have a homework assignment in accounting 494689

1. Explain why it is important to record credit sales in a sales journal? And, explain why it is important to then post from the sales journal to the general ledger accounts? 2. Explain why the following objectives are important to the accounts receivable process: A. Post from the sales journal to the customers’ accounts in the accounts receivable subsidiary ledger. B. Record sales returns and allowances in the general journal. C. Post sales returns and allowances. D. Prepare a schedule of accounts receivable. 3. Explain why the following objectives are important in handling special topics in merchandising: A. Computation of trade discounts. B. Record credit card sales in appropriate journals. C. Prepare the state sales tax return. 4. Tell me what are some possible consequences of out-of-date accounts receivable records? 5. Explain completely and compute the following, showing your work and how you arrived at the answer: A. What are the four types of credit sales? B. What account is used to record sales tax owed by a business to a city or state? C. What is the difference between list price and net price? D. If a wholesale business offers a trade discount of 30 percent on a sale of $6,325, what is the amount of the discount? E. An organization that purchases $4,500 of goods from a wholesaler offering trade discounts of 25 and 15 percent will pay what amount for the goods? F. Imagine you own a business, and you are thinking about extending credit to customers to increase sales. What factors would you consider in deciding whether or not to extend credit to a customer? 6. Compute the following, showing all work to arrive at your answer: Sales Journal Date Sales Slip # Customer’s Account Debited Accounts Receivable Debit Sales Tax Payable Credit Sales Credit 4/25/2003 4100 Sara Siddle $ 321.00 $ 21.00 $…