1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
Ms. Crocker bought 1,000 shares of EMO Corporation stock for $10,000 on January 20, 2017. On December 28, 2018 she sold all 1,00
Ede4ka [16]

Answer:

The answer is: Ms. Crocker LTCL is $0 and her basis for her 1,000 shares purchased in 2020 is $8,000

Explanation:

Ms. Crocker initially bought 1,000 stocks at $10,000, then she sold her stock at $9,000 losing $1,000. Then she again bought the same stock for $7,000. She can offset her initial loss ($1,000) and instead add it to the value of the stock purchased later. So instead of having 1,000 shares with a $7,000 value, she can value her stock at $8,000.

4 0
2 years ago
A small group characterized by intimate, long-term, face-to-face association and cooperation is a(n) __________. primary group r
uysha [10]

Answer:

The correct answer is letter "A": primary group.

Explanation:

Primary groups are the basis of societies. They are small groups of people in which their members come into direct contact. Primary groups are represented by families that where individuals learn how to be appreciated and loved. Primary group members share enduring relationships.

8 0
3 years ago
7. Social and emotional development can include using A. television viewing. B. flashcards. C. tablet apps. D. games.
Romashka-Z-Leto [24]
A. television viewing
7 0
2 years ago
Read 2 more answers
Giving consumers larger quantities at a low price would help taco bell regain _____.
lisov135 [29]
The answer that best fits the blank provided above is this: A COMPETITIVE ADVANTAGE. When we say competitive advantage, this is when this fast food restaurant gains that position that is ahead of the rest. This is because of their low prices for larger quantities. Hope this helps.
4 0
3 years ago
How prevalent is plagiarism on college campuses?
Tatiana [17]
Usually it isn't done much, because of the penalty of bad grades, and because frankly, the professors have seen it before, and therefore, only the boldest would consider it.
3 0
3 years ago
Other questions:
  • A toothpaste manufacturer that bands two products together, selling two for the price of one, is using which type of consumer pr
    6·1 answer
  • A company can test market a product in order to evaluate decisions about e.g, pricing and advertising. In order get reliable inf
    7·2 answers
  • Government forms created by the Federal Reserve must be approved by the Office of the Comptroller of the Currency
    14·2 answers
  • __________ refers to exploiting a distinctive competence or improving internal efficiency for competitive advantage.
    9·1 answer
  • A grapefruit farmer in central Florida is trying to decide whether to take protective action to limit damage to his crop in the
    11·1 answer
  • When you apply for credit, the lender will review the "Four C's" to decide whether you are a good credit risk, or in other words
    7·1 answer
  • At the end of the accounting period on December 31, 2022, Rose Industries records wages payable of $42,500. For the same account
    12·1 answer
  • Gross income minus any adjustments, deductions, and exemptions is known as___. A.adjusted gross income. B.federal income. C.gros
    12·2 answers
  • The CFO of Gabe Corp. suspects that an employee has been stealing cash from the company. The employee is responsible for receivi
    12·1 answer
  • On January 1, 2021, Legion Company sold $290,000 of 6% ten-year bonds. Interest is payable semiannually on June 30 and December
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!