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- Stung, which is registered to account for sales tax, purchased furniture on credit at a cost of $8,000, plus sales tax of $1,200. What are the correct accounting entries to record this transaction? $ $ A Debit Furniture 9,200 Credit Supplier 9,200 B Debit Furniture 8,000 Credit Sales tax 1,200 Credit Supplier 6,800 C Debit Furniture 8,000 Credit Supplier 9,200 Debit Sales tax 1,200 D Debit Furniture 8,000 Credit Supplier 8,000Suppose your company sells goods for $300, of which $200 is received in cash and $100 is on account. The goods cost your company $125 and were paid for in a previous period. Your company also recorded salaries and wages of $70, of which only $30 has been paid in cash. prepare journal entries a) Record the sales revenue of $200 for cash and $100 on account and record the cost of goods sold of $125 using one journal entry. b) Record the salaries and wages expense of $70.esther has a small store. last month, she purchased merchandise costing p75,000.00, for which she paid freight of p7,500.00. she sold 60% of the merchandise for p68,000.00, after spending for various expenses totalling p13,000.00. she also paid p2,000.00 for interest on money she borrowed for her store. a. how much was her cost of sales? b. how much gross profit did she make? c. how much operating profit did she make? d. what was her net profit?
- On May 11, 2023, Wilson Purchasing purchased $24,000 of merchandise from Happy Sales; terms 3/10, n/90, FOB Happy Sales. The cost of the goods to Happy was $19,000. Wilson paid $1,400 to Express Shipping Service for the delivery charges on the merchandise on May 11. On May 12, Wilson returned $3,800 of goods to Happy Sales, which restored them to inventory. The returned goods had cost Happy $3,000. On May 20, Wilson mailed a cheque to Happy for the amountAbbey Co. sold merchandise to Gomez Co. on account, $35,000, subject to a sales tax of 5%. The cost of the merchandise sold is $24,500. When recording the general journal entry, how much should be credited to the liability account called sales tax payable?. Bryan is a retailer whose Trial Balance at 2020 December 31 is given below:DR CR$ $Purchases and Sales 72 000 119 400Returns 750Carriage Inwards 930Wages and Salaries 27 670General Expenses 4 750Cash at Bank 4 210Cash in Hand 150Premises 62 520Fixtures and Fittings 9 000Inventory at 2020 January 01 5 550Accounts Receivable and Payable 7 200 4 850Motor Vehicle at cost 13 150Provision for Depreciation onMotor Vehicle at 2020 January 01 2 630Capital at 2020 January 01 82 500Drawings 3 000---------- ----------210 130 210 130====== ======The following additional information is available:1. Inventory at 2020 December 31 was valued at $5 200.2. General Expenses of $400 paid for the year 2021.3. A debt of $200 is to be written off as bad.4. Provision is to be made for doubtful debts of 5% on Accounts Receivables (after writing offthe Bad Debt of $200) at 2020 December 31.5. Depreciation is to be provided for 2020 as follows:Fixtures and Fittings at 10% using the straight -line method; Motor…
- Diva bee sold $17,790 of merchandise in 20Y5, with the cost of the merchandise totaling $2,250. Fabulous Finds had the following expenses: sales salaries, $2,100; office salaries, $3,000; advertising expense, $1,200; office supplies, $700; office utilities, $1,400; depreciation on store equipment, $1,070; depreciation on office equipment, $1,800; delivery expense, $950; and insurance expense, $1,200. The company also had interest revenue of $2,200 and investment expense of $900. Prepare the company’s income statement for the fiscal year ended March 31.She purchased merchandise costing 75,000 for which she paid freight of 7,500. She sold 60% of the merchandise for 68,000, after spending for various expenses totalling 13,000. She also paid 2,000 for interest on a money she borrowed for her store. Questions 1. How much was her cost of sales? 2. How much gross profit did she make? 3. How much was her net profit?During the fiscal year 20x4, the initial inventory of the goods of company A is 15.000 €, purchases of goods for the fiscal year 25.000,00 € and the final stock of goods 10.000,00 €. The revenue from the sales of goods is 75.000,00 €, the operating expenses 30.000,00 € and the tax rate is 40%. An employee of the accounting department registered as the final stock of goods the amount of 12.000 €. What is the effect on the cost of sales during the use of 20X4?
- During the current year, merchandise is sold for P86,000 cash and for P93,950 on account. The cost of the merchandise sold is P76,240. What is the amount of the gross profit?Required to answer.This information relates to Oriole Co. 1. On April 5, purchased merchandise on account from Swifty Company for $35,000, terms 4/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $820 on merchandise purchased from Swifty Company. 3. On April 7, purchased equipment on account for $28,800. 4. On April 8, returned some of April 5 merchandise, which cost $3,300, to Swifty Company. 5. On April 15, paid the amount due to Swifty Company in full. Prepare the journal entries to record these transactions on the books of Oriole Co. using a periodic inventory system.The acquisition of goods with an invoice price of $10,000 is subject to the following terms: 2/10, n/30, FOB destination. The vendor covered all transportation expenses in the amount of $300. What is the merchandise's net cost?