You are the bookkeeper at a small merchandising firm. You are comparing the income statements from the last three years. You notice that the Purchases Returns and Allowances account ( as a percentage of net sales) has been increasing at an alarming rate. If you were a manager, to whom would you speak in the organization to help you understand why so much merchandise is being returned? What types of questions would you ask?
Answer to relevant QuestionsTO: Accounting Clerk DATE: April 1, 20— FROM: Senior Accountant SUBJECT: Errors in trial balance Following is a trial balance prepared just before you were hired. Two accounts are missing, and the amount for Sales is off. ...An electronics business purchased speakers for resale. The total of the invoice is $ 2,580, and it is subject to trade discounts of 15 percent, 10 percent, and 5 percent. Compute the amount the dealer will pay for the ...Indicate the journal in which each of the following transactions should be recorded. Assume a three-column purchasesjournal.The following transactions were completed by Yang Restaurant Equipment during January, the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the ...Explain what is meant by unearned revenue. Why it is treated as a liability?
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