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When cash is received for a sale on account within the discount period, the amount credited to Accounts Receivable is reduced by the amount of discount.
a contra revenue account
False
a contra revenue account
Objective Evidence
a liability account
Liability
Terminal Summary
$514.50
Sales Returns and Allowances is classified as
a contra revenue account
False
a contra revenue account
Objective Evidence
a liability account
Liability
Terminal Summary
$514.50
Using a terminal summary as a source document for weekly cash and credit card sales is an application of the accounting concept
a contra revenue account
False
a contra revenue account
Objective Evidence
a liability account
Liability
Terminal Summary
$514.50
The amount of cash received for a sale on account of $500 plus sales tax of $25 when the cash received within the 2 percent discount period is
a contra revenue account
False
a contra revenue account
Objective Evidence
a liability account
Liability
Terminal Summary
$514.50
Prior to paying sales tax to the state, what is the sales tax amount classified as?
a contra revenue account
False
a contra revenue account
Objective Evidence
a liability account
Liability
Terminal Summary
$514.50
Sales Discount is classified as
a contra revenue account
False
a contra revenue account
Objective Evidence
a liability account
Liability
Terminal Summary
$514.50
Sales Tax Payable is classified as
a contra revenue account
False
a contra revenue account
Objective Evidence
a liability account
Liability
Terminal Summary
$514.50
The report that summarizes the cash and credit card sales of a point-of-sale terminal is called what?
a contra revenue account
False
a contra revenue account
Objective Evidence
a liability account
Liability
Terminal Summary
$514.50
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