Home / Questions / If a debit memorandum is issued, the buyer will reduce their accounts receivable. 63) The
If a debit memorandum is issued, the buyer will reduce their accounts receivable.
63) The account Freight-In accumulates the shipping costs to the buyer.
64) When the terms are F.O.B. shipping point, the purchaser is responsible for the cost of shipping from the seller's shipping point to the purchaser's location.
65) Shipping costs are sometimes prepaid by the seller and the cost is added to the sales invoice.
66) The receiving report is prepared when the goods are received after the shipment has been inspected.
67) The seller issues a debit memorandum when granting a reduction in price to a customer.
68) Purchases Discounts and Freight-In are both contra cost accounts with a credit balance.
69) The buyer issues a debit memorandum to indicate that a previous purchase amount is being reduced because goods were returned or an allowance was requested.
70) Trade discounts and purchase discounts are given to the purchaser from the supplier for early payment on account.
71) The accounts payable column total is posted to the accounts payable general ledger account at the end of the month.
72) The accounts payable subsidiary ledger is organized in chronological order.
Dec 06 2019 View more View Less
OMBS society is planning to conduct a panel discussion on the job opportunities for college of economic graduates in the year 2021 and the impact of COVID pandemic on jo...
Apr 06 2021Suppose velocity and output are constant, both the quantity theory and Fisher effect hold. If the nominal interest rate is 6% and inflation is 2.5%, thena. the real inter...
Jul 05 2021A system consists of two objects having masses ml and m2 (ml connected by a massless string, hung over a pulley as shown, and then released. When the object of mass m2 ...
Jun 21 2020Read the argument below and determine the underlying reasoning that was used to come to the conclusion presented: If an individual wants to buy a new toy they have to get...
Aug 21 2020A lithium salt used in lubricating grease has the formula LiCnH2n + 1O2. The salt is soluble in water to the extent of 0.036 g per 100 g of water at 25 °C. The osmotic pr...
Aug 22 2021Today, the prevailing market interest rates for nearly a decade have been abnormally low. As a CEO of a clothing manufacturing firm, located in the United State, would yo...
Aug 27 2020IIlustrate the relationship between the size and shape of a distribution warehouse and the materials handling system. Why do some warehouses have square design while othe...
Mar 27 2020Capital Structure AnalysisThe Rivoli Company has no debt outstanding, and its financial position is given by the following data:Assets (Market value = book value) $3,000,...
Jul 11 2021You must evaluate a proposal to buy a new milling machine. The base price is $199,000, and shipping and installation costs would add another $15,000. The machine falls in...
Aug 16 2020The Ace Manufacturing Company has orders for three similar products: Orders Product (units) A 2000 B 500 C 1200 Three machines are available for the manufacturing operati...
Aug 05 2020