[Solved] Why must transactions related to sales re

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 21, 2024

Why must transactions related to sales returns and sales allowances be posted twice? That is , posted not only to the G / L account

Why must transactions related to sales returns and sales allowances be posted twice? That is

,

posted not only to the G

/

L account Accounts Receivable, but also to the individual customer accounts in the A

/

R Subsidiary Ledger?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Using Microcomputers In Managerial Accounting

Authors: George Hildebrand

1st Edition

ISBN: 0938188275, 978-0938188278

More Books

Students also viewed these Accounting questions

Question

★★★★★

Suppose a certain mechanical component produced by a company has a width that is normally distributed with a mean = 2600 and a standard deviation = 0.6. (a) What proportion of the components have a...

Answered: 1 week ago

Question

★★★★★

Part 2 of 6 eted the following periodic inventory transactions for a line of merchandise inventory: dions. ) More info Jun. 1 Beginning merchandise inventory Jun. 1 2 Purchase Jun. 2 0 Sale Jun. 2 4...

Answered: 1 week ago

Question

★★★★★

Deanna wants to save $3500 in two years by depositing $420 every three months into a savings account. What nominal rate of interest compounded annually do her savings have to earn?

Answered: 1 week ago

Question

★★★★★

KFS has two divisions. Both have current sales of $1,000, current expected growth of 5%, and a WACC of 10%. Division A has high profitability (OP = 6%) but high capital requirements (CR = 78%)....

Answered: 1 week ago

Question

★★★★★

Why must transactions related to sales returns and sales allowances be posted twice? That is , posted not only to the G / L account Accounts Receivable, but also to the individual customer accounts...

Answered: 1 week ago

Question

★★★★★

Imagine you are the Director of Self Driving Car initiative at Uber. There has been a push back about this initiative both internally from the Uber Drivers and externally from general people who...

Answered: 1 week ago

Question

★★★★★

As CIO of BellyBig, a new chain of fast - food restaurants, you are responsible for setting up the information systems infrastructure. Brefly outline your vision for all the components of this...

Answered: 1 week ago

Question

★★★★★

Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $50,000, the bad debt expense account had a balance of $0, and the allowance for...

Answered: 1 week ago

Question

★★★★★

explore how to reduce employee turnover, absenteeism and the cost turnover has on corporate profits. In the process of researching this topic, look into numerous ways companies have tried to improve...

Answered: 1 week ago

Question

★★★★★

CA3-AUDITING a) Describe the factors you as auditor should considered and the procedures should bee performed prior to acceptance as auditor (10 marks) b) A good system of internal control consists...

Answered: 1 week ago

Question

★★★★★

Can I get some help with these questions A glass is tapered so that it is narrower at the top than at the bottom. The glass is filled using a hose with a constant flow rate of 4 ml per second. Cross-...

Answered: 1 week ago

Question

★★★★★

9. Describe the characteristics of power.

Answered: 1 week ago

Question

★★★★★

5. The month of Ramadan, a month of fasting for Muslims, ends with which holiday? a. Eid ul-Fitr b. Allahu Akbar c. Takbir d. Abu Bakr

Answered: 1 week ago

Question

★★★★★

2. What is the name of the dish that features black-eyed peas and rice (although sometimes collards, ham hocks, stewed tomatoes, or other items) and is served in the South, especially on New Years...

Answered: 1 week ago

Previous Question Next Question