Lynn Velasquez Sells Revlon Cosmetics on Consignment to Chemists, Maintains

question 141

Multiple Choice

Lynn Velasquez sells Revlon cosmetics on consignment to chemists, maintains the display racks and restocks when necessary.Lynn's job is best described as a:

• A)rack jobber.
• B)drop shipper.
• C)general merchandise wholesaler.
• D)cash-and-carry wholesaler.
• E)truck jobber.

Understand differences and implications between gross and net methods for accounts payable.

Analyze and construct journal entries for promotional expenses and premium offers.

Grasp the accounting treatment of warranties under different accounting methods.

Calculate and report trade accounts payable adjusted for cash discounts.