Fundamental Accounting Principles Study Set 5
Quiz 5: Accounting for Merchandising Operations
Each Sales Transaction for a Seller That Uses a Perpetual
Each sales transaction for a seller that uses a perpetual inventory system involves recognizing both revenue and cost of merchandise sold.
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Sales discounts on credit sales can benefit a seller by decreasing the delay in receiving cash and reducing future collections efforts.
Sales discounts is a contra revenue account, meaning that the Sales Discounts account is added to the Sales account when computing a company's net sales.
A credit memorandum from a seller informs a buyer of the seller's credit to its Accounts Payable account arising from a sales return or allowance.
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