Clivia Traders, a stationery shop, situated in Sea Point is owned by Daisy Garden. The business is a registered VAT vendor and trades only with other registered vendors. All amounts include 15% VAT where applicable, except if otherwise indicated. They use a perpetual inventory system and all goods are marked up at 20% above cost, before taking into account any trade discounts. The business does not expect to award any settlement discounts nor to qualify for any settlement discounts. All occurrences of settlement discounts are therefore incidental in nature. All money received is banked daily. The following transactions took place in the month of February 2020 : DATE TRANSACTION 1 Owner contributed R5 000 cash 4 Cash sales R13 800 including VAT 6 Cash purchases R8 000 excluding VAT 10 Paid Telkom for telephone account R345 15 Paid R2 000 towards a loan settlement with Mzanzi Bank 20 Cash sales R5 750 including VAT 23 Cash purchases R4 600 including VAT 25 Paid wages R800

Clivia Traders, a stationery shop, situated in Sea Point is owned by Daisy Garden. The business is a registered VAT vendor and trades only with other registered vendors. All amounts include 15% VAT where applicable, except if otherwise indicated. They use a perpetual inventory system and all goods are marked up at 20% above cost, before taking into account any trade discounts. The business does not expect to award any settlement discounts nor to qualify for any settlement discounts. All occurrences of settlement discounts are therefore incidental in nature. All money received is banked daily. The following transactions took place in the month of February 2020 : DATE TRANSACTION 1 Owner contributed R5 000 cash 4 Cash sales R13 800 including VAT 6 Cash purchases R8 000 excluding VAT 10 Paid Telkom for telephone account R345 15 Paid R2 000 towards a loan settlement with Mzanzi Bank 20 Cash sales R5 750 including VAT 23 Cash purchases R4 600 including VAT 25 Paid wages R800

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 11EA: Record the journal entry or entries for each of the following sales transactions. Glow Industries...

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Record the journal entry or entries for each of the following sales transactions. Glow Industries sells 240 strobe lights at $40 per light to a customer on May 9. The cost to Glow is $23 per light. The terms of the sale are 5/15, n/40, invoice dated May 9. On May 13, the customer discovers 50 of the lights are the wrong color and are granted an allowance of $10 per light for the error. On May 21, the customer pays for the lights, less the allowance.
Clivia Traders, a stationery shop, situated in Sea Point is owned by Daisy Garden. The business is a registered VAT vendor and trades only with other registered vendors. All amounts include 15% VAT where applicable, except if otherwise indicated. They use a perpetual inventory system and all goods are marked up at 20% above cost, before taking into account any trade discounts. The business does not expect to award any settlementdiscounts nor to qualify for any settlement discounts. All occurrences of settlement discounts are therefore incidental in nature.All money received is banked daily.The following transactions took place in the month of February 2020 DATE TRANSACTION1 Owner contributed R5 000 cash4 Cash sales R13 800 including VAT6 Cash purchases R8 000 excluding VAT10 Paid Telkom for telephone account R34515 Paid R2 000 towards a loan settlement with Mzanzi Bank20 Cash sales R5 750 including VAT23 Cash purchases R4 600 including VAT25 Paid wages R800 Prepare the following…
Clivia Traders, a stationery shop, situated in Sea Point is owned by Daisy Garden. The business is a registered VAT vendor and trades only with other registered vendors. All amounts include 15% VAT where applicable, except if otherwise indicated. They use a perpetual inventory system and all goods are marked up at 20% above cost, before taking into account any trade discounts. The business does not expect to award any settlementdiscounts nor to qualify for any settlement discounts. All occurrences of settlement discounts are therefore incidental in nature.All money received is banked daily.The following transactions took place in the month of February 2020 DATE TRANSACTION1 Owner contributed R5 000 cash4 Cash sales R13 800 including VAT6 Cash purchases R8 000 excluding VAT10 Paid Telkom for telephone account R34515 Paid R2 000 towards a loan settlement with Mzanzi Bank20 Cash sales R5 750 including VAT23 Cash purchases R4 600 including VAT25 Paid wages R800 Prepare the following…
Clivia Traders, a stationery shop, situated in Sea Point is owned by Daisy Garden. The business is a registered VAT vendor and trades only with other registered vendors. All amounts include 15% VAT where applicable, except if otherwise indicated. They use a perpetual inventory system and all goods are marked up at 20% above cost, before taking into account any trade discounts. The business does not expect to award any settlement discounts nor to qualify for any settlement discounts. All occurrences of settlement discounts are therefore incidental in nature. All money received is banked daily. The following transactions took place in the month of February 2020 : DATE TRANSACTION 1 Owner contributed R5 000 cash 4 Cash sales R13 800 including VAT 6 Cash purchases R8 000 excluding VAT 10 Paid Telkom for telephone account R345 15 Paid R2 000 towards a loan settlement with Mzanzi Bank 20 Cash sales R5 750 including VAT 23 Cash purchases R4 600 including VAT 25 Paid wages R800 Q.4.1 Prepare…
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