INSTRUCTIONS: Complete the following statements by witng the appropn ate Wordl ur Answers sales 0. 1-3. Merchandise sales are usually identified in the ledger as A return of $1,200 has been recorded on a sales invoice for $20,000 terms 1/10, n/30, which is paid within the discount period. 1 The amount of the discount is 2. The title of the account in which the discount is recorded by the seller is. 3. The discount is recorded by the seller as a (debit or credit).. a )LS 4-6. A purchase invoice for $15,500, terms 2/10, n/30, FOB shipping point, is paid within the discount period. Transportation costs of $700 have been prepaid by the seller. The perpetual inventory system is used 4. The amount of the discount is... 5. The title of the account in which the transportation costs are recorded by Tansaahon the purchaser is. 6. The total amount the buyer owes the seller assuming payment will not be paid in the discount period is.... 7. Sales tax charged on a sale is credited to 8. The ratio that measures a company's efficient use of accounts receivable in relation to sales is. If ownership (litle) to merchandise passes to the buyer when 9. merchandise is delivered to the buyer, the shipping terms are .s Y 10. The inventory system where both sales and cost of merchandise sold Per are recorded for each item sold is called the INSTRUCTIONS: Complete the following statements by witng the appropn ate Wordl ur Answers sales 0. 1-3. Merchandise sales are usually identified in the ledger as A return of $1,200 has been recorded on a sales invoice for $20,000 terms 1/10, n/30, which is paid within the discount period. 1 The amount of the discount is 2. The title of the account in which the discount is recorded by the seller is. 3. The discount is recorded by the seller as a (debit or credit).. a )LS 4-6. A purchase invoice for $15,500, terms 2/10, n/30, FOB shipping point, is paid within the discount period. Transportation costs of $700 have been prepaid by the seller. The perpetual inventory system is used 4. The amount of the discount is... 5. The title of the account in which the transportation costs are recorded by Tansaahon the purchaser is. 6. The total amount the buyer owes the seller assuming payment will not be paid in the discount period is.... 7. Sales tax charged on a sale is credited to 8. The ratio that measures a company's efficient use of accounts receivable in relation to sales is. If ownership (litle) to merchandise passes to the buyer when 9. merchandise is delivered to the buyer, the shipping terms are .s Y 10. The inventory system where both sales and cost of merchandise sold Per are recorded for each item sold is called the
