise or on the date on which the customer pays.   D)When the customer pays for the merchandise.

A deduction allowed to wholesalers and retailers from the price of merchandise listed in catalogs is called a cash discount. Please explain with full explanation  a. True b. False

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With consignment sales, at the time of the sale to a third party: the consignee only records revenue the consignor only records revenue the customer records the sale the consignee and the consignor record revenue

A seller generally records sales at the full invoice price, butthe buyer often records purchases at net cost. Explain the logic of the buyer and seller recording the transaction at dif-ferent amounts.

Availabe Options Are: Sales Discount Credit Period Discount Period FOB Shipping Point FOB Destination  Merchandise Inventory Gross Profit Purchases Discount

Enter the letter for each term in the blank space beside the definition that it most closely matches. Sales discount Credit period Discount period FOB destination FOB shipping point Gross profit Merchandise inventory Purchase discount Cash discount Trade discount   _______  1.Goods a company owns and expects to sell to its customers. _______  2.Time period that can pass before a customer’s payment is due. _______  3.Seller’s description of a cash discount granted to buyers in return for early payment. _______  4.Reduction below list or catalog price that is negotiated in setting the price of goods. _______  5.Ownership of goods is transferred when the seller delivers goods to the carrier. _______  6.Purchaser’s description of a cash discount received from a supplier of goods. _______  7.Reduction in a receivable or payable if it is paid within the discount period. _______  8.Difference between net sales and the cost of goods sold.…