how can i do jeneral journal for this with 10% GST
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- ABC operates a consignment shop where she sells clothes for women and children. The average number of consignments sold per month is 1,000. The average material cost and the selling price of each consignment are $8 and $20, respectively. The monthly fixed costs to run this business are given below: Rental cost: $750Utilities: $150Advertising: $35Insurance: $100Labor cost: $4,000 Using Excel spreadsheet / worksheet, determine Anna's profit. Attach excel solution.Lakeesha Barnett owns and operates a package mailing store in a college town. Her store, Send It Packing, helps customers wrap items and send them via UPS, FedEx, and the USPS. Send ItPacking also rents mailboxes to customers by the month. In May, purchases of materials (stamps, cardboard boxes, tape, Styrofoam peanuts, bubble wrap, etc.) equaled $11,450; the beginning inventory of materials was $1,050, and the ending inventory of materials was $950. Pay-ments for direct labor during the month totaled $25,570. Overhead incurred was $18,130 (including rent, utilities, and insurance, as well as payments of $14,050 to UPS and FedEx for the delivery services sold). Since Send It Packing is a franchise, Lakeesha owes a monthly franchise fee of 5 percent of sales. She spent $2,750 on advertising during the month. Other adminis-trative costs (including accounting and legal services and a trip to Dallas for training) amounted to $3,650 for the month. Revenues for May were $102,100.Required:1.…The following is selected information from Mars Corp. Compute net purchases, and cost of goods sold for the month of March. 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.
- Bramble sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Bramble's purchases of WhiteOut snowboards during September. During the same month, 123 WhiteOut snowboards were sold at $167 each. Bramble uses a periodic inventory system.CMR Stationery located in Marabella, Trinidad, sells a variety of school suppliesincluding several brands of calculators. The business began the first quarter (Januaryto March) of 2018 with 20 (Casio smart) calculators at a total cost of $124,800.During the quarter, the company completed the following transactions relating to the“Casio smart” calculators.January 8: 105 calculators were purchased at a cost of $6,140 each. In addition, thebusiness paid a freight charge of $310 cash on each calculator to have the inventoryshipped from the point of purchase to their warehouse.January 31: The sales for January were 85 calculators which yielded total salesrevenue of $809,030. (25 of these units were sold on account to longstandingcustomers)February 4: A new batch of 70 calculators was purchased at a total cost of$486,500February 10: 6 of the instruments purchased on February 4 were returned to thesupplier, as they were not of the model ordered.February 28: During the month 62 calculators…Mather sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Mather’s purchases of EZslide snowboards during September. During the same month, 102 EZslide snowboards were sold. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 12 $100 $1,200 Sept. 12 Purchases 45 103 4,635 Sept. 19 Purchases 50 104 5,200 Sept. 26 Purchases 20 105 2,100 Totals 127 $13,135 Additional data regarding the company’s sales of EZslide snowboards are provided below. Assume that Mather uses a perpetual inventory system. Date Units Sept. 5 Sale 8 Sept. 16 Sale 48 Sept. 29 Sale 46 Totals 102 Calculate the average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) September 1 $ 100 September 5 $ ? September 12 $ ?…
- The following events occur during September: Webworks purchases supplies worth $120 on account. At the beginning of September, Webworks had 19 keyboards costing $100 each and 110 flash drives costing $10 each. Webworks has decided to use perpetual FIFO to cost its inventory. On account, Webworks purchases thirty keyboards for $105 each and fifty flash drives for $11 each. Webworks starts and completes five more Web sites and bills clients for $3,000. Webworks pays Nancy $500 for her work during the first three weeks of September. Webworks sells 40 keyboards for $6,000 and 120 flash drives for $2,400 cash. Webworks collects $2,500 in accounts receivable. Webworks pays off its salaries payable from August. Webworks pays off $5,500 of its accounts payable. Webworks pays off $5,000 of its outstanding note payable. Webworks pays Leon salary of $2,000. Webworks pays taxes of $795 in cash. Required: Prepare journal entries for the above events. Post the journal entries to T-accounts.…Luke sells machines, and also offers installation and technical support services. The individual selling prices of each product are shown below. Sale price of goods $75 Installation $25 A year’s service $50 Company X bought a machine on 1 May 2018 and was charged a reduced price of $100. Luke only offers discounts when customers purchase a package of products together. According to IFRS 15 Revenue from Contracts with Customers, how much should be recorded in revenue for the year ended 31 December 2019? Answer should be rounded to the nearest $.On January 1, 2013 Lindsay Owens opened picture Perfect, a small retail store that sells picture frames, craft and art. On June 30, 2014, her accounting records show the following. Store rent $7,000, Sales salaries $4,500, Freight in $600, Inventory on June 30, 2014 $9,600, Advertising expense $,2300, Slaes revenue $90,000, Store ulities $1.950, Purchase merchandise $36,000, Inventory on Jan, 2014 $12,000 Prepare an income statement for picture Perfect a merchandiser for the period ended June 30, 2014.
- Alberto & Sons, Inc., a retailer of antique figurines, engages in the following transactions duringOctober of the current year:Oct. 1 Purchases 100 Hummels at $50 each.Oct. 5 Sells 50 of the Hummels at $80 each.Compute Alberto & Sons’s gross profit for October.One Stop Electrical Shop are merchandisers of household fixtures & fittings. The business began thelast quarter of 2020 (October to December) with 25 Starburst Wall Clocks at a total cost of $153,000.The following transactions took place during the quarter.October 10 100 clocks were purchased on account at a cost of $6,225 each. In addition,One Stop paid $120 cash on each clock to have the inventory shipped fromthe vendor’s warehouse to their warehouseOctober 31 During the month 90 clocks were sold at a price of $8,300 each. (20 of theseclocks sold were on account to a long-standing customer of the business)November 1 A new batch of 60 clocks was purchased at a total cost of $406,500November 10 5 of the clocks purchased on November 1 were returned to the supplier, asthey were damagedNovember 30 The sales for November were 58 clocks which yielded total sales revenue of$498,800December 2 Owing to increased demand, a further 110 clocks were purchased at a cost of$7,400 each and these…In its first year of operations, Dulany Company, a clothing store, purchased $18,000 of merchandisefrom a supplier on account, terms 2/10, n 30. Dulany Company returned $3,000 of defectivemerchandise, and then paid the amount due within the discount period. During the year, the companysold merchandise inventory costing $12,000 to its customers. What would be the balance in Dulany’sCompany’s Merchandise Inventory account at the end of the year?A. $2,700B. $3,200C. $3,300D. $2,640