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please quickly i just need answer thanks !
7.A customer buys undeemed consumer cards worth 300$. For the sellor, the 300$ is the
A, None of the above
B. Prepaid expense
C. Unearned revenue
D, Accrued Revenue
Step by step
Solved in 2 steps
- Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) i (Click the icon to view the transactions.) Jun Date 2024 Invoice No. Account Debited More info Jun. 1 Jun. 8 Customer Jun. 13 Jun. 28 Sales Journal Post. Ref. Accounts Receivable DR Sales Revenue CR Sold merchandise inventory on account to Ford Junk, $1,250. Cost of goods, $960. Invoice no. 101. Page Cost of Goods Sold DR Merchandise Inventory CR Sold merchandise inventory on account to Iris Fray, $2,250. Cost of goods, $1,650. Invoice no. 102. Sold merchandise inventory on account to Jack Tremane, $400. Cost of goods, $240. Invoice no. 103. Sold merchandise inventory on account to Gail White, $810. Cost of goods, $650. Invoice no. 104. Print Done X9. Which of the following is recorded upon receipt of a payment on April 7, 2021, by a customer who pays a $900 invoice dated March 3, 2021, with terms 2/10, n/60? A. Debit Sales Discounts $18. B. Credit Purchase Discounts $18. C. Credit Accounts Receivable $882. D. Debit Cash $900.1. A buyer received an invoice for P6.000 dated June 10. If the terms åré 2/10, n/30 and the buyer paid the invoice within the discount period, what amount will the seller receive? c. P4,800 а. Р6,000 b. P5,880. d. P 120 2. The purchases discount account is a contra account to a. accounts payable. b. purchases. C. sales. d. sales discount. 3. When a seller of merchandise allowed a customer a reduction from the original price for defective goods, the seller will issue to the customer a a. credit memorandum. b. debit memorandum. c. official receipt. d. sales invoice. 4. When the seller advances the transportation costs and the terms of sale are FOB shipping point, the seller records the payment of the transportation costs by debiting a. accounts payable. b. accounts receivable. C. sales. d. transportation in. 5. The account that appears in the chart of accounts for a merchandising entity but not for.a service entity is a. accounts receivable. b. accumulated depreciation. c. advertising…
- If Abby INC sells items to a customer who uses a credit card for $1100 and there is a credit card fee of 1.5% Abby will record an : ______ Round your final answer to the nearest dollar A. DEBIT TO ACCOUNT RECIEABLE FOR $1083 B. Credit to sales revenue for $1083 C. debit to sales expense for $17 D. Debit to credit card discount expense for $17(To record cash purchase of premiums) Cash Sales Revenue (To record cash sales) Cash Premium Expense Inventory of Premiums (To record redemption of codes) (To adjust unearned revenue) Save for Later 3840000 000 0 Attempts: 1 of 3 used Submit Answer EA E F Withdrawal, Payment (-) Deposit, Credit (+) 1 Date Check Number Transaction Description Fees Balance 3/1/21 $735.00 Bonus Book Store (computer 111 textbooks) 3 3/2/21 $72.50 $662.50 4 3/3/21 112 Bright Lumen Fixtures (study lar $39.95 $622.55 113 Dora's Flowers Deposit (ATM) 114 D&R Rental Agency- Rent 115 Super Cell Phone (2/1-3/1) 3/4/21 $32.00 $590.55 6 3/5/21 $75.00 $665.55 7 3/7/21 $475.00 $190.55 8 3/8/21 $75.00 $115.55 9 3/9/21 116 Ace Computer Supplies $147.60 -$32.05 10 3/10/21 Bank Fee $18.00 -$50.05 11 3/12/21 Deposit $200.00 $149.95
- An unhappy customer just returned $50 of the items he purchased yesterday when he charged the goods to the companys store credit card. Which special journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalNext Question Find the credit-card sales less refunds for the Sales/Refund record for 09/24/10. 24/10 Sales Refunds ..... $71.86 $451.59 The credit-card sales less refunds for 09/24/10 is $ $76.53 $85.04 $149.72 $115.02 $81.45 $88.49 $30.75 $111.02 $229.23 $254.84 $162.81H1. Kitchen Equipment Company uses the allowance method to account for uncollectibles. On Oçlober 31, it wrote off a $1,220 account of a customer, Gwen Rowe. On December 9, it received an $820 payment from Rowe. a. Make the appropriate entry for October 31 . Journal entry worksheet 1 Record the entry to write off $1,220-due from Gwen Rowe. Note: Enter debits before credits. Activate Windows Go to Settings to activate Wint
- Calculate the credit given for the partial payment and the net amount due on the invoice (in $). (Round your answers to the nearest cent.) Amount of Terms of Partial Credit for Net Invoice Sale Payment Partial Payment Amount Due $8,303.00 2/10, n/30 $2,600 $ 52 $ 5,651 Need Heln? Read ItAI Kamil Hypermarket accepted a Bank Muscat credit card for a RO 7,500 purchase. Bank Muscat charges a 4% fee. Al Kamil Hypermarket should record Service Charge Expense as a Select one: O a Debit of RO 7,500 O b. None of the answers are correct O c Credit of RO7,200 O d. Credit of RO 300 O e. Debit of RO 300In the Invoice Lookup, when viewing recorded invoices, The Sage 50 Accounting program will display a: a Invoices not fully paid symbol. b Paid stamp for invoices paid in full. Discount symbol for invoices not paid that have a discount. d Credit terms.
