The "Allowance for sales discounts" account may be used under Select the correct response: O Net method Gross method or Net method Gross method Allowance method
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- 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 xxQuestion 7 Which 4 transaction types can be made into recurring templates? Transfer Deposit Bill Inventory quantity adjustment Pay bills Paycheck Receive payment InvoiceWhich of the following accounts would normally have adebit balance?a. Inventoryb. Sales Returns and Allowancesc. Sales Discountsd. All of the above
- 2) Sea Travel sells motor boats. One of Sea Travel's most popular models is the Wing. During the current year, Sea Travel purchased 24 Wings at the following costs. Total cost Unit Cost $7000 $7100 $7250 Purchase Date Units Purchased May 2 May 20 May 25 $28,000 14,200 4 8 58000 June 5 10 $7300 73000 24 $173,200 On May 28, Sea Travel sold 11 Wings to the jack Sport racing team. Compute a) the cost of goods sold on May 28 and b) The ending inventory of Wing boats at June 5, using the following cost flow assumptions: c) Prepare journal entries to record the cost of the 11 wings sold on May 28, assuming that the company uses the:Match the following items with correct accounting treatment (A through C):2) Sea Travel sells motor boats. One of Sea Travel's most popular models is the Wing. During the current year, Sea Travel purchased 24 Wings at the following costs. Total cost Unit Cost $7000 $7100 $7250 Purchase Date Units Purchased May 2 May 20 May 25 $28,000 14,200 4 8 58000 June 5 10 $7300 73000 24 $173,200 On May 28, Sea Travel sold 11 Wings to the jack Sport racing team. Compute a) the cost of goods sold on May 28 and b) The ending inventory of Wing boats at June 5, using the following cost flow assumptions: c) Prepare journal entries to record the cost of the 11 wings sold on May 28, assuming that the company uses the:
- Which of the following is an example of a contra revenue account?A. salesB. merchandise inventoryC. sales discountsD. accounts payablea) Write explanatory notes on the following terms as used in consignment accounts:i. Account saleii. Del-credere commissioniii. Consignee16. Which of the following is a contra account? a. Sales discounts b. Purchase returns and allowances c. Allowance for doubtful accounts d. All of the above
- Compu/t/e the General Ledger, Account: Purchases Account: Sales returning allowanceWhich document would be used to support the recording of a sale on account? Question 49 options: Sales order Purchasing order Shipping label Sales InvoiceSelect the best answer for the question 6. An example of a contra-revenue account found on the Income Statement is the O A. Sales Returns and Allowances. OB. Purchase Returns and Allowances. OC. Transportation-in ⒸD. Uncollectible Accounts Expense. Mark for review (Will be highlighted Next Questiones
