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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
We record a sale on account that involves sales tax in which journal?
cash disbursement journal |
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sales journal |
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cash receipts journal |
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purchase journal |
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- 3. Give at least one example of each Merchandise transaction for a) Receipt b) Sales Invoice (Credit) c) Debit note d) Credit note e) Voucherarrow_forwardWhich of the following is the correct journal entry to record a sale to a customer on account? A) Debit Cash Credit Sales B) Debit Sales Credit Accounts Receivable C) Debit Accounts Receivable Credit Cash D) Debit Accounts Receivable Credit Salesarrow_forwardFor each of the following items, identify whether the item is considered current or noncurrent, andexplain why.arrow_forward
- When does a company recognize revenue for a sale of a gift card?arrow_forwardSales Returns and Allowances account is report it like a. contra-revenue account on the income statement. b. current liability on the balance sheet. c. deduction from accounts receivable on the balance sheet. d. selling expense on the income statement.arrow_forwardWhat does the phrase "Revenue is recognized at the point of sale" mean? (Assume the company reports using ASPE.) a.Revenue is recorded in the accounting records when the goods are sold to a customer and reported on the statement of earnings when the cash payment is received from the customer. b.Revenue is recorded in the accounting records and reported on the statement of earnings when the cash is received from the customer. c.Revenue is recorded in the accounting records when the cash is received from a customer and reported on the statement of earnings when sold to the customer. d.Revenue is recorded in the accounting records and reported on the statement of earnings when goods are sold and delivered to a customer.arrow_forward
- Hi when it says "Contra against purchase ledger", it means it can be registered on both Sales and Purchase ledger accounts? or only Sales? What about if says "Sales in balance set off against purchase ledger "? Thanksarrow_forwardRecording cost of goods sold is a/an A. cash entry B. deferral entry C. accrual entry D. adjusting entry E. paid bill entryarrow_forwardhow to bill customer using accrual-basis accountingarrow_forward
- Why is the purchase journal used for journalizing the purchase of merchandise for resale on account only?arrow_forwardRecording revenue when you have completed a sale of merchandise the way we are doing it is A. cash entry B. deferral entry C. accrual entry D. adjusting entry E. paid bill entryarrow_forward
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