Azza Sdn Bhd has recorded the following transactions in month of May 2020. 1/5/2020 - Sold 2 units of products by cash amounting RM 2,000 25/5/2020 - Sold 10 units of products to Mr. Zaim Luqman amounting RM 10,000 with credit terms of 30 days and trade discount of 10%. Show the records of sales day book for month of May 2020.

Azza Sdn Bhd has recorded the following transactions in month of May 2020. 1/5/2020 - Sold 2 units of products by cash amounting RM 2,000 25/5/2020 - Sold 10 units of products to Mr. Zaim Luqman amounting RM 10,000 with credit terms of 30 days and trade discount of 10%. Show the records of sales day book for month of May 2020.

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 11RE

See similar textbooks

Similar questions

Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning accounts receivable balance of $585,900, and an ending accounts receivable balance of $621,450. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2018 (round answers to two decimal places). What do the outcomes tell a potential investor about Millennial Manufacturing if industry average is 2.6 times and number of days sales ratio is 180 days?
Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase, and 5% in the second month following the purchase. What are the cash payments if it made the following purchases in 2018?
If a customer owed your company $100 on the first day of the month, then purchased $200 of goods on credit on the fifth and paid you $50 on fifteenth, the customers ending balance for the month would show a (debit or credit) of how much?
The following select financial statement information from Candid Photography. Compute the accounts receivable turnover ratios and the number of days sales in receivables ratios for 2018 and 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Candid Photography if industry average for accounts receivable turnover ratio is 3 times and days sales in receivables ratio is 150 days?
ABC has the following transactions during 2020:1. On March 1, 2020, ABC sold merchandise on account to Customer 1 for €7,750. ABCoffers a cash-discount of 2% if payment is made within 20 days of the sale. Otherwisethe full amount, net of returns and allowances, is due in 30 days.2. On March 10, 2020, Customer 1 returned merchandise worth €1,550 to ABC.1. 3.On March 15, 2020, Customer 1 paid for the merchandise.3. On April 1, 2020, ABC loaned €10,000 to XZ with a 1-year, 10% note.4. On November 1, 2020, received a €4,000, 6-month, 5% note in exchange for Customer’s2 outstanding accounts receivable.5. On December 16, 2020, sold merchandise to Customer 3, receiving a €4,500, 3-months,8% note.6. On December 31, 2020, the interest revenue accrued is recognized on all notesreceivable. a. Record the collection of note receivable as their mature in 2021.
Berlin Corp. reported the following data for 2019: Total net sales made to customers were P2,000,000 in cash. Goods purchased for sale totalled P1,200,000 in cash. Beginning and ending inventory of goods for sale, respectively, were P200,000 and P300,000. 1-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000 total interest income from customers promissory note earned P30,000 of this was collected. Unrealized foreign exchange gains from foreign currency receivable totaled P60,000. Using cash basis, compute the total income subject to income tax. P990,000 P750,000 P960,000 P690,000 4. Using accrual basis, compute the total income subject to income tax. P1,060,000 P960,000 P1,000,000 P970,000
Berlin Corp. reported the following data for 2019: Total net sales made to customers were P2,000,000 in cash. Goods purchased for sale totalled P1,200,000 in cash. Beginning and ending inventory of goods for sale, respectively, were P200,000 and P300,000. 1-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000 total interest income from customers promissory note earned P30,000 of this was collected. Unrealized foreign exchange gains from foreign currency receivable totaled P60,000. Using accrual basis, compute the total income subject to income tax. P1,060,000 P960,000 P1,000,000 P970,000 ADD EXPLANATION THANKS
The financial records of Delta Ltd reveal the following at 30 June 2019: Credit Sales $120,000 Cash Sales $80,000 Cost of goods sold for year $90,000 Average inventory in 2019 $30,000 Average accounts receivable in 2019 $20,000 What was the number of days' sales in receivables? Select one: a. 60 times. b. 36. 5 days. c. 90 days. d. 120 days. e. 60. 8 days.
Berlin Corp. reported the following data for 2021: Total net sales made to customers were P2,000,000 in cash. Goods purchased for sale totalled P1,200,000 in cash. Beginning and ending inventory of goods for sale, respectively, were P200,000 and P300,000. 1-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000 total interest income from customers promissory note earned P30,000 of this was collected. Unrealized foreign exchange gains from foreign currency receivable totaled P60,000. Using cash basis, compute the total income subject to income tax. P990,000 P750,000 P960,000 P690,000 ADD EXPLANATION THANKS
Carla Co, uses the gross method to record sales made on credit. On June 1, 2020, it made sales of S 45,000 with terms 4/15, n/45. On June 12, 2020, Carla received full payment for the June 1 sale
On January 1, 2020, the ledger of Lily Company contains the following liability accounts. Accounts Payable $55,500 Sales Taxes Payable 8,500 Unearned Service Revenue 17,000 During January, the following selected transactions occurred. Jan. 5 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes. 12 Performed services for customers who had made advance payments of $11,500. (Credit Service Revenue.) 14 Paid state revenue department for sales taxes collected in December 2019 ($8,500). 20 Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax. This new product is subject to a 1-year warranty. 21 Borrowed $29,250 from Girard Bank on a 3-month, 8%, $29,250 note. 25 Sold merchandise for cash totaling $7,776, which includes 8% sales taxes. Journalize the January transactions.
On January 1, 2020, the ledger of Sheridan Luggage contains the following liability accounts (amounts in thousands). Accounts Payable NT$56,000 Sales Taxes Payable 8,700 Unearned Service Revenue 16,500 During January, the following selected transactions occurred. Jan. 5 Sold merchandise for cash totaling NT$20,520, which includes 8% sales taxes. 12 Performed services for customers who had made advance payments of NT$12,000. (Credit Service Revenue.) 14 Paid revenue department for sales taxes collected in December 2019 (NT$8,700). 20 Sold 900 units of a new product on credit at NT$50 per unit, plus 8% sales tax. This new product is subject to a 1-year warranty. 21 Borrowed NT$29,250 from First National Bank on a 3-month, 8%, NT$29,250 note. 25 Sold merchandise for cash totaling NT$10,368, which includes 8% sales taxes. ournalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent…