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
kondaur [170]
2 years ago
6

Each time a sale is​ recorded, two journal entries are also recorded to account for estimated sales returns.

Business
1 answer:
Lemur [1.5K]2 years ago
4 0

Answer:

The given statement is False

Explanation:

The sale is recorded at the time when the company sells is products and services to the customer and for that the journal entry is to be passed

Now if there is a return of goods that are sold by the company to the customers, the journal entry is to be recorded for sales returns

So the entry is recorded for that good only i.e. return

Therefore there is no need to record two entries

Hence, the given statement is false

You might be interested in
What are the indicators are used to carry out capital budgeting for different ventures of a company.
Kryger [21]

Answer:

The answer is below

Explanation:

The indicators that are used to carry out capital budgeting for different ventures of a company are:

1. Profitability of the project

2. Profitability for equity investors

3. Financial sustainability of the project

These essential indicators assist the firms to evaluate a future project's lifetime cash inflows and outflows to know whether the probable returns would be yielded and satisfy an adequate target goal.

4 0
3 years ago
What is the target of SEO service?
Fiesta28 [93]
Increase its visibility in search results on search engines
5 0
3 years ago
Unemployment that occurs when worker's skills do not match the jobs that are available.
liberstina [14]

Answer:

b. structural unemployment

5 0
1 year ago
What are the cons of using new residential sales/new home sales as a economic indicator?
rodikova [14]

Answer:

New home sales and existing home sales are released each month at about the same time. Many comparisons are made between the two series, but before doing any comparisons, one must be aware of some definition differences that affect the timing of the statistics.

The Census Bureau collects new home sales based upon the following definition: "A sale of the new house occurs with the signing of a sales contract or the acceptance of a deposit." The house can be in any stage of construction: not yet started, under construction, or already completed. Typically about 25% of the houses are sold at the time of completion. The remaining 75% are evenly split between those not yet started and those under construction.

Existing home sales data are provided by the National Association of Realtors®. According to them, "the majority of transactions are reported when the sales contract is closed." Most transactions usually involve a mortgage which takes 30-60 days to close. Therefore an existing home sale (closing) most likely involves a sales contract that was signed a month or two prior.

Given the difference in definition, new home sales usually lead existing home sales regarding changes in the residential sales market by a month or two. For example, an existing home sale in January, was probably signed 30 to 45 days earlier which would have been in November or December. This is based on the usual time it takes to obtain and close a mortgage.

Effective with January 2005, the National Association of Realtors created a new monthly series to overcome the lagging effect of the existing home sales definition. This new series is called Pending Home Sales and is based on sales of existing homes where the contract has been signed but the transaction has not been closed, making it roughly equivalent to the new home sales definition. Monthly estimates are expressed as an index where the year 2001 has been set to equal 100.0.

Explanation:

8 0
2 years ago
5. Destiny is asked if she wants to open a Macy's credit card on the spot when she is checking out.
Zielflug [23.3K]
B because is B I now it is
5 0
2 years ago
Other questions:
  • AABC Uniforms currently buys uniforms and customizes them for specific teams. The uniform manufacturer is hard to deal with and
    13·1 answer
  • Which of these describes installment loans
    15·2 answers
  • How is the installment sale of an entire business reported on the tax return?
    11·1 answer
  • What is 25 x 5? please help i cant do?
    7·1 answer
  • Annual manufacturing cost data (1000s) for four product lines are as follows:
    9·1 answer
  • Selected transactions from the journal of Larkspur, Inc., are presented below. Date Account Titles and Explanation Debit Credit
    15·1 answer
  • The Polaris Company uses a job-order costing system. The following data relate to October, the first month of the company’s fisc
    9·1 answer
  • The primary objective of expense recognition is to Promote comparability between financial statements of different periods. Prov
    10·1 answer
  • Natural resources occur in the environment.
    7·1 answer
  • Classify the type of data analytics ​(descriptive, diagnostic,​ predictive, prescriptive, or adaptive and​ autonomous) being use
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!