Latest Questions & Answers

Q: What kind of account is Sales Discounts?

What kind of account is Sales Discounts?

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Q: Why is a sales return or allowance usually recorded in the Sales

Why is a sales return or allowance usually recorded in the Sales Returns and Allowances account rather than being debited to the Sales account?

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Q: What purposes does the schedule of accounts receivable serve?

What purposes does the schedule of accounts receivable serve?

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Q: How are the net sales for an accounting period determined?

How are the net sales for an accounting period determined?

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Q: What is a trade discount? Why do some firms offer trade

What is a trade discount? Why do some firms offer trade discounts to their customers?

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Q: What is open-account credit?

What is open-account credit?

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Q: What is the name of the account used to record the fees

What is the name of the account used to record the fees charged by the credit card company to the seller?

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Q: Why are bank credit card sales similar to cash sales for a

Why are bank credit card sales similar to cash sales for a business?

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Q: When a firm makes a sale involving a credit card issued by

When a firm makes a sale involving a credit card issued by a credit card company, does the firm have an account receivable with the cardholder or with the credit card company?

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Q: What document does a business submit to a credit card company to

What document does a business submit to a credit card company to collect amounts owed for purchases by customers using a credit card issued by a credit card company?

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