What is the nature of (a) a credit memo issued by the seller of merchandise, (b)...

What is the nature of (a) a credit memo issued by the seller of merchandise, (b) a debit memo issued by the buyer of merchandise? Explain 150 words.

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ekkarill92 answered 2 years ago

What is the nature of (A) a credit memo issued by the seller of merchandise, (B)...

What is the nature of (A) a credit memo issued by the seller of merchandise, (B) a debit memo issued by the buyer of merchandise?

when the merchandise is sold on credit and the seller notifies the buyer of a price...

when the merchandise is sold on credit and the seller notifies the buyer of a price reduction, does the seller send a credit memo or a debit memo?

Journalize the following entries for the seller and the buyer: (a) Seller sold merchandise on account...

Journalize the following entries for the seller and the buyer: (a) Seller sold merchandise on account to the buyer, $4,750, terms 2/10, net 30, FOB destination on December 21. The cost of the merchandise is $2,850. The seller pays the freight of $75. (b) Buyer pays within the discount period on December 31.

1. What is the nature of buyer-seller relationships in a product’s supply chain 2. Describe the...

1. What is the nature of buyer-seller relationships in a product’s supply chain 2. Describe the decision journey organizational buyers follow in making purchase decisions and the resulting strategy implications for the business marketer

Fuentes Company Sold merchandise on account to Lowe Company, $1,350; terms 2/10, n/30. Issued a credit...

Fuentes Company Sold merchandise on account to Lowe Company, $1,350; terms 2/10, n/30. Issued a credit memo to Lowe Company for damaged merchandise, $100. Lowe Company paid the account in full within the discount period. GENERAL JOURNAL PAGE TRANSACTION DESCRIPTION POST. REF. DEBIT CREDIT (a) Sold merchandise to Lowe Company, terms 2/10, n/30. (b) Issued credit memo for return of merchandise. (c) Received payment in full. Lowe Company Purchased merchandise on account from Fuentes Company, $1,350; terms...

a. What is short-term credit, and what are the major sources of credit? b Is there...

a. What is short-term credit, and what are the major sources of credit? b Is there a cost to accrued liabilities? Fully explain your rationale. c. What control do the company's have over accrued liabilities? d. SPP is considering using secured short-term financing. What is a secured loan? What types of current assets can be used to secure the loans? e. What are the differences between pledging receivables and factoring receivables?

(a) What is "zeolite"? and what is the nature of its acidity? (b) By what kind...

(a) What is "zeolite"? and what is the nature of its acidity? (b) By what kind of experiments can one determine the zeolite has Brönsted or Lewis acidic sites?

What happens if a credit event triggers a CDS settlement assuming a cash settlement? The seller...

What happens if a credit event triggers a CDS settlement assuming a cash settlement? The seller of protection must provide the buyer of protection loans or bonds of the underlying credit. The seller of protection receives stock of the underlying reference entity, but is forced to pay the buyer of protection the strike price. The buyer of protection receives the difference between the full face value and current value of the reference entities obligations arrived at through an auction process....

A customer purchased merchandise for $400 which cost the seller $200. The customer was dissatisfied with...

A customer purchased merchandise for $400 which cost the seller $200. The customer was dissatisfied with some of the goods and thus returned $100 worth and received a cash refund. (a) What journal entries should the seller make when the merchandise is sold and at the time of the return? Assume that the seller uses a perpetual inventory system. (b) If the seller uses a periodic inventory system, what entries would be made?

5. A seller that pays delivery costs for merchandise sold: a. includes the delivery costs in...

5. A seller that pays delivery costs for merchandise sold: a. includes the delivery costs in cost of goods sold. b. allocates the delivery costs between cost of goods sold and ending inventory. c. adds the delivery costs to ending inventory. d. records the delivery costs as a selling expense. 6. If your company uses the periodic method, you record a sale by: a. crediting Sales, but do not make an entry in Inventory. b. crediting Sales and debiting COGS....

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