College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Question
Chapter 11A, Problem 3RQ
(a).
To determine
Indicate the type of account, Purchases Discounts Lost is.
(b).
To determine
Indicate the way in which the Purchases Discounts Lost is reported on the income statement.
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Which of the following accounts does not belong in the purchases and disbursement cycle?
A. Prepayments
B. Accounts Payable
C. Sales returns and allowances
D. Fixed Assets
Which of the following accounts does not belong in the purchases and disbursement cycle?
Group of answer choices
a.Prepayments
b.Accounts payable
c.Sales returns and allowances
d.Fixed assets
Which of the following accounts is not normally part of the revenue and collection cycle?a. Sales.b. Accounts Receivable.c. Cash.d. Purchases Returns and Allowances
Chapter 11A Solutions
College Accounting, Chapters 1-27
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- What is the purpose of the Income Summary account? How does it relate to the revenue and expense accounts?arrow_forwardWhich of the following accounts would not be reported under revenue on a simple income statement? A. interest revenue B. net sales C. rent revenue D. operating expensesarrow_forwardWhich of the following is not included when computing Net Purchases? A. purchase discounts B. beginning inventory C. purchase returns D. purchase allowancesarrow_forward
- How do Accounts Payable and Accounts Receivable differ?arrow_forwardWhat is the normal balance for each of the following accounts: (a) Purchases? (b) Sales Discounts? (c) Purchases Returns and Allowances? (d) Sales? (e) Purchases Discounts? (f) Sales Returns and Allowances?arrow_forwardHow does accounting for uncollectible accounts affect the amount reported for net accounts receivable?arrow_forward
- Several accounts are listed below a. Purchases Returns and Allowances b. Sales Discounts c. Wages Expense d. Allowance for Doubtful Accounts e. Unearned Rent f. Income Taxes Payable g. Dividends Distributed h. Interest Revenue i. Inventory REQUIRED: List the accounts above that would normally have a credit balancearrow_forwardd. What is the total gross purchases on account? e. What is the total gross purchases? f. What is the net purchases?arrow_forward
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