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14. Special journals enable a substantial time savings and make for a more efficient posting process. True False
Answer: True
Expert answered|floserfinareyno|Points 20|
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Asked 7/4/2013 8:51:53 PM
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2. For the merchant, bank credit card sales are treated in a manner similar to A .sales on account.b. cash sales.c. installment sales.d. layaway sales.
Weegy: For the merchant, bank credit card sales are treated in a manner similar to Answer A. sales on account. User: 4. Merchandise is sold on account for $90, and the sale is subject to a retail sales tax of $5.40. The sales account should be credited for a. $84.60. b. $90.00. c. $95.40. d. $93.60. The journal entry will be: Accounts Receivable - debit $94.50. Sales Revenue - credit $90.00. Sales Tax Payable - credit $4.50. ... (More)
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10. Assume the gross amount of an invoice is $100 and a discount of 20% is allowed. The amount of the trade discount totals a. $20. b.$65. c. $40. d. $80.
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