True or False. The sale is recorded at the gross amount of the sale, and the...
True or False. The sale is recorded at the gross amount of the sale, and the cash or receivable is recorded at the net amount the company will receive.
please explain.
Homework Answers
Answer : True
Gross sales are the amount recorded at transaction It includes all the Deduction from the sales ( sales return, sales allowances ,sales discounts ect). sales are recorded at the Gross amount of sales. But total Gross amount of sales is not received during the receipts.
Cash received or receivable collected after all deduction only recorded after receiveng the amount.
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True or False. The sale is recorded at the gross amount of the
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When a sale occurs and a company is using the gross method of recording sales discounts,...
When a sale occurs and a company is using the gross method of recording sales discounts, the sales voice (with credit terms granting a discount for early payment) will be recorded at the O a seller's cost of the merchandise. O b. gross amount of the invoice O c. amount of the discount. O d. net amount of the invoice after the discount
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Part A. True/False Determine whether each statement below is True (T) or False (F). Your answers...
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When a sale occurs and a company is using the gross method of recording sales discounts, the sales voice (with credit terms granting a discount for early payment) will be recorded at the O a seller's cost of the merchandise. O b. gross amount of the invoice O c. amount of the discount. O d. net amount of the invoice after the discount
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