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会计学AccountingforSalesRevenueReportingNetSalesCreditCardSalestoConsumersWhencreditcardsalesaremade,thecompanymustpaythecreditcardcompanyafeefortheserviceitprovides.CreditCardSalestoConsumersCreditCardSalestoConsumersSalestoBusinessesonAccount2/10,n/302/10,n/30OnJanuary6,Gildansold$1,000ofmerchandiseoncreditwithtermsof2/10,n/30.Preparethejournalentrytorecordthesale.OnJanuary6,Gildansold$1,000ofmerchandiseoncreditwithtermsof2/10,n/30.Preparethejournalentrytorecordthesale.OnJanuary14,GildanreceivestheappropriatepaymentfromthecustomerfortheJanuary6sale.Preparetherequiredjournalentry.$1,000×2%=$20salesdiscount$1,000-$20=$980cashreceiptIfthecustomerremitstheappropriateamountonJanuary20insteadofJanuary14,whatentrywouldGildanrecord?Sincethecustomerpaidafterthediscountperiod,asalesdiscountisnotgranted.SalesReturnsandAllowancesSalesReturnsandAllowancesSalesReturnsandAllowancesGrossProfitPercentageGrossProfitPercentageMeasuringandReportingReceivablesAccountingforBadDebtsAccountingforBadDebtsRecordingBadDebtExpenseEstimatesRecordingBadDebtExpenseEstimatesAllowanceforDoubtfulAccountsWritingOffUncollectibleAccountsWritingOffUncollectibleAccountsWritingOffUncollectibleAccountsWritingOffUncollectibleAccountsWritingOffUncollectibleAccountsMethodsforEstimatingBadDebtsPercentageofCreditSalesPercentageofCreditSalesPercentageofCreditSalesPercentageofCreditSalesPercentageofCreditSalesAgingofAccountsReceivableAgingofAccountsReceivableAgingScheduleAgingScheduleAgingScheduleAgingScheduleAgingofAccountsReceivableAgingofAccountsReceivableAgingofAccountsReceivableReceivableTurnoverReceivableTurnoverFocusonCashFlowsInternalControlsControlsOverAccountsReceivableNowlet’sstartourdiscussionofcash.CashandCashEquivalentsInternalControlofCashInternalControlofCashInternalControlofCashBankReconciliationBankReconciliationBankReconciliationEndofChapter7