Sales is a revenue account. O True False The time frame when customers are allowed to...
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Sales is a revenue account. O True False The time frame when customers are allowed to pay their bills and still be eligible for a discount is the: OA. discount period. OB. credit period. OC. short period. OD. allowance period. B&B Lumber reports gross sales of $120,000. If sales returns and allowances are $11,000 and sales discounts are $2,500, what are the net sales? A. $109,000 OB. $111,500 OC. $122,500 OD. $106,500 Sales discounts are NOT taken on which of the following? OA. Freight OB. Merchandise returned OC. Sales Tax OD. Sales Discounts are not taken on any of the above. Sales is a revenue account. O True False The time frame when customers are allowed to pay their bills and still be eligible for a discount is the: OA. discount period. OB. credit period. OC. short period. OD. allowance period. B&B Lumber reports gross sales of $120,000. If sales returns and allowances are $11,000 and sales discounts are $2,500, what are the net sales? A. $109,000 OB. $111,500 OC. $122,500 OD. $106,500 Sales discounts are NOT taken on which of the following? OA. Freight OB. Merchandise returned OC. Sales Tax OD. Sales Discounts are not taken on any of the above.
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Related Book For
Interpreting and Analyzing Financial Statements
ISBN: 978-0132746243
6th edition
Authors: Karen P. Schoenebeck, Mark P. Holtzman
Posted Date:
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