You own your own outdoor recreation supply store. You are in the process of drafting a standard invoice agreement for customer sales conducted on credit. Create a sample sales invoice with the following minimum information listed:
• Your company information
• Date of sale
• Your customer’s information
• An example product you sell with name, description, price per unit, and number of units sold
• Terms of sale including credit terms and shipping charges, with numerical figures for shipping charges
• Any contract language necessary to further establish the terms of sale (for example, warranties, limitations on shipping, and returns)
Write a reflection about your invoice choice, as it relates to format, terms, contract language, and pricing strategies. Conduct a comparison study to others in your industry (such as REI) to evaluate your choices. Make sure to support your decisions with concrete examples and research.
Want to see the full answer?
Check out a sample textbook solutionChapter 6 Solutions
Principles of Accounting Volume 1
Additional Business Textbook Solutions
Principles of Management
Cost Accounting (15th Edition)
Managerial Accounting (5th Edition)
Horngren's Accounting (11th Edition)
Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)
Construction Accounting And Financial Management (4th Edition)
- Demonstrate, using practical example how to prepare accounts from the Sales day book and Sales return day book. ?arrow_forward1. Which of the following procedure will complete the purchase procedure in a company? a. Approving suppliers invoice b. Checking the invoice c. Receiving the material by stores department d. Making the paymentarrow_forwardIf 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 Revenuearrow_forward
- When a seller receives payment from a customer who takes the discount for paying early, the journal entry will include a debit to sales discount credit to sales debit to salesarrow_forwardRequired: A sales invoice typically includes the date of sale, salesperson, customer data, items included in the sale, and amount. Which foreign keys should be added to the following table to link all of these data elements? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Sales Table Invoice# Date Amount S-101 10/05/2021 2549.90 S-105 11/01/2021 949.95 S-107 11/02/2021 1209.70 S-108 11/06/2021 699.90 ?Salesperson # ? Customer # ? Receipt # ? Inventory # ? Remittance Advice # ? Sales # ?Cashier # ?Casharrow_forwardThe purchases and disbursements cycle usually begins when Group of answer choices A user department requests for acquisition of goods or services and submits purchase requisition to the purchasing department. A check is issued to the vendor or supplier. The warehouse received the goods from the vendor or supplier. The accounting posts the purchase transaction in the accounts payable ledger.arrow_forward
- Describe the purpose of a purchase order by selecting the correct statement(s) below. (Check all that apply.) A purchase order is a document the purchasing department uses to place an order with a vendor. Multiple copies of the purchase order are distributed to other departments to increase internal control of company pu A purchase order authorizes a vendor to ship ordered merchandise at a stated price and terms. A purchase order is a bill received from the vendor that reflects the amount owed by the buyer.arrow_forwardLet's assume the merchandiser (buyer) pays after the discount period expires, how will the vendor (seller) journalize the Jeff. Fvpayment? Add the appropriate amount to the appropriate accounts provided below. Use the invoice provided.arrow_forwardYou are working for a company and process a credit memo. This indicates that: merchandise was returned from the customer and the account receivable must be adjusted.merchandise was returned to a supplier and the accounts payable must be adjusted.merchandise was purchased and inventory must be adjusted.a sale took place and the accounts receivable must be adjusted.a sales discount was given to a customer for payments received earlyarrow_forward
- Accounting Information System Prepare a step-by-step payment flowchart for a bookstore business, who's ordering inventory from their supplier. Provide an analysis/explanation of the flow of the flowchart.arrow_forwardIf one of NetSolution's customers returns some merchandise that had been purchased on account (accounts receivable), NetSolutions will inform the customer that the return has been authorized as indicated by a _______ memo. Group of answer choices credit memo debit memo sales return memo sales memoarrow_forwardIn a good internal control system, which of the following sets of documents is required for proper approval of a payment to a supplier? A. a journal entry, a supplier invoice, and a description of the goods being purchased B. a supplier invoice, a bill of lading, and the supplier's financial statements C. a purchase order, a journal entry, and a price catalog D. a receiving report, an invoice, and a purchase orderarrow_forward
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeAuditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage Learning