Draw T account of purchases,sales,Mr D ,Mr E, Return inwards, Return outwards,Mr Z and Bank. On 1 March 2020, goods valuing $1000 werebought from Mr. D.On 15 March 2020, goods, valued at $200, returnedto 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, werebought from Mr. Z on credit.On 15 June 2020, the due amount of $800 was paidto Mr. D through cheque.On 15 July 2020, the due amount of $1500 wasreceived 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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Description: Draw T account of purchases,sales,Mr D ,Mr E, Return inwards, Return outwards,Mr Z and Bank. On 1 March 2020, goods valuing $1000 werebought from Mr. D.On 15 March 2020, goods, valued at $200, returnedto Mr. D.On 1 May 2020, goods for $2000 were sold

A T-account is an term refers to a set of financial records which uses double entry of book…

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Draw 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

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 6E: Goods in Transit Gravais Company made two purchases on December 29, 2019. One purchase for 3,000 was...

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A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?
The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000
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A buyer purchases $250 worth of goods on credit from a seller. Shipping charges are $50. The terms of the purchase are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the buyer record for these transactions?
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Dixon Menswear Shop purchased shirts from Colt Company on May 28, 2019, and received an invoice with a list price amount of 5,000 and payment terms of 2/10, n/30. Dixon uses the net method to record purchases. Dixon should record purchases of: a. 4,000 b. 4,900 c. 5,000 d. 5,100
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.