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单选题 What are the accounting entries required to account for settlement discount received of $250 from a credit supplier
学科：财务会计 Financial Accounting (ACCA)
时间：2023-10-28 14:22:24
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题目1单选题
What are the accounting entries required to account for settlement discount received of $250 from a credit supplierA. Debit Discount received $250, and Credit Trade payables $250B. Debit Trade payables $250, and Credit Discount received $250C. Debit Discount received $250, and Credit Trade receivables $250D. Debit Trade payables $250, and Credit Revenue $250
题目2单选题
A company made a credit sale $15,000 to a customer and offered a discount of 5% if the customer paid within 7 days. The customer took the discount and paid within the time limit. How should the payment transaction be recordedA. Debit Receivables $14,250, Debit Discount allowed $750, Credit Sales $15,000B. Debit Receivables $15,000, Credit Discount allowed $750, Credit Sales $14,750C. Debit Cash $14,250, Debit Discount allowed $750, Credit Receivables $15,000D. Debit Cash $15,000, Credit Discount allowed $750, Credit Receivables $14,250
题目3单选题
Settlement discount is used toA. Encourage customers pay quickerB. Encourage customers buy moreC. Help the company earn more profitD. Help the products looking more attractive
题目4单选题
A business sells goods on credit for a list price of $100,000. A trade discount of 20% is given, and a settlement discount of 4% has offered for payment within 10 days.What is the sales the business should confirm if a customer are not expected to accept the settlement discountA. $100,000B. $80,000C. $76,800D. $96,000
题目5单选题
A business sells goods on credit for a list price of $100,000. A trade discount of 20% is given, and a settlement discount of 4% has offered for payment within 10 days.What is the sales the business should confirm if a customer are expected to accept the settlement discountA. $100,000B. $80,000C. $76,800D. $96,000
题目6单选题
Custer sells goods on credit to Bull. Bull receives a trade discount of 10% on a list on the list price from Custer. In addition, Custer offers a 5% discount for payment within 7 days. Bull bought goods from Custer for a list price of $400,000. What amount should be included in Custer's receivables ledger for this transactionA. $400,000B. $380,000C. $360,000D. $345,600
题目7单选题
A business has sales of $179,400 all on credit. These sales includes sales tax at 15% of the basic price. In the same period, the purchases were $95,450, including the sales tax at 15%. what is the sales tax payable to the tax authority in this periodA. $23,400B. $10,950C. $12,450D. $10,590
题目8单选题
A business has sales of $179,400 all on credit. These sales includes sales tax at 15% of the basic price. In the same period, the purchases were $95,450, including the sales tax at 15%. The output tax is recorded asA. $23,400B. $10,950C. $12,450D. $10,590
题目9单选题
A business has sales of $179,400 all on credit. These sales includes sales tax at 15% of the basic price. In the same period, the purchases were $95,450, including the sales tax at 15%. The input tax is recorded asA. $23,400B. $10,950C. $12,450D. $10,590
题目10单选题
Which ONE of the following statements about sales tax is correctA. A Sales tax is a direct tax levied on sales of goods and servicesB. Sales tax is an indirect tax levied on the sales of goods and servicesC. Traders can always reclaim all sales tax paid on their inputsD. Sales tax is charged by all businesses on taxable supplies
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