Review 1. What is the difference between the journal entries for when the buve pays for...

Review 1. What is the difference between the journal entries for when the buve pays for shipping and when the seller pays for shipping?

2. What is the difference between the journal entries for when the buyer takes advantage of a discount and when the seller grants a discount?

3. What account should the buyer focus on to determine a the amount of a potential discount when paying an invoice? 4. What account should the seller focus on to determine a potential sales discount when receiving payment from a customer?

5. What is the differene between a sales return and a sales allowance?

Expert Solution

PLEASE LIKE THE ANSWER IF YOU FIND IT HELPFUL OR YOU CAN COMMENT IF YOU NEED CLARITY / EXPLANATION ON ANY POINT.

ekkarill92 answered 2 years ago

Journal Entries (Note Received, Renewed, and Collected) 1. Prepare general journal entries for the transactions. When...

Journal Entries (Note Received, Renewed, and Collected) 1. Prepare general journal entries for the transactions. When required, enter amounts to the nearest cent. If an amount box does not require an entry, leave it blank. Jan. 16 Received a 30-day, 9% note in payment for merchandise sale of $19,700. Feb. 15 Received $150 (interest) on the old (January 16) note; the old note is renewed for 30 days at 11%. Mar. 17 Received principal and interest on the new (February...

Please briefly explain us: 1) the difference between the journal and the ledger, and 2) when...

Please briefly explain us: 1) the difference between the journal and the ledger, and 2) when accounts should be debited, and when they should be credited.

ALABAMA CORPORATION Goals and Objectives Review of basic terminology Review basic accounting and journal entries to...

ALABAMA CORPORATION Goals and Objectives Review of basic terminology Review basic accounting and journal entries to reflect the flow of costs Review preparation of income statement and supporting schedules for manufacturer given end-of-year information The company manufactures a single product, cleverly named Product X. The following information is available for the calendar year 2018 just completed, during which they produced and sold 200,000 units. Sales for the year was $2,400,000. During the year, the company paid a sales commission of...

Discuss the difference between journal entries and adjustments? How do you know which process to use...

Discuss the difference between journal entries and adjustments? How do you know which process to use and why?

What is the difference between an audit, a review and a compilation? What type of assurance...

What is the difference between an audit, a review and a compilation? What type of assurance does the auditor provide for each? Also, give the resources. The course is auditing

What are the entries when a customer pays off their old accounts receivable balance that was...

What are the entries when a customer pays off their old accounts receivable balance that was already written off?

1. 6.3 Review the following transactions for Birdy Birdhouses and record any required journal entries. Sep....

1. 6.3 Review the following transactions for Birdy Birdhouses and record any required journal entries. Sep. 6 Birdy Birdhouses purchases 55 birdhouses at $40 each with cash. Sep. 8 Birdy Birdhouses purchases 80 birdhouses at $45 each on credit. Terms of the purchase are 2/10, n/30, invoice date September 8. Sep. 10 Birdy discovers 10 of the birdhouses are damaged from the Sept 6 purchase and returns them to the supplier for a full refund. Birdy also discovers that 10...

Question