if-a-customer-pays-with-a-credit-card-and-the-service-has-been-provided-which-of-the-following-accou

Question

If a customer pays with a credit card and the service has been provided, which of the following accounts will be used to record the sales entry for this transaction?
A. Cost of Goods Sold, Merchandise Inventory, Sales Revenue
B. Sales Revenue, Credit Card Expense, Accounts Receivable
C. Accounts Receivable, Merchandise Inventory, Credit Card Expense
D. Cost of Goods Sold, Credit Card Expense, Sales Revenue

Puneet Prajapati · Accepted Answer

Okay, So we will invest in, however, with an example. Okay, so let&#x27;s suppose there is mystery who is a businesswoman. Okay. And it is Mr G. Who is up? Estimate Mr. Okay, so Mr B. Is selling some goods. Okay. Off $100. Now, Mr. James impressed. Fist pressed about the customer. Mr. J said to Mr Okay, I will pay you for them two months time, okay? And that Wikipedia, which we actually sitting who had three months time depends on these two days and business to business basis. So this say it would be no last card itself because Mr J has taken delivery of goods on credit basis. Off course. Mr. J has to pay the amount Belinda allowed. However, we don&#x27;t. We will understand that. Let&#x27;s suppose after two months, Okay. After you, Bones, Mr. J. P. And their daughters by 20 times. Okay. So far. Still for him. As for the matching concept, Okay. Mr. Hagel required this sale in his books off the covers. That&#x27;s a supposed babies 1st January 2000 drinking. And this is home, Einstein. So be it. That 80,000. Okay, so that is a pose on first generally Mr David record this year. Okay. Records it by because still will be recording and delivery Abortion services have been provided, even if the payment will be issued in subsequent years. Our later years, however, but Mr Jamie B. Who missed any by then they will be three towers That first of all sale account has been affected. So it takes in okay after that beagle. So after recording off the same, the payment has not been made history on the on the first date set. So Mr A Will required Mr G as object, that Okay, so that there is a person from whom the business and Pretty will recover. Exe salomone. Okay, so technically, that would account in name off. G below is so effective. However, I believe in nose or most of us goes who have used that it got that there are maintaining expenses or having a credit card. Okay, that every banking complete charges, so they will be minutes expenses. He&#x27;s forbids four. Okay, so now we have identified Victoria House. However, understanding off this example is very, very crucial. I think the solution. Okay, so you can ride this example. Okay. On your notebooks for future difference, However, via defy number. Got a choice. Okay. And what is that? That choice be so Joyce, being matches without a solution. So that&#x27;s all part of a solution.

Puneet Prajapati · Answer

Okay, so we will understand the meaning. Rated save forward by that revealing this dandy. Do you get expects? Okay, so Italy first. Who? The transaction involving movement off goods and services. Oh, where? But the payment will be made That leader or in due time. Okay, so we have return the technical definition that it refers to movement off books. However, we will understand this to an example, so but you can reflect the definition for future different sorts. Okay, so So that is why I usually write the definition first, then example of us now. Alexis Opponent dated mystery always up is this order. And it is Mr is there. Okay, now what happens then? Mr. E Supplies and emergency services. Okay. Glad to support $1000. No. What happens, Mr Say Mr. Z or Mr Sex Sector Mystery that I will be. But then one money. Okay. The payment will not be made immediately, so back becomes the instead. Software did see Okay. Say long pregnant basis. Know what happens to regard that connection? They will be do items, defector. Okay, First of all, Decker&#x27;s no who are the victors because on the what sins From whom the amount of dissident. So as in the current keys, Mr Z Visa Decker for Mr Okay. So you can write on your books. However, I will also make a decision. Okay, so Mr said, Well, we&#x27;re doctor for Mr Okay, because the amount is it recoverable from misters Zach. OK, because he has promised to pay with environment. But after women. Okay. And second, is this a lighter? That is the actual because when Mr Isolde, certain groups of $1000 to Mr Zane. So they will be the revenue which is being generator okay in farmer sale of goods and services to Mr Said. So that is why do accounts will be affected? Must afford necklace thinking What is C? However, that matches with forget. So that matches with our choice e However, council civilian doctors can be used interchangeably, okay, and sale will remain seen. So I see is the correct answer. However, you can write what I have been so far. But Joy sees the correct answer as we have derived. That&#x27;s all

Puneet Prajapati · Answer

Okay, so let&#x27;s understand that how many times off but gazing mediums we have, like So how many mediums weekend initiate our chasing down their chins off its okay, All right. But it is not on either arm hits and unite both goods and services. Okay, so first up on begin. But she is any type off religion services on a cash basis, then on this is okay. So in terms off gas bases, there is a chimney production that, first of all, they will be delivery aubergines offices against Yes. Okay. Against cash. So that is what we have. Like, this is purchasing media ve vill or business. Incredible. Deliver emergency services to the customer and the customer will pay cash against the ability. Okay. I don&#x27;t think this is what happens. Then there is a delivery of goods and services. Okay. That is delivery of goods and services, Turkistan, the customer stays. I will make a mental. You&#x27;re depending that okay? Like it is also known expertise on traffic. Okay, But what happens when customer find something defective in the goods or services? Because the mother turns the Gordon&#x27;s up in this study supplier before making the payment know what happens if, if the actual purchase has been made has been made on it. Okay. A If the customer also turns the defective goods to the supplier, then what happened to accounts empty effected from those damages. Okay for partying most of all there decades ago. Okay. And 2nd 1 is sees you doing and launches. Okay. Why did this about? Because the purchase or sale has been made on credit. So that is why we will have effect contact as they come. And we will have effect on sales returning about launches because account 40 translate chin into stepped off, return off. Good return off defective fortunes of his sister supplier rebuild. They will be effect on sales. Ritalin allowances. Okay. No, As the current solution to our question here, I didn&#x27;t be fired that Joyce D is correct. Okay, because that Joyce is containing who? Two important accounts that will be affected. Yes. The purchase will you meet don&#x27;t credit for so far, and that defective goods really be returned by customers for the suppliers. Okay, so you can write down. But I have returned so far, okay? For making for making the concept to get our choice to use the correct answer. Thank you.

Puneet Prajapati · Answer

Okay, so we will understand nights off, but just on a chip. Okay, So we everyone know. Okay, Everyone knows that to how many mediums weekend conduct our apologies off any day. Okay, so out off those who are most popular that oneness. Okay, so one off. Not the most popular, however, most no matter to everyone that this gash basis party storage, like ve vill lame that supported there will be a transaction with Mr A and Mr B. So Mr even supply goods okay, on Mr B will be dollars, $1,000,000 cash injured ALOF words. Okay against the Kurds delivered to Mr B. Okay, this is the catch my sister now in this direction, what happens there are who respects off this under chip. Okay, because off financial transaction will always have who respects or we can see a double effect. So? So the first effect is the moment off cash from Mr B two mystery and second bonus stop that is being moved from Mr A. Mr B. Okay. However, when we come to of a second type of production, that was the most popular one matter. Okay, I did basis replaces what happens in credit basis. However, Mr Able deliver groups. Okay, that is obvious. But what will happen, Mr Beaven say that mystery. I will pay you at a later point in time like within one month. Okay, But then one month, $1000 Good people. Now, in this transaction, there are also due respects because I have said that often. And Children ricin will always have a prolific. So it will be, of course, stark effect because the goods are being moved from his tip. Mr B. No, there is a second respect. Okay, on that set second inspectors prettiness. So craters are the are the persons or the entities which are to be here by the persons who have received goods and services from the craters. So in the Given kids, Mr B has received gentle business from mystery. So he has to pay $1000 with environment. So Mr B will be greater So you can draw Adaline so that you will be. And you would be able to understand that in this case we will be right. So the f I didn t fight that type of accounts we will need. They will be needed to the court The been recording deputies. Okay, so now that matches without Joyce. So I see. Because then recording approaches. They can be medical matters our better, Most important method. Sorry, who Most important methods are cash basis and created basis and the falling type of house we can use. However, in place off straight as we can use accounts people. Okay, so craters and accounts people can be used interchangeably. However, choice is the correct answer, okay?

Puneet Prajapati · Answer

we&#x27;ll get him. Let&#x27;s understand the current solution. Crumbs from the rules. So we have diamond roots of company, okay? And buy diamond rules of accounting. Before that, they will understand why the diamond was by the by. We have diamond rules. Okay? These rules are are to regard General Yankee in the books of the problems of the company. Okay, so first of all, meeting right, increasing a sex queasiness there&#x27;s on expenses will always be there to die like men. We will have when we will have increasing a sect and expenses with these type of accounts. Then be left debit and three of those items. Okay. However, if they will be decrees and asset and expenses accounts, so they will be credited on Lee that. But we will be considering that. Okay, So sorry for the disruption. So, in easing liabilities, cabinet and live in you, we&#x27;ll always be credit. You need to write it down. So that didn&#x27;t any case. If you will encounter with some problems so that given so that you&#x27;ll get to revise it before the exams. So forget it. Who so degrees in liability? Capital revenue for peace. David, Now in the current question What we have been given that what will be that? Gotta spending which of the falling tarnishing questioned, evident and tried to cash. It means, David every means. So get cash is what gashes consider under six. Okay, what is gang minutes like this? Being your first cash is nothing but the balance maintained by the entity. Okay, The balance maintained by the entity for day to day for the directive. It isn&#x27;t in any business entity. Okay, so balance, mundane a d and D. So that is considered as an insect. Okay, so what, you&#x27;re saying that whenever they will be increased in a sex, so they will be a debit. Who guess? Okay and credit. Do the party from which be receiving the guests. Okay. From which we are receiving cash. Okay. No. So, John, they&#x27;re falling. So? So the correct choice expert, that detail, unless is we have just done. But it Joyce problem 37 for Colin Techniques. Heaviness. See? And how Howard will we see? Because we have collector balance. Really? That&#x27;s tomorrow. What is balance? That&#x27;s understandable. Let&#x27;s say suppose we have sold some goods or services or select city have sold some foods and beverages to our customers. But the customer is saying that pay you off after a certain period of time. Lex. Detective Hayes. Now, in that case, the balance becomes recovered from the customer. Now, whenever we will recover the balance of the customer, it will become s inform off cash into our cash reserves into our cash holdings. Okay, so that is why so we will have increasingly sex because cash is considered as an insect. Therefore daily, they will be adapted to the guess. Okay, so that&#x27;s all for the solution. Thank you.

Puneet Prajapati · Answer

Oh, okay. So, Electors understand that. How many times upper cheese looks by How many type off medians? Weekend perches, Theodore, material from the manufacturers. Okay, so but jeez, mediums. Okay, so first off, or they actually do mediums for purchasing any type of vomited from the supplier. First of all, on cash business, that is the most popular method. Okay, a lot of most popular, but yes, 30% off business entity will follow the cash business. OK, and 2nd 1 is crowded places it is the most used. But Okay, now what happened? Let&#x27;s suppose there is a person. Mr. Okay, So, Mr Repurchases Raw material from his supply it, Mr C. Okay, So, Mr C cells Rahmati in our Tim Roemer TV in and done, Mr. B gifts $500. Ask cash for payment for no material. This is the basic collection we have. However, the angry who regard this time action will be will be. What will the American dies in victory? A code habit? Who? Magical. Okay, this accounting entry has bean generalized. As for the Golden Dome self accounting. Okay, So via via great good cash. You sure that there is a reason a six and Lybia Deputed. The market dies in one vehicle because there isn&#x27;t a reason. Insects Okay, no legs Come to ever popular method of purchase. Hear what he had ve vill. So we even purchased it on material from Mr See. But all tenet. Okay, now what happened? Ve vill off course never to market rising when humans again By because there isn&#x27;t a reason that sex there is increasing stock. However, now we will go now. Even Credit de candidatos tonight. Those for Mr C like we have created a liability. Okay, so So against the cash payment we have done in cash matter, we have used to greater theocratic name of greater Okay, so we will pay Mr C in later bonding. Okay, so the counting entry, William Arkin marking dies and then take all the way to laters. Okay, So these are the columns? No. As for the got in solution, the did I that we have derived that who workouts will be needed to record a journal entry for the liberties that matches with the solution. The just Joyce be in the civil case, okay, That doesn&#x27;t work in merchandising entry and a conscript so constable indicator can be used interchangeably so you can go. I don&#x27;t want the evidence. So far, it comes off. Okay, but no choice. B is the correct answer, okay?

Problem

A car dealership sells a car to a customer for $\…

Problem 3 Easy Difficulty

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Mitchell Franklin, Patty Graybeal, Dixon Cooper

Principles of Accounting Volume 1: Financial Accounting

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Principles of Accounting Volume 1: Financial Accounting

Mitchell Franklin, Patty Graybeal, Dixon CooperPrinciples of Accounting Volume 1: Financial Accounting

Mitchell Franklin, Patty Graybeal, Dixon Cooper

Principles of Accounting Volume 1: Financial Accounting