24 - How are the total values received or to be received in return for goods and services sold abroad into which account? A) Other Discounts Account / Debt B) Foreign Sales Account / Receivable C) To / Credit to Gross Sales Account D) Other Sales will be credited to your account E) Domestic Sales Account / Receivable

24 - How are the total values received or to be received in return for goods and services sold abroad into which account? A) Other Discounts Account / Debt B) Foreign Sales Account / Receivable C) To / Credit to Gross Sales Account D) Other Sales will be credited to your account E) Domestic Sales Account / Receivable

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 13MC: Which of the following accounts are used when recording the sales entry of a sale on credit? A....

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24 - How are the total values received or to be received in return for goods and services sold abroad, to which account?A) Other Discounts Account / DebtB) Foreign Sales Account / ReceivableC) To / Credit to Gross Sales AccountD) Other Sales To Be AccountedE) Domestic Sales Account / Receivable
What 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?
19 - What is the payment method in which the goods are sent to the buyer without payment by the exporter company and the cost of the goods is paid within the predetermined term?A) Payment with Acceptance CreditB) Payment Against GoodsC) Pre-financing PaymentD) Policy PaymentE) Cash Against Documents
1. What do you call to a document issued when you purchase or sold on account (credit basis)? 2. It is the nominal price of an item before any trade discount.
23-It is used to who is responsible for paying shipping and when the title of the goods passes from seller to buyer: This term will be applicable to a. Credit terms b. Shipping terms c. Discount term d. Cash term
1. Which of the following accounts are used when recording the sales entry of a sale on credit?- A. merchandise inventory, cashe B. accounts receivable, merchandise inventoryt C. accounts receivable, sales“ D. sales, cost of goods sold
What entry format is appropiate if sales returns and allowances occur on factored accounts? a. Sales returns and allowances xx Receivable from factor xx b. Reveivable from Factor xx Factoring expense xx c. Sales returns and allowances xx Factoring expense xx d. Reveivable from factor xx Accounts receivable xx
Which of the following journal entry is correct for the transactions of goods returned by a customer? Sales returns (debit) Trade payables(credit) Sales returns (debit) Trade receivables(credit) Purchase returns (debit) Trade payables(credit) Purchase returns (debit) Trade receivables(credit
Under accrual-basis accounting,sales made on credit are usually reported as: A.liabilities B.revenue C.a contra account to sales revenue D.cash from operating activities
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. 1
Which of the following is classified as current non-trade receivabke? A. Advances to affiliates B. Supplier's debit balances C. Accounts receivable D. Customers's credit balance
27. The average payment period of an organization is calculated by __________. a. Average payables / Daily credit purchases b. Average payables / Net purchases c. Accounts payables / Total purchases d. Opening account payable + Closing account payable /2