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- Slinky Company purchased merchandise on June 10, 2021, at a price of $38,000, subject to credit terms of 3/10, n/30. Slinky uses the net method for recording purchases and uses a perpetual inventory system.Required:1. Prepare the journal entry to record the purchase.2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2021 and July 8, 2021.On January 10, 2020, Cullumber Co. sold merchandise on account to Robertsen Co. for $16,600, n/30. On February 9, Robertsen Co. gave Cullumber Co. a 11% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the account receivable. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit >Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders buys and sells furniture and equipment for cash or on credit. On 1 March 2021, Africa Traders purchased furniture on credit from SA Suppliers to the amount of R29 560. On 27 April 2021, Africa Traders settled their account and received R1 165 discount for early settlement. On the same day Africa Traders purchased furniture on the clearance sale. The selling price of the furniture was R9 940 (excluding VAT). Africa Traders paid cash and received a further 8% cash discount on the selling price. Required: What amount will be recorded in the settlement discount received column of the cash payments journal of Africa Traders on 27 April 2021? NB: Instructions 1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72) 2. Use a full stop to indicate any decimals (eg: 1000.01) 3. You must enter cents even if it is 0 (eg .00) 4. Only show the amount, do not show the R…
- Meteor Co. purchased merchandise on March 4, 2021, at a price of $40,000, subject to credit terms of 4/10, n/30. Meteor uses the net method for recording purchases and uses a periodic inventory system.Required:1. Prepare the journal entry to record the purchase.2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on March 11, 2021 and April 2, 2021.Assume that Rahma LLC sold OMR 2000 goods to Al Karama LLC on credit. After sales, based on the financial position of the purchaser, Rahma LLC anticipated OMR 400 as uncollectable accounts receivables. From the following given options, identify journal entry for writing off OMR400 balance as uncollectible on December 31st by following direct write-off method. a. Dr Bad debt expenses A/c OMR 400 and Cr Allowance for doubtful accounts OMR 400 b. Dr Bad debt expenses A/C MR 400 and Cr Accounts receivables A/C OMR 400. C. None of the given options d. Dr Accounts receivables A/C OMR 400 and Cr Bad debt expenses A/C OMR 400Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders buys and sells furniture and equipment for cash or on credit. On 1 March 2021, Africa Traders sold furniture on credit to Mrs A South to the amount of R14 875. On 27 April 2021, Mrs South settled her account and received R685 discount for early settlement. On the same day Mrs South purchased a new coffee table and paid R1 360 cash after receiving a cash discount of R260. Required: What amount will be recorded in the trade receivables column of the cash receipts journal of Africa Traders on 27 April 2021? NB: Instructions 1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72) 2. Use a full stop to indicate any decimals (eg: 1000.01) 3. You must enter cents even if it is 0 (eg .00) 4. Only show the amount, do not show the R (eg: 12141.72) Answer:
- On 12th January 2018, Megamart company grants an allowance to a Max traders, a customer of RO 2,600 for the goods sold. Assume that the customer took 3% discount and record the journal entry for the cash payment of the allowance in the books of seller under periodic inventory system?14) Ibri traders returned goods to Muscat mart, a supplier of RO 1,700, purchased on 8th May,2019. The payment is received with the discount of 3% from the supplier. How would you record this in the books of buyer under the Perpetual inventory system? a. Cash RO 1,649 Dr / Account payable RO 1,649 Cr b. Cash RO 1,649 Dr / Merchandise inventory RO 1,649 Cr c. Account payable RO 1,649 Dr / Merchandise inventory RO 1,649 Cr d. Cash RO 1,700 Dr / Account receivable RO 1,700 CrCruise Industries purchased $10,800 of merchandise on February 1, 2020, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $2,500 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. Assuming that Cruise uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Assuming that Cruise uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 6,578. Credit account titles are…
- Africa Traders is a registered VAT vendor and uses a Perpetual inventory system. Africa Traders buys and sells furniture and equipment to customers for cash or on credit. On 24 February 2021, Africa Traders issued a debit note and returned a portable air conditioner that was purchased on credit from RG wholesalers for a total amount of R5 199 (excluding VAT). Upon the receipts of the debit note and a Portable air conditioner on the 24 February 2021, RG wholesalers issued the following credit note: RG WHOLESALERS 7 Smart Street P O Box 3336 PRETORIA VAT registration number PRETORIA 0001 Tel (012) 429–3931 2277227756 Fax (012) 429–3424 Date: 24 February 2021 CREDIT NOTE No: 5859 To: Africa…Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders buys and sells furniture and equipment for cash or on credit. On 1 March 2021, Africa Traders sold furniture on credit to Mrs A South to the amount of R25 300. On 27 April 2021, Mrs South paid R21 300,00 in full settlement of her account. On the same day Mrs South purchased a new coffee table on the clearance sale. The selling price of the coffee table was R3 600 (including VAT). Mrs South paid cash after receiving a further 20% cash discount on the selling price. Required: What amount will be recorded in the trade receivables column of the cash receipts journal of Africa Traders on 27 April 2021? NB: Instructions 1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72) 2. Use a full stop to indicate any decimals (eg: 1000.01) 3. You must enter cents even if it is 0 (eg .00) 4. Only show the amount, do not show the R (eg: 12141.72) Answer: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…