The journal entry would be to debit the Sales allowance account and credit the merchandise account. This is because the sales allowance is an expense for the merchandiser so it will be debited and the person he is selling the merchandise to will be credited as the rule states to credit the receiver. These rules will be according to the golden rules of accounts.
So the journal entry will be Sales allowance a/c Dr.
To Merchandise a/c.
A perpetual inventory system is a computerized system to record inventory immediately. It is an automatic system and happens at the point of sale. By this method, the seller is able to keep aware of his inventory information immediately. This system uses computerized point-of-sale systems and enterprise asset management software.
This type of perpetual inventory system is usually used by grocers to keep an account of their goods. This makes their work much more efficient and easy.
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The revenue recognition principle states that companies typically record <u>revenue in the period in which they provide goods and services to the customers</u>.
The revenue recognition principle approach that agencies' sales are diagnosed while the product or service is taken into consideration and introduced to the customer — now not when the cash is acquired
The revenue recognition precept states that sales should be recognized and recorded while it is realized or realizable and when they are miles earned. In different phrases, groups shouldn't wait till sales are really accrued to document it in their books. revenue needs to be recorded when the business has earned the revenue.
According to usually accepted accounting principles, for a company to document revenue on its books, there needs to be a vital occasion to signal a transaction, including the sale of products, or a contracted mission, and there needs to be a fee for the products or services that matches the said price or agreed-upon fee.
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A, the money supply (how much currency in a country's economy at a time) is going to decrease by $4500! A required reserve ratio is basically a sort of rule that the government sets that says how much of a person's deposits must be set towards reserves.
Answer:
ur mom ur dad and........STEP BRO
Explanation:
It is a summary of debit and credit balances which are extracted from various ledger accounts.
It is a summary of debit and credit balances.
The motive behind the preparation of Trial balance is to establish arithmetical accuracy of the transactions recorded in the Books of Accounts.
Answer:
Answer option B) selling an item at a competitive sale price.
Explanation:
Is the correct answer.
