(7)(NOTE: the source documents are re-numbered)Do not close off the journals, narrations are not required for the General Journal.The following transactions were not yet recorded in their respective Journals:Date173TransactionsSold goods on credit to M. Masha, the cost price was R800, issued invoiceno.22.(16)Purchased additional trading stock on credit, the cost price was R 18 000,8% trade discount was granted by Spinach Traders, invoice no.110 wasreceived.M. Masha returned damaged goods, the selling price is R740, issued creditnote no.201.Paid for insurance by debit order to Onkarabile Insurers, R6 500, 40% of thetotal insurance amount paid was for the owners' personal insurance.Sandy Cheeks Wholesalers transferred R800 into the account of the businessvia EFT, this was a refund for stationery.2024 Accounting Grade 10 ProjectQuestion Pap

Transaction 1: Sale of Goods on CreditDate: 1General Journal:Debit: Accounts Receivable (M. Masha) -…

Answered: (7) (NOTE: the source documents are…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ANITO Co. records purchases at net amounts. On May 5 ANITO purchased merchandise on account, P9,200, terms 2/10, n/30. ANITO returned part of the May 5 purchase, P600, and received credit on account. At May 31 the balance had not been paid. By how much should the account payable be adjusted on May 31? Select one: a. P148 b. P172 c. P172 d. P160.
keAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=D&inprogress-false Up Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 2/10, net B0, for $600. Pierce prepaid the $40 shipping charge. Which of the following entries does Pierce make to record this sale? O Accounts Receivable-Stanton, debit $40; Sales, credit $40 O Accounts Receivable-Stanton, debit $588; Sales, credit S588, and Accounts Receivable-Stanton, debit $40, Cash, credit S40 Accounts Receivable-Stanton, debit $640; Sales, credit $640 O Accounts Receivable-Stanton, debit $40: Sales, credit $40, and Transportation Out, debit S600, Cash, credit S600 Previous Next 6:28 PM earch 38 3/22/2021
E6.5 receivable? Record transactions in sales and purchases journal. L09,10,13 Duckstein Ltd uses special joumals and a general journal. The following transactions occurred during September 2023. Sept. Sold inventory on account to R. Crow, invoice no. 101 for $960, terms n/30. The cost of the inventory sold was $600. 2 Purchased inventory on credit from L. Dayne $1200, termes 2/7, n/30 10 12 Purchased office equipment on account from B. Piazza $13000. Sold inventory on account to Buffy Ltd, invoice no. 102 for $1600, terms 2/14, n/30. The cost of the inventory sold 21 was $960 25 27 Required Purchased inventory on account from F. Sage $1800, terms n/30. Sold inventory to Harold Ltd for $1400 cash. The cost of the inventory sold was $840. (a) Draw up a sales journal (see figure 6.13) and a single-column purchases journal (see figure 6.18). (Use page 1 for each journal.) (b) Record the transaction(s) for September that should be journalised in the sales journal and the purchases journal…
On 15 December 2020; Saadah Company purchased goods at the amount of 42500 OMR and paid 12500, the balance is on account. Which of the following is the correct journal entry for this transaction? Select one: O A. Date Accounts Debit Credit (RO) (RO) Goods 42500 30000 15.12.2020 Payable Cash 12500 О в. Debit Credit (RO) (RO) Date Accounts Payable 30000 15.12.2020 Cash 12500 Goods 42500 Date Accounts Debit Credit (RO) (RO) Payable 30000 15.12.2020 Cash 12500 Goods 42500 D. Date Accounts Debit Credit (RO) (RO) Goods 42500 30000 15.12.2020 Cash Payable 12500
14 - Entity A sold its registered $ 1000 at a rate of 4.60 TL at a rate of 4.65 TL. Which of the following accounts is correct in the journal entry to be made?A) 100 02 DOLLAR CASH ACCOUNT RECEIVABLE 4600 TLB) NoneC) 656 EXCHANGE LOSS ACCOUNT DEBTED 150 TLD) 100 01 TL CASH ACCOUNT RECEIVABLE 4.650 TL E) BORROWED 646 EXCHANGE PROFIT ACCOUNT 50 TL
Accounting for Sale on Credit: Net Versus Gross Methods. On December 29, 20X5, Sable Company sold merchandise for P20,000 on credit terms, 3/10, n/60. The accounting period ends December 31.Required:1. Give the following entries under the net method and the gross method: a. To record the 20X5 sale.b. To record collection of the account:• assumption A, on January 5, 20X6;• assumption B, on April l, 20X6. 2. Show what should be reported on the 20X5 and 20X6 statement of financial position and income statements under each approach and for each assumption for the-above transactions.
The following information concerns Complex, Inc.: Accounts receivable, 12/31/X7 $56,000 Credit sales during X7 $189,000 Allowance for doubtful accounts, 12/31/X7 $1,500 credit Bad debt expense is determined using the percentage of sales method. The company believes that 4% of sales will never be collected. What would be the balance in allowance for doubtful accounts after the adjusting entry? Select one: O a. $9,060 O b. $7,560 O c. $1,500 O d. $6,060 Oe. $2,240
On 15 December 2020; Saadah Company purchased goods at the amount of 32500 OMR and paid 12500, the balance is on account. Which of the following is the correct journal entry for this transaction? Select one: O A. Debit Credit (RO) (RO) Date Accounts Goods 32500 20000 15.12.2020 Payable Cash 12500 OB. Accounts Debit Credit (RO) (RO) Date Goods 32500 20000 15.12.2020 Cash Payable 12500 Oc. Date Accounts Debit Credit (RO) | (RO) Payable 20000 15.12.2020Cash 12500 Goods 32500 OD. Accounts Debit Credit (RO) (RO) Date Payable 20000 15.12.2020Cash 12500 Goods 32500
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Damask Traders trades in roses. The business is owned by Rose Nasrin and started trading recently and on 1 September 2021, the following balances appeared in the trial balance. Сaptal R25 000 Bank (unfavourable) R4 000 Inventory R37 000 Loan R5 000 Sales R11 000 Cost of sales R8 000 Damask is not registered for VAT, uses a perpetual inventory system and entered into the following transactions during September 2021. Date Details Sold some roses, with a cost price of R12 000 for R18 000. Customer paid in cash. Paid rent for the premises via EFT, R6 000. Purchased some equipment on credit from Pavlon suppliers, R9 000 25 Paid the newly employed nursery manager her monthly salary, R6 500. 30 The bank statement reflected bank charges of R50, interest on the overdraft of R14 and interest on the favourable balance of R3 for the month. Required: Calculate Rose Nasrin's equity in her business on 30 September 2021, by calculating the opening balances and showing the effect of each individual…
Entity B’s accounts payable on December 31, 20x1 had a balance of P2,300,000 before any possible adjustment for the following: a)Goods in transit purchased on credit for P23,000under an FOB destination term were recorded and included in the inventory count on December 31, 20x1 as “goods in transit” Entity B checks, drawn for P32,000 were found in the safe box during the December 31, 20x1 securities count Goods purchased under an FOB destination, freight collect term were received and recorded at the invoice cost of P60,000 on December 29, 20x1. The cash payment for the related freight of P5,000 wasdebited to the “Freight-out’ account. Goods worth P90,000 received on consignment from Entity D were recorded as an increase in accounts payable. The goods remainunsold as of December 31, 20x1 The balance of accounts payable includes P64,000 cost of goods purchased under an FOB shipping point term that were lost in transitEntity B recorded a corresponding claim against the carrier. How…
Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 1/10, net 30, for $300. Pierce prepaid the $55 shipping charge. Which of the following entries does Pierce make to record this sale? a.Accounts Receivable-Stanton, debit $55; Sales, credit $55 b.Accounts Receivable-Stanton, debit $297; Sales, credit $297, and Accounts Receivable-Stanton, debit $55; Cash, credit $55 c.Accounts Receivable-Stanton, debit $355; Sales, credit $355 d.Accounts Receivable-Stanton, debit $55; Sales, credit $55, and Transportation Out, debit $300; Cash, credit $300

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