Carl Beers Enterprises manufactures and sells specialized electronic components to customers across the country. The tables in
Question:
Requirements
1. The Sales by Inventory Number records are listed by inventory item number. How is this useful? Why might this information also be useful if it were listed by invoice number instead of inventory number?
2. In the Sales by Invoice Number, invoice V-3 shows a sales amount of $16,000. What was the name of the customer that made this purchase? What specific inventory items did this customer purchase? How much did this customer pay for each item?
3. Customers can choose among one of three payment options:
(1) 5% discount if immediate cash payment,
(2) 2% discount off list amount if total invoice paid by the fifteenth day of the month following purchase, or
(3) Deferred payment plan, using six monthly payments. Which option does J. P. Carpenter appear to be using for invoice V-2?
4. Using just the information provided, what are the quarterly sales amounts for salespeople S-10, S-11, and S-12?
5. Assume that customers C-1 through C-5 began this quarter with net accounts receivable balances of zero. What are their balancesnow?
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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Core Concepts Of Accounting Information Systems
ISBN: 9780470507025
11th Edition
Authors: Nancy A. Bagranoff, Mark G. Simkin, Carolyn Strand Norman