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Kamila [148]
3 years ago
14

The Sales Discounts Forfeited account ________. Select one: A. represents additional sales revenue B. is a contra Sales Revenue

account C. is a balance sheet account D. represents the discount lost when a customer does not pay within the discount period
Business
1 answer:
lina2011 [118]3 years ago
5 0

Answer:

D) represents the discount lost when a customer does not pay within the discount period

Explanation:

When a business uses the net method for accounting sales and purchases, they include all the possible discounts in the sales or purchases that they make. E.g. a store that sells $1,000 in merchandise and offers a 3% discount within 10 days (3/10, n/30) will record accounts receivable and sales revenue at $9,700 since it expects its customers to pay within the discount period.

Dr Accounts receivable 9,700

    Cr Sales revenue 9,700

But if the customers do not pay within the discount period, accounts receivables and sales revenue must be adjusted. The sales discounts forfeited account should be used to adjust both accounts by increasing sales revenue and at the same time debiting accounts receivable fro $300.

Dr Accounts receivable 300

    Cr Sales discounts forfeited 300

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6 0
3 years ago
In each diary kept by the owner/engineer's or contractor's personnel, entries should be made: A. to document every working day,
Sav [38]

According to the construction management principle, in each diary kept by the owner/engineer's or contractor's personnel, entries should be made "<u>to document every working day, whether any work is performed or not, or even if you did not go to the project site that day."</u>

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4 0
2 years ago
According to business analyst Scott Anthony, identifying opportunities requires understanding of:_________
Maurinko [17]

Answer:

the 5Cs of opportunity identication:

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2. Context

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4. Compensating behaviors

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1. Circumstance: Know the specific problems which your customers care about and how they get solutions to it.

2. Context: Know what the customer did in the past and work around it to present something realistic.

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8 0
3 years ago
You have an insurance plocy a 300 and a 500 deductible. How mich shol?uld you expect to pay the insurance company each month for
natita [175]
300/12 = 25
So you would pay 25 (/dollars) every month.




I hope it helped you!
8 0
3 years ago
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