Finance Questions

A sales return refers to merchandise that (1. ?) (customers/sellers/creditors) return to the (2. ?) (customer/seller/creditor) after a sale for a refund of the purchase price or reduction in the amount owed.

Dogs R US uses the perpetual inventory system to account for its merchandise. A customer returned merchandise. Assuming that the purchase was originally bought on credit for $400 with a cost to Dogs R US of $100, demonstrate required journal entry of Dogs R US to record the return by selecting all of the correct actions below. (Check all that apply.)

Limited liability is never a characteristic of which form(s) of organization?

Jo's Market makes a credit sale for $1,000 with terms of 2/10,n/30. The cost of the merchandise is $400. The required journal entry to record the sale and cost of the sale is:

Jerry's Flowers had the following cost information related to its purchases of merchandise. Calculate the total cost of merchandise purchased using the information below:Invoice cost of merchandise purchases$100,000Purchase discounts received$ 9,000Cost of transportation-in (shipping)$ 500Costs of purchase returns and allowances$ 400

Sally Beauty Warehouse uses the perpetual inventory system to account for its merchandise. On Nov 2, it sold $700 of merchandise on credit with terms of 2/15,n/30. Demonstrate the required journal entry to record the receipt of payment from the customer on Nov 13, by selecting all of the correct actions below. (Check all that apply.)

Jan's Jams makes a credit sale for $300 with terms of 2/10,n/30. The cost of the merchandise is $200. The required journal entry to record the sale and the cost of the sale is:

Sales Discounts is a contra (1. ?) (expense/revenue/asset) account and is increased with a (2. ?) (debit/credit).

Sales is a(n) (1. ?) (expense/revenue/asset) account and is reported on the (2. ?) (income/balance) (3. ?) (statement/sheet).

On June 5, Jo's Market sold $1,000 of goods on credit with terms of 2/10,n/30. The required journal entry to record Jo's Market customer's payment on July 6 would be:

A ------ discount benefits a seller through earlier cash receipts and reduced collection efforts.

Review the statements below and select the one that explains the purpose of a sales discount.

X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it sold $1,400 of merchandise on credit with terms of 1/10,n/40. Demonstrate the required journal entry to record the receipt of payment on May 25 by selecting all of the correct actions below. (Check all that apply.)

X-Mart uses the perpetual inventory system to account for its merchandise. On June 1, it sold $7,000 of merchandise for cash. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the sale and the cost of the sale by selecting all of the correct actions below. (Check all that apply.)

Reading through a credit card disclosure l, you see the A.P.R. for a specific card is set at 9.99%-23.99%. Which statement is true about what A.P.R. You get?

A purchase return refers to merchandise a (1. ?) (buyer/seller/creditor) purchased, but then returns to the (2. ?) (buyer/seller/creditor) for a refund of the purchase price or reduction in the amount owed.

Jello's Market purchased $1,000 of goods on account with terms of 2/10,n/30. They returned $200 of the goods due to defect the next day. If Jello pays for the purchase within the discount period and uses the perpetual inventory system, the required journal entry to record the payment would:

On May 14, X-Mart purchased $500 of merchandise with terms of 3/15,n/40. If payment is made on May 28, calculate the purchase discount that may be taken by X-Mart.

Dogs R US uses the perpetual inventory system to account for its merchandise. On May 1, it returned $50 of merchandise due to a defect. Assuming that the purchase was originally bought on credit, demonstrate the required journal entry to record the return by selecting all of the correct actions below. (Check all that apply.)

LOL Music Store uses the perpetual inventory system to account for its merchandise. On November 17, it purchased $1,000 of merchandise with terms of 2/5,n/60. If payment is made on December 21, demonstrate the required journal entry to record the payment by selecting all of the correct actions below. (Check all that apply.)