DATE TRANSACTIONS 20X1
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- Sales-related transactions The- following selected transactions were completed by Affordable Supplies Co., which sells supplies primarily to wholesalers and occasionally to retail customers. Jan. 6. Sold merchandise on account, $14,000. terms FOB shipping point, n/com. The cost of merchandise sold was $8,400. 8. Sold merchandise on account. $20,000. terms FOB destination. 1/10. n/30. The cost of merchandise sold was $14,000. 16. Sold merchandise on account, $19-500. terms FOB shipping point, n/30. The cost of merchandise sold was $11,700. 18. Received check for amount due for sale on January 8. 19. Issued credit memorandum for $4,500 for merchandise returned from sale on January 16. The cost of the merchandise returned was $2,700. 26. Received check for amount due for sale on January 16 less credit memorandum of January 19. 31. Paid Cashell Delivery Service $3,000 for merchandise delivered during January to customers under shipping terms of FOB destination. 31. Received cheek for amount due for sale of January 6. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Affordable Supplies Co. Identify each transaction by date.Question 1 Prepare a Trade Receivables Control Account and a Trade Payables Control Account from the following totals extracted from the books of Kedai Mega for a financial year. RM January 1 Sales ledger debit balances 43,048 Purchase ledger credit balances 36,400 December 31 Sales Journal 563,120 Purchases Journal 383,600 Returns Inwards Journal 3,736 Returns Outwards Journal 2,528 Cheques received from customers 462,660 Cheques paid to suppliers 400,400 Discount allowed 2,860 Discount received 3,672 Bad debts 1,540 Dishonoured cheques 160 Discount allowed withdrawn 167. Of the following, which is an internal report that will determine if the total of the debit balances equal the total of the credit balances in the ledger? A. horizontal analysis B. trial balance C. chart of accounts D. income statement 8. Sales to customers who use bank credit cards, such as MasterCard and Visa, are generally treated as A. sales returns B. cash sales C. sales when the credit card company remits the cash D. sales on account 9. Who is responsible for the freight costs when the terms are FOB shipping point? A. either the seller or the buyer B. the seller C. the ultimate customer D. the buyer
- Exercise 10-05 In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Ivanhoe Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $29,500 and sales taxes $1,475. 2. Pharoah Company does not segregate sales and sales taxes. Its register total for April 15 is $21,730, which includes a 6% sales tax. Prepare the entry to record the sales transactions and related taxes for Ivanhoe Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Apr. 10 enter an account title to record the sales transactions and related taxes for Ivanhoe Company on April 10 enter a debit amount enter a credit amount enter an account title to record the sales transactions and related taxes…12. Salalah accounting services to small businesses and they encounter the following situations pertaining to cash sales. 1. Walid Company rings up sales and sales taxes separately on its cash register. On April 10, the register totals are sales $150,000 and sales taxes $4,500. 2. Rahab Company does not segregate sales and sales taxes. Its register total for April 15 is $47,080, which includes 8% sales tax. Instructions: Prepare the entry to record the sales transactions and related taxes for each client.Brief Exercise 7-06 The cash register tape for Larkspur Industries reported sales of $10,169.80.Record the journal entry that would be necessary for each of the following situations. (a) Sales per cash register tape exceeds cash on hand by $75.11. (b) Cash on hand exceeds cash reported by cash register tape by $41.90. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Transactions Account Titles and Explanation Debit Credit (a) enter an account title enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places (b) enter…
- Please help to solve the whole question please this is 1 question with 3sub parts. InvisiGuard Ltd sells security doors. Majority of its sales are on credit except small amount of cash sales each year. The accounting records at 30 June 2019 reveal the following. Ignore GST. Credit sales (for the year of 2019) $2,100,000 Cash sales (for the year of 2019) 20,000 Credit sales returns and allowances (for the year of 2019) 80,000 Accounts receivable (balance at 30 June 2019) 593,000 Allowance for doubtful debts (credit balance at 30 June 2019) 2,800 The company’s yearly bad debts expense had been estimated at 2.5% of net credit sales revenue in the past. The management of InvisiGuard Ltd has decided to compare the current method with an ageing of accounts receivable method. The following analysis was obtained with respect to the accounts receivable. Balance % of estimated uncollectable Accounts not yet due $351,200 1 Accounts…1. Which of the following statements regarding cash purchases discounts from suppliers is/are correct? (1) they are reductions in retail prices by manufacturer (2) they are revenues of the entity (3) the cash account is debited when they are received by the entity A. 2 only B. 3 only C. 1 and 2 only D. 1 and 3 only 2. ABC Company bought merchandise from Runnex 36,500 terms 3/10, n/6p. What js the journal entry assuming it was paid within the discount period? 3. What will be the entry when the company cash purchases amounting 13,440? 4. Strange company purchases merchandise from Collius Co. 95,000 terms 2/10, n/60 eith trade discounts of 5%. What is the entry of the transaction?Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $28,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $18,760. Sydney pays $500 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,500 of the $28,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $1,005. 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. (Both Sydney and Troy use a perpetual inventory system and the gross method.)1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions.2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.