Accounting Questions
Can u please help me to get the answers to these questions?
0. The form of balance sheet with assets, liabilities, and owner's equity
Listed in a downward sequence is referred to as the
1. The bill that the seller sends to the buyer listing the terms of the sale
Is called the
2. The merchandise accounting system in which the amount of
Inventory on hand can always be determined is called the
3. The merchandise accounting system in which the cost of the
Merchandise sold is determined at the end of the accounting period
Is called the
4. If the purchaser is to assume the cost of delivering the goods, the
Terms of the sale are stated as FOB
5. If the seller is to assume the cost of delivering the goods, the terms
Of sale are stated as FOB
6-8. A sales invoice for $8,000, terms 2/10, n/30, FOB shipping point, is
Paid within the discount period. The seller has prepaid transportation costs of $500. Purchases of $200 are returned to the seller.
6. The amount of the sales discount is
7. The title of the account in which the discount is recorded by the
Seller is
8. The amount of cash received from the customer is
9. Gross profit is the difference between sales and
10. If ownership (title) to merchandise passes to the buyer when
Merchandise is delivered to the freight carrier, the shipping terms are
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