Web6.4 Analyze and Record Transactions for the Sale of Merchandise Using the Perpetual Inventory System A customer can pay with cash or on credit. If paying on credit instead of cash, Accounts Receivable increases rather than Cash; Sales increases in both instances.
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WebOct 12, 2024 · The only way you can use your Home Depot store credit is to purchase merchandise found in the store. Otherwise, you’ll need to get your gift cards by paying for them in cash, using your credit card (Visa, MasterCard, or Discover), or even PayPal. WebOn May 4, Smith sold $30,000 of merchandise with credit terms of 2/10, n30 and shipping terms FOB Destination. The original cost to Smith was $18,000. on May 21, Smith sold $20,000 of merchandise for cash with shipping terms FOB Shipping Point. The original cost to Smith was $15,000. hotels in greensboro with hot tubs
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WebWhen a store issues a merchandise credit for returned goods, you have at least seven years from the date of issue to redeem the credit. “Cooling-off periods” exist only in certain, limited situations. WebCOGS increases (debit) and Merchandise Inventory-Packages decreases (credit) for the cost of the packages, $6,200 ($620 × 10). On July 7, CBS sells 20 desktop computers to a customer on credit. The credit terms are n ÷ 15 with an invoice date of July 7. The following entries occur. Figure 2.52 By: Rice University Source: Openstax CC BY NC-SA 4.0 WebCost of goods sold represents the cost of buying and preparing merchandise for sale. True/False True A company had sales of $350,000 and cost of goods sold of $200,000. Its gross profit equals $150,000. True/False False A company had net sales of $545,000 and cost of goods sold of $345,000. Its gross margin equals $890,000. True/False False hotels in greensboro with outdoor pool