Homework Answers
Ans 01 : Advantages and Disadvantages of accepting Credit Card Payments from customers:
Advantages of credit card payments
- Instant receive of revenue in bank account or mostly next working days. So chances of credit and cost related to credit reduced.
- Better MIS - Payment gateway providers provide MIS of daily payments help to track sales.
Disadvantages : High transaction cost when accepting payments through credit card network.
Ans 02 :
How a Sales order different from a Sales Estimate :
Ans : Sales order is a binding legal contract between buyers and seller. Here seller bound to provide product/services as per the order up on receipt of payment as per term. In short sales order binds buyers and seller having details about product quality, quatity, price and delivery details.
Ans 03 :
Why do some companies require customer to pay a deposit when purchasing on account :
Ans :
- Upfront payment require by customer when end product is quite costly (High Value product)
- End product require high amount of customization. So if the customer do not take any delivery will be no use for manufacturer/seller.
- Customer is having bad credit review in market.
- New customer relation - customer is not known to supplier.
04. How to record items received from a purchase order if the purchase invoice has not yet been received.
This is an example of accrued accounts liabilities. Accrued accounts liabilities are products or services already received but billings not done yet.
To make an entry we have to create another books Accrued Liability Account . When we receive any such product without bill will credit in that account.
| Debit | Credit | |
| Expense Account | Yes | |
| Accrued Liability Account | Yes |
When payment done will debit from Accrued Liability Account.
| Debit | Credit | |
| Cash Account | Yes | |
| Accrued Liability Account | Yes |
Add Answer to:
Chapter 7 SHORT ANSWER REVIEW QUESTIONS 1. What are the advantages and disadvantages of accepting credit...
Kate would like you to answer the following questions: 1. What are the advantages and disadvantages...
Kate would like you to answer the following questions: 1. What are the advantages and disadvantages of offering credit? 2. What precautions should she take before offering credit to people like John? 3. If Kate grants credit to John, the terms will be 2/10, 1/30. Assuming the payment is made during the 10-day discount period, what would be the journal entry to record the sale and then the subsequent payment? 4. If instead of paying early, John pays in 25...
20) The Customers List contains information about: A) Customer addresses, contacts and phone numbers B) The...
20) The Customers List contains information about: A) Customer addresses, contacts and phone numbers B) The quantity of non-inventory parts on hand C) Vendors from whom the company buys products and services D) The credit rating of the vendors Wrede viCES 25) To record receiving a bill for services to be paid at a later time, use the following: A) Invoice > Enter Bills > Pay Bills B) Purchase Order > Receive Payment > Deposit C) Invoice > Receive Payment...
Please Help me with homework QUESTION 11 Vendor reports can be accessed in QuickBooks in all...
Please Help me with homework QUESTION 11 Vendor reports can be accessed in QuickBooks in all of the following ways except: Reports Center Vendors Center Reports Menu All of the choices are correct QUESTION 12 Which one of the following activities is not shown in the Vendors section of the Home page? Write Checks Pay Sales Taxes Pay Bills Purchase Orders QUESTION 13 Sales taxes are: Charged on sales to other retailers Charged on retail sales to customers Paid by...
For your fictitious healthcare service, 3. March 1, 2019: You purchase $100,000 of supplies on credit...
For your fictitious healthcare service, 3. March 1, 2019: You purchase $100,000 of supplies on credit for use in caring for your patients.5. May 1, 2019 through December 31, 2019: You begin accepting your first patients. You provide $300,000 in healthcare services for each month through the end of the calendar year. You invoice your patients' health insurance companies on the last day of each month. 6. May 1, 2019 through December 31, 2019: You use $30,000 in supplies to...
Review the following description of the purchasing and AP procedures for a company and answer the...
Review the following description of the purchasing and AP procedures for a company and answer the questions at the end. The purchasing agent receives an inventory status report on his computer terminal from the inventory control application, which identifies the items that need to be reordered. The agent selects the suppliers and enters this information into the computer terminal to create a digital purchase order. He then prints and sends a copy of the PO to the supplier. When the...
Please check the image and answer the following questions Financial Statements: Personal Chapter 1 AP-20A (0)...
Please check the image and answer the following
questions
Financial Statements: Personal Chapter 1 AP-20A (0) State how the following transactions would afect net worth (increase, decrease, no cha Effect on Net Worth Transaction Borrow cash. Pay entertainment expense with cash Pay food expense with cash Buy assets with cash. Charge home repairs expense on credit card. Pay insurance expense with cash. Pay loan principal with cash. Purchase assets on account. Receive salary Pay rent expense with cash. AP-21 A...
Accounting questions A) Cash os coating 53.000 or 55.000 with Using perpetual inventory, the entry to record a credit s...
Accounting questions
A) Cash os coating 53.000 or 55.000 with Using perpetual inventory, the entry to record a credit sale of S5000 Sales Revenue Inventory Cost of Goods Sold S3,000 B) Cash Service Revenue C) Accounts Receivable S5,000 $3.000 $5,000 $3.000 $3,000 D) Service Revenue S5,000 Accounts Receivable S5,000 Sales Revenue Cost of Goods Sold S3,000 Inventory $3,000 $5,000 29. Waggy Company identi Indicate whether each item should each item should be included or excluded from the inventory taking ems...
Question 1 Multiple-Choice Questions (5 marks) 1. When customer records are set up in MYOB to...
Question 1 Multiple-Choice Questions (5 marks) 1. When customer records are set up in MYOB to track accounts receivable, collections received from customers can be recorded via: 1. 2. 3. 4. General Journal entry "Receive Money" in the Banking command centre "Receive Payments" in the Sales command centre All of these options 2. Which of the following documents in MYOB should be used to record a purchase on the business credit card? 1. 2. 3. 4. Purchases - Enter Purchases...
On January 1, 2018, the general ledger of Freedom Fireworks includes the following account balances: Credit...
On January 1, 2018, the general ledger of Freedom Fireworks includes the following account balances: Credit Debit $ 103, 100 37,800 153,900 86,300 139,000 Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Bonds Payable Discount on Bonds Payable Common Stock Retained Earnings Totals $ 3,700 11,500 38,600 139,000 31,900 219,000 140,200 $552,000 $552,000 During January 2018, the following transactions occur: January 1 Borrow $119,000 from Captive Credit Corporation. The installment note bears interest...
L. (10 Points) Match each of the following terms with the appropriate definitions. A. Principles of...
L. (10 Points) Match each of the following terms with the appropriate definitions. A. Principles of internal control B. Cash Over and Short C. Net method D. Voucher system E. Bank reconciliation F. Liquidity G. Receiving report H. Days' sales uncollectecd I. Purchase order J. Gross method 1. 2. 3. A report explaining any differences between the checking account balance according to the depositor's records and the balance reported on the bank statement. A set of procedures and approvals designed...
Kate would like you to answer the following questions: 1. What are the advantages and disadvantages of offering credit? 2. What precautions should she take before offering credit to people like John? 3. If Kate grants credit to John, the terms will be 2/10, 1/30. Assuming the payment is made during the 10-day discount period, what would be the journal entry to record the sale and then the subsequent payment? 4. If instead of paying early, John pays in 25...
20) The Customers List contains information about: A) Customer addresses, contacts and phone numbers B) The quantity of non-inventory parts on hand C) Vendors from whom the company buys products and services D) The credit rating of the vendors Wrede viCES 25) To record receiving a bill for services to be paid at a later time, use the following: A) Invoice > Enter Bills > Pay Bills B) Purchase Order > Receive Payment > Deposit C) Invoice > Receive Payment...
Please check the image and answer the following
questions
Financial Statements: Personal Chapter 1 AP-20A (0) State how the following transactions would afect net worth (increase, decrease, no cha Effect on Net Worth Transaction Borrow cash. Pay entertainment expense with cash Pay food expense with cash Buy assets with cash. Charge home repairs expense on credit card. Pay insurance expense with cash. Pay loan principal with cash. Purchase assets on account. Receive salary Pay rent expense with cash. AP-21 A...
Accounting questions
A) Cash os coating 53.000 or 55.000 with Using perpetual inventory, the entry to record a credit sale of S5000 Sales Revenue Inventory Cost of Goods Sold S3,000 B) Cash Service Revenue C) Accounts Receivable S5,000 $3.000 $5,000 $3.000 $3,000 D) Service Revenue S5,000 Accounts Receivable S5,000 Sales Revenue Cost of Goods Sold S3,000 Inventory $3,000 $5,000 29. Waggy Company identi Indicate whether each item should each item should be included or excluded from the inventory taking ems...
Question 1 Multiple-Choice Questions (5 marks) 1. When customer records are set up in MYOB to track accounts receivable, collections received from customers can be recorded via: 1. 2. 3. 4. General Journal entry "Receive Money" in the Banking command centre "Receive Payments" in the Sales command centre All of these options 2. Which of the following documents in MYOB should be used to record a purchase on the business credit card? 1. 2. 3. 4. Purchases - Enter Purchases...
On January 1, 2018, the general ledger of Freedom Fireworks includes the following account balances: Credit Debit $ 103, 100 37,800 153,900 86,300 139,000 Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Bonds Payable Discount on Bonds Payable Common Stock Retained Earnings Totals $ 3,700 11,500 38,600 139,000 31,900 219,000 140,200 $552,000 $552,000 During January 2018, the following transactions occur: January 1 Borrow $119,000 from Captive Credit Corporation. The installment note bears interest...
L. (10 Points) Match each of the following terms with the appropriate definitions. A. Principles of internal control B. Cash Over and Short C. Net method D. Voucher system E. Bank reconciliation F. Liquidity G. Receiving report H. Days' sales uncollectecd I. Purchase order J. Gross method 1. 2. 3. A report explaining any differences between the checking account balance according to the depositor's records and the balance reported on the bank statement. A set of procedures and approvals designed...
Most questions answered within 3 hours.
-
Which of the following pairs of ions have the same electron
configuration?
I: Br− and Se2−...
asked 36 minutes ago -
The Foremost Composite Materials Company is planning a two-day
sales conference for October 19-20. The conference...
asked 59 minutes ago -
3) Illustrate the observed pattern of relatedness of organisms
versus adaptations to specific conditions. This means...
asked 1 hour ago -
In winter a lake has a 0.35 m thick ice layer over 1.10 m of
water....
asked 2 hours ago -
Assuming the following has been encrypted with a Vigenere cipher
below, use the method(s) and assumptions...
asked 2 hours ago -
How would I use switch statements to write a program that will
take an input of...
asked 2 hours ago -
Imagine a reaction in which methane gas combusts at a constant
pressure of 1 atm and...
asked 2 hours ago -
Two parallel wires (each 12 m in length) are separated by a
distance of 0.065 m...
asked 2 hours ago -
Suppose there were three masses at the corner of uniform
equilateral triangle. The masses are m1...
asked 2 hours ago -
Situation: A building that is 618 m above the ground floor. How
many times would a...
asked 2 hours ago -
help me and discuss one successful and one
unsuccessful international company/busines in Indonesia.whyit
succeed and why...
asked 2 hours ago -
I- Choose the best answer
Which of the following statements about the structure and
packaging of...
asked 2 hours ago