When merchandise is sold on credit and the seller notifies the buyer of a price allowance, does
Question:
When merchandise is sold on credit and the seller notifies the buyer of a price allowance, does the seller create and send a credit memorandum or a debit memorandum?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (1 review)
Credit memor...View the full answer
Answered By
Aysha Ali
my name is ayesha ali. i have done my matriculation in science topics with a+ . then i got admission in the field of computer science and technology in punjab college, lahore. i have passed my final examination of college with a+ also. after that, i got admission in the biggest university of pakistan which is university of the punjab. i am studying business and information technology in my university. i always stand first in my class. i am very brilliant client. my experts always appreciate my work. my projects are very popular in my university because i always complete my work with extreme devotion. i have a great knowledge about all major science topics. science topics always remain my favorite topics. i am also a home expert. i teach many clients at my home ranging from pre-school level to university level. my clients always show excellent result. i am expert in writing essays, reports, speeches, researches and all type of projects. i also have a vast knowledge about business, marketing, cost accounting and finance. i am also expert in making presentations on powerpoint and microsoft word. if you need any sort of help in any topic, please dont hesitate to consult with me. i will provide you the best work at a very reasonable price. i am quality oriented and i have 5 year experience in the following field.
matriculation in science topics; inter in computer science; bachelors in business and information technology
_embed src=http://www.clocklink.com/clocks/0018-orange.swf?timezone=usa_albany& width=200 height=200 wmode=transparent type=application/x-shockwave-flash_
4.40+
11+ Reviews
14+ Question Solved
Related Book For
College Accounting Ch 1-14
ISBN: 9781260904314
1st Edition
Authors: John Wild, Vernon Richardson, Ken Shaw
Question Posted:
Students also viewed these Business questions
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
The financial statement that reports the revenues and expenses for a period of time such as a year or a month is: A) Cash Flow Statement. B) Balance Sheet Statement. C) Income Statement D) General...
-
The following are transactions of Rayan Company during August 2019. You are required to prepare journal entries (both perpetual and periodic method) and answer the multiple choice questions Date...
-
11. Assume that the total cost function (TC) is given by the following equation: TC = 100+ 2.5y + 0.05 y2, where y is output. a. What is the total fixed cost (TFC)? b. What is the average total cost...
-
Consider now that you are preparing to purchase an item at auction for your personal use. What factors should you consider in forming your bid? What behavioral tendencies should you try to avoid?...
-
Heraclitus once said, There is nothing permanent except change. Do you think change is, in fact, inevitable? Why or why not?
-
Building a Statement of Financial Position According to AEB Systems plc financial statements, the firm had current assets of 6.642 billion, non-current assets of 16.521 billion, current liabilities...
-
Moje, Inc., manufactures travel locks. The budgeted selling price is $19 per lock, the variable cost is $8 per lock, and budgeted fixed costs are $15,000. Requirement 1. Prepare a flexible budget for...
-
Shamrock, Inc. purchases land for $ 372000 cash. The clinic assumes $ 4000 in property taxes due on the land. The title and attorney fees totaled $ 2000. The clinic had the land graded for $ 8000....
-
How do debits and credits remain equal when credit sales are posted twice (once to Accounts Receivable and once to the customer's subsidiary account)?
-
Why are sales discounts and sales returns and allowances recorded in contra revenue accounts instead of directly in the Sales account?
-
What steps should a lender go through in trying to resolve a problem loan situation?
-
Financial strength can be defined as the capacity to produce enough cash flows and earnings to pay creditors, investors, and other debts, as well as to cover expenses. Even though sales by themselves...
-
The RMS Titanic was the most technologically advanced liner in the world in the year 1912. At 11:40pm or Sunday, April 14 of that year, the Titanic struck an iceberg and sank in less than three...
-
1. A management consultant is hired by a manufacturing firm to determine the best site for its next production facility. The consultant has had several meetings with the company's senior executives...
-
The figure below shows that a pump is used to transfer water from a reservoir at ground level to a storage take that is elevated. The pump is located 10 ft above the water surface of the reservoir...
-
P6-3 (Algo) Comparing and Contrasting the Effects of Inventory Costing Methods on Financial Statement Elements LO6-2, 6-3 Neverstop Corporation sells item A as part of its product line. Information...
-
A partnership begins its first year of operations with the following capital balances: Winston, Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . $110,000 Durham, Capital . . . . . . . ....
-
State whether each statement is true or false. If false, give a reason. {purple, green, yellow} = {green, pink, yellow}
-
Spencer Co. has a $360 petty cash fund. At the end of the first month the accumulated receipts represent $59 for delivery expenses, $191 for merchandise inventory, and $28 for miscellaneous expense....
-
A July sales forecast projects that 10,000 units are going to be sold at a price of $11.50 per unit. Management forecasts 4% growth in sales each month. Total August sales are anticipated to be:...
-
What provides the user with the highest level of assurance that the financial statements are free from material misstatement and/or that the financial statements do not require a material...
Study smarter with the SolutionInn App