Generally, the revenue account for a merchandising business is entitled
the term applied to the excess of net revenue from sales over the cost of merchandise sold?
Merchandise with a sales price of $800 is sold on account with term 2/10, n/30. The journal entry to record the sale would include a
Credit to Sales for $800
Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account to a customer for $25,000. The seller issued a credit memo for $10,000 prior to payment. What is the amount of the cash discount allowable
Customer Would receive a 4 percent discount if paid before 15 days it must all be paid for in 30 days
Merchandise is sold for cash. The selling price of the merchandise is $3,000 and the sale is subject to a 7% state sales tax. The journal entry to record the sale would include
Ending inventory is made up of the oldest purchases when a company uses
For the year ended December 31, 2011 Depot Max's cost of merchandise sold was $54,350. Inventory turnover was 7.9 Depot Max's number of days sales in inventory is closest to
IC fitness has a inventory turnover of 11.2 Ic fitness number of days sales in inventory is
For the year ended December 31, 2011 Depot Max's cost of merchandise sold was $54,350. Inventory at the beginning of the year was $6,540. Ending inventory was $7,250. Compute Depot Max's inventory turnover for the year.
On October 1, Black Company receives a 6% interest bearing note from Reese Company to settle a $20,000 account receivable. The note is due in six months. At December 31, Black should record interest revenue of
A $6,000, 60-day, 12% note recorded on November 21 is not paid by the maker at maturity. The journal entry to recognize this event is