How are the total values received or to be received in return for goods and services sold abroad, to which account? A) Other Discounts Account / Debt B) Foreign Sales Account / Receivable C) To / Credit to Gross Sales Account D) Other Sales To Be Accounted E) Domestic Sales Account / Receivable

How are the total values received or to be received in return for goods and services sold abroad, to which account? A) Other Discounts Account / Debt B) Foreign Sales Account / Receivable C) To / Credit to Gross Sales Account D) Other Sales To Be Accounted E) Domestic Sales Account / Receivable

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 1DQ: What is the normal balance for each of the following accounts: (a) Purchases? (b) Sales Discounts?...

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Concept explainers

Balance of Payments

BOP is categorized into the following three components:

Question

24 - How are the total values received or to be received in return for goods and services sold abroad, to which account?
A) Other Discounts Account / Debt

B) Foreign Sales Account / Receivable

C) To / Credit to Gross Sales Account

D) Other Sales To Be Accounted

E) Domestic Sales Account / Receivable

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