Assigning purchasing, receiving, and paying for merchandise to one department or individual is a way to streamline a voucher system.

A company had $43 missing from petty cash that was not accounted for by petty cash receipts. The correct procedure is to:

Factoring receivables is beneficial to a seller for all of the following reasons except:

Each sale of merchandise has two parts: the revenue side and the cost side.

Juniper Company uses a perpetual inventory system and the gross method of accounting for purchases. The company purchased $9,750 of merchandise on August 7 with terms 1/10, n/30. On August 11, it returned $1,500 worth of merchandise. On August 26, it paid the full amount due. The correct journal entry to record the merchandise return on August 11 is:

Gross profit is also called gross margin.

Jax Recording Studio purchased $7,800 in electronic components from Music World. Jax signed a 60-day, 8% promissory note for $7,800. Music World’s journal entry to record the collection on the maturity date is:

A company had $43 missing from petty cash that was not accounted for by petty cash receipts. The correct procedure is to:

MacKenzie Company sold $180 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4% service charge for sales on its credit cards. MacKenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately. The journal entry to record this sale transaction would be:

Each sales transaction for a seller that uses a perpetual inventory system involves recognizing both revenue and cost of merchandise sold.