which-of-the-following-accounts-are-used-when-recording-the-sales-entry-of-a-sale-on-credit-a-mercha

Question

Which of the following accounts are used when recording the sales entry of a sale on credit?
A. merchandise inventory, cash
B. accounts receivable, merchandise inventory
C. accounts receivable, sales
D. sales, cost of goods sold

Puneet Prajapati · Accepted 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 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

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 letters understand the medium&#x27;s through which beacon a quiet or initiate the jays tradition, you know, business. And okay, so everyone knows. And most of us knows that there are only two mediums through which we can purchase or acquired any lipo from a TV and 56. Okay, so first is cash business, okay. And 2nd 1 is credit business. So Engadget bases what happens? That&#x27;s a supposed is this and that Offer goods and be departure. So a very transport or delivered Ingles. Okay. And be with make deep in it. Okay, let&#x27;s suppose $100. So this is that this is the trial of change, which will involve transfer of goods against depend away, but in case so credit basis transaction. What happens? Evil Deliver the goods. OK, that is very obvious, because otherwise transaction will not be considered to be happened. But be Bill be who? Mr A at a little boy. Let is opposed treatments. Okay. It means the purchase has been made on credit. Okay, now what happens? There is a system which being know as the Arctic your dick invented system. Okay, now what happens in this case if we purchase any item, or we can say any under D applying this this typical mattered if Jesus, Any item, Then it&#x27;s Children Car, the journal entry in the falling minute leg. First of all, it really Deborah deeper cheeses, but Jesus, let&#x27;s see, actually singular. So purchase account debit. Who Cash? Who gets it by there. So let&#x27;s suppose then you meet Is purchasing di item in cash? Okay, so entity is being the supplier in cash phone who punches. So purchase is to denote the items are raw material that has been purchased from the supplier. Okay. And cash has been done to denote that cash cash is being paid open cheese a property so we can understand that they deserve the full effect off the production. Right? Didn&#x27;t like this. The full effect. Oh, every fine and shipped on it. Okay, so we have I didn&#x27;t defied that. What are the accounts? That will be effective, you know, in games off entity, applying periodic in rental system. So that is so that matches with Joyce. Okay. Okay, that this cash and purchase Okay, So we will write. Have a choice. So I say is the correct answer. However, you can drive down angry. So okay, who get a better future difference? I have a choice is the correct answer.

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?

Puneet Prajapati · Answer

I understand being meaning off on welcomes. Okay? Sort of. But that people understand There what is the actual implication or P State comes. Okay, so just the type of account. Okay? Which will have opposing effect on the previously gender. A couple dependence is okay. Although we have returned our technical definition here now, I ve vill understand this stipulation through an example. So let&#x27;s suppose there is the Mr B. Okay, who isn&#x27;t dealing off? Let&#x27;s video games. Okay, So, Mr Reyes dealing in business off Williams and Mr C is a trustworthy customer off Mr B. No. What happens, Mr. ISS Cell, So I didn&#x27;t read begins to Mr C. Okay, so after selling video games Mr A has recorded Let&#x27;s it $1000. As is revenue. Now what happens after receiving the video games for Mr A Mr Sea verifies that the video games that mark I find it really gives. OK, So what happens? Mr Cedar? Don&#x27;s back. Mr. C returns back those video games too. Mr. B, seeing that that the games that fight occurred So the actual work which which Waas which were done? No mystery boss. 500 voters. Okay, so these are there? Does Sailor does know what happened? What is what is the actual implication off contract count? Is that that then Mr is sold? We do games must to see there is never a balance off $1000. It means it visited the comfortable from Mr C. Okay, the governable from Mr C. But whatever, Mr. C return games worth off $500 to Mr A. Okay, so that the next recoverable about from Mr C as a customer now will be $500 only. Okay, so it is a sailor dunce. Okay, this is a sailor turns off $500. Now these account so sales this town will be off contra. They&#x27;ve a new accounts. Like, if it really was down on the Children renewed. That has been previously gender. Okay, so now that matches with our current solution matches with joy, See that this is this found. Okay, so that&#x27;s so you can write down what I everything so far, along with the example for everything. Okay. However, Jean saw Joy sees the correct answer. That&#x27;s all for the solution.

Problem

A customer pays on credit for $\$ 1,250$ worth of…

Problem 13 Medium Difficulty

Which of the following accounts are used when recording the sales entry of a sale on credit?
A. merchandise inventory, cash
B. accounts receivable, merchandise inventory
C. accounts receivable, sales
D. sales, cost of goods sold

Answer

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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