Answer the question given in picture On 1 March 2020, goods valuing $1000 were bought from Mr. D.On 15 March 2020, goods, valued at $200, returned to Mr. D.On 1 May 2020, goods for $2000 were sold to Mr. E.On 15 May 2020, Mr. E returned goods, valued at $500, to the business.On 1 June 2020, goods, valued at $600, were bought from Mr. Z on credit.On 15 June 2020, the due amount of $800 was paid to Mr. D through cheque.On 15 July 2020, the due amount of $1500 was received from Mr. E through cheque.Assignment: Draw the T account of Purchases, Sales, Mr. D, Mr. E, Return inwards, Returnoutwards, Mr. Z and Bank.

Ledger is collection of all the accounts in an accounting system. When every journal is posted to…

Answered: Assignment: Draw the T account of…

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Assignment: Draw the T account of Purchases, Sales, Mr. D, Mr. E, Return inwards, Return outwards, Mr. Z and Bank.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 14E: On January 5, 2019, ShoeKing Corp. sells for cash 500 pairs of volleyball shoes to FootAction, a...

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On January 5, 2019, ShoeKing Corp. sells for cash 500 pairs of volleyball shoes to FootAction, a shoe retailer, for 70 each. FootAction has the right to return the shoes for any reason up to March 31, 2019, for a full refund. The cost of each pair of shoes is 32. ShoeKing predicts that it is probable that 40 pairs of the shoes will be returned. ShoeKing uses the perpetual method for inventory. Required: 1. Prepare ShoeKings journal entry on January 5, 2019, to account for this transaction. 2. Assume that FootAction returns 35 pairs of shoes on March 31, 2019. Prepare the journal entry to record this return.
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On 1 March 2020, goods valuing $1000 were bought from Mr. D. On 15 March 2020, goods, valued at $200, returned to Mr. D. On 1 May 2020, goods for $2000 were sold to Mr. E. On 15 May 2020, Mr. E returned goods, valued at $500, to the business. On 1 June 2020, goods, valued at $600, were bought from Mr. Z on credit. On 15 June 2020, the due amount of $800 was paid to Mr. D through cheque. On 15 July 2020, the due amount of $1500 was received from Mr. E through cheque. Assignment: Draw the T account of Purchases, Sales, Mr. D, Mr. E, Return inwards, Return outwards, Mr. Z and Bank.
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