The Customer's Request for Merchandise, Namely the Customer Order, Could

question 104

Multiple Choice

The customer's request for merchandise, namely the customer order, could be in the form of:

• A) an electronic submission through the Internet or other network linkage.
• B) a written request by letter or on a preprinted form.
• C) an oral request over the telephone or through a salesperson.
• D) all of the above

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Definitions:

Sales Returns

are goods returned by customers to the seller for a refund or credit, representing a reversal of sales previously recorded.

Journal Entry

A record in the books of accounts that reflects the details of a financial transaction, including the accounts affected, date, and amounts.

Gross Accounts Receivable Approach

A method that estimates the total amount to be received from customers, without deducting expected bad debts.

Unadjusted Year End

The fiscal year-end date prior to any adjustments made for accounting purposes.