Given the following data; TOTAL PURCHASES OMR 150000 CASH PURCHASES OMR 45000 PURCHASE RETURN OMR 5000 OPENING CREDITORS OMR 30000 CLOSING CREDITORS OMR 20000 What will be the amount of Net Credit Purchase? a. OMR 150000 b. OMR 45000 c. OMR 105000 d. OMR 100000

Given the following data; TOTAL PURCHASES OMR 150000 CASH PURCHASES OMR 45000 PURCHASE RETURN OMR 5000 OPENING CREDITORS OMR 30000 CLOSING CREDITORS OMR 20000 What will be the amount of Net Credit Purchase? a. OMR 150000 b. OMR 45000 c. OMR 105000 d. OMR 100000

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

See similar textbooks

Related questions

Q: Mr. Rasool bought Merchandise inventory worth OMR 25,000 for cash. Which books of prime entry will…

A: Journals are the prime recording books in which transactions are recorded for the first time. There…

Q: Given the following data; TOTAL PURCHASES 150000 CASH PURCHASES 45000 PURCHASE RETURN S000 OPENING…

A: Creditors turnover ratio = net credit purchase * 2 / (Opening creditors + Closing creditors)

Q: Purchase-Related Transactions The Wheatland Company purchased merchandise on account from a…

A: 1/10,n/30 term means that if payment is made within 10 days from purchase, 1% of discount will be…

Q: Purchase-related transactionsThe Stationery Company purchased merchandise on account from asupplier…

A: Credit terms 2/10, n/30 means that 2% discount will be allowed to customers if payment is made…

Q: arch 1, amounted to P23,000, and P28,000 at the end of the month. *Required: Record the…

A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

Q: The following transactions relating to an enterprise. Prepare sales, purchases, returns outward day…

Q: Based on the following selected accounts provided to you by the chief accountant of Barbi Traders:…

A: The trial balance is prepared to record the final balance of each account of the business as debit…

Q: Record the transactions made for the month of March 2020

A: Hey there since you have posted multiple questions , we can answer only question, please re-submit…

Q: Purchase-Related Transactions The Stationery Company purchased merchandise on account from a…

A: Introduction: An invoice is a type of business document that details and records transactions…

Q: Chart of Accounts Account Number Account Titles Cash Accounts Receivable Supplies Prepaid…

A: Savings Account is a type of bank account wherein a customer saves money.Generally…

Q: Hoffman Company purchased merchandise on account from a supplier for $65,000, terms 1/10, n/30.…

A: Purchase discount: Goods purchased on credit. if payment is done within Discount period then seller…

Q: 1. Which of the following statements regarding cash purchases discounts from suppliers is/are…

A: Solution:- Discuss the following statements regarding cash purchases discounts from suppliers is/are…

Q: From the following information, calculate the value of purchases. $ Opening payables 142,600 Cash…

A: Closing payable = (Opening payable + Purchases ) - ( Cash Paid + Discount received + Goods returned…

Q: transportation is prepaid by the seller, and that the invoice is paid within the 20. A sales invoice…

A: Discount is provided if the payment is made within the specified period.

Q: need help with this ASAP, thanks. A sales invoice included the following information: merchandise…

A: The buyer can avail discount if he makes the payment within the discount period.

Q: The following information were found from the records of FDN Company: Net Purchases = P90,000…

A: The discount can be of different types as trade discount and cash discount. The trade discount is…

Q: The following are summary of Aku Sika's transactions with her customers during the year ended 31…

A: 1. Purchase Ledger Control A/c Particular Amount Particular Amount To Return…

Q: Purchase-Related Transactions The Stationery Company purchased merchandise on account from a…

A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…

Q: A sales invoice include the following information: merchandise price, $12,000: terms 1/10, n/oem;FOB…

Q: w are transactions taken from the books of Zen Enterprises for the y. Assuming you are the…

A: Journal Entry : It is the process of recording the business transactions in the books of accounts…

Q: Cherry Co. Purchased merchandise for cash with an invoice price of 13000. How much is the vatable…

A: Value added tax: It implies to the tax that is charged on the value addition by the producers at…

Q: The following are taken from the record of ABM Company for the year ended December 31, 20X2: CREDIT…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Purchases transactions Elkhorn Company purchased merchandise on account from Springhill company for…

A: Cash required for the payment= Net purchases - Discount where, Net purchases = Goods purchased -…

Q: The following balances appeared in the trail balance for the year 2020 of AL-Nada co? Accounts…

A: The following computations are done for Al-Nada Company.

Q: The journal entry to record the receipt of inventory purchased for cash in a perpetual inventory…

A: Perpetual Inventory System: The perpetual inventory system records and updates the inventory after…

Q: The following transactions are related to Purchase ledger of Tata Motors company. PURCHASE…

A: The Purchase Ledger is the record of the purchases and expenses in the books of accounts of a…

Q: 8) MN traders has the purchases of RO 76,500, purchases returns and allowances of RO 1,900,…

A: Net cost of purchases includes all the expenses incurred for purchase and deduct the discounts…

Q: The entry to record a sale of P7,500 with terms of 2/10, n/30 would include a. Debit to sales for…

A: Note: 2/10, n/30: Here, 2 represents the discount rate if payment is made within ten days. And if…

Q: Given the following data; TOTAL PURCHASES OMR 150000 CASH PURCHASES OMR 45000 PURCHASE RETURN OMR…

A: Formula: Credit purchases = Total purchases - purchase returns - Cash purchases.

Q: 6. Centex Sound Systems purchased merchandise inventory costing $8,000 from Flower Co. on account.…

A: Purchases means when a business buys any thing for the resale purpose. Any thing means the items…

Q: Purchase ledger of Tata Motors company. PURCHASE LEDGER HEAVEN MOTORS ACCOUNT Date Details…

A: The correct answer of option 1. Is :- C. Tata motors purchased goods from heaven motors on credit.…

Q: For each of the following Mary Paz Abad Retailers purchases, assume that credit terms are 2/10 n/30…

A: The discount represents the lower amount price to be paid than the actual amount.

Q: Given the following data; TOTAL PURCHASES OMR 150000 CASH PURCHASES OMR 45000 PURCHASE RETURN OMR…

A: Net credit purchases = Total purchase - Cash purchase - Purchase return

Q: Sandra’s Store purchased merchandise from a manufacturer with an invoice price of $11,000 and credit…

A: Journal: Journal is the primary book of accounts. Transactions are recorded on it day-to-day basis.…

Q: Given the following data Total Purchases 150000 Cash purchases 45000 Purchase return 5000 Opening…

A: Given: Total purchase = 150,000 Purchase return = 5000 Cash purchase = 45,000

Q: Al Hosni traders return goods worth $200 to Mac Donald. What journal entry will be recorded by Al…

A: Al Hosni Traders is buyer who returned the goods purchased before.

Q: Merchandise subject to terms 4/15, n/28, FOB shipping point, is sold on account to a customer for…

A: Merchandise subject to terms 4/15, n/28, means there will be a cash discount of 4% if payment is…

Q: Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: 2 From the following information, calculate the value of purchases. Opening payables Cash paid…

A: For calculating the value of purchase , we need to prepare the accounts payables account i.e.…

Q: The following were selected from among the transactions completed by Home Sentry Company during…

A: Journal entry: It is the first step of recording transactions of a company. Before this, no other…

Q: Determine the financial statement effects of Accounts Payable Transactions, when Hobson Company has…

A: Accounts payable: Its a short term liability item reported in Balance sheet. Goods purchased on…

Q: From the following information, calculate the value of purchases: $ Opening trade payables 142,600…

A: We have the following information: Opening Trade Payables: $142,600 Cash Paid: $542,300 Discount…

Q: The following balances appeared in the trail balance for the year 2020 of AL-Nada co? Accounts Sales…

A: Calculation of Capital Balance using Trial Balance : Trial Balance of Al - Nada Company…

Q: Xanadu Company purchased merchandise on account from Springhill Company for $7,900, terms 2/10,…

A: The payment term is 2/10, n/30. So the discount is 2% if the payment is made within the discount…

Q: Make a transaction for each of the following general journal. Bank 10000 Cash…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Mr. Zubair sold Merchandise inventory worth OMR 50,000 for cash. Which books of prime entry will…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: The following Purchases Ledger Control Account PLCA was prepared for the year: Bal b/d…

A: The purchase ledger control account is also known as the trade creditor control account. It is part…

Q: 10. JASMINE Enterprises' purchases per purchase invoice is ₱150,000. The purchase discount is 2/10,…

A: Under net method, the discount to be received on early payment will be reduced from the purchase…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Formulas:

VIEW

Solution:

VIEW

Answer:

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

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?
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?
A customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays within the discount window, how much will they remit in cash to the retailer? A. $1,250 B. $1,200 C. $50 D. $500
A customer just charged $150 of merchandise using MasterCard. Which special journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
AB Inc. purchased inventory on account from YZ Inc. The amount was $500. AB Inc. uses an accounting information system with special journals. Which special journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
Sandren Co. purchased inventory on credit from Acto Supply Co. for $4,000. Sandren Co. would record this transaction in the ________. A. general journal B. cash receipts journal C. cash disbursements journal D. purchases journal E. sales journal
Sold goods for $650 cash. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
A retailer pays on credit for $650 worth of inventory, terms 3/10, n/40. If the merchandiser pays within the discount window, how much will the retailer remit in cash to the manufacturer? A. $19.50 B. $630.50 C. $650 D. $195
A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize this sales return, assuming the customer has not yet remitted payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, purchases D. sales discounts, cost of goods sold
A customer just charged $150 of merchandise on the companys own charge card. Which special journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
A retailer returns $400 worth of inventory to a manufacturer and receives a full refund. What accounts recognize this return before the retailer remits payment to the manufacturer? A. accounts payable, merchandise inventory B. accounts payable, cash C. cash, merchandise inventory D. merchandise inventory, cost of goods sold