Identify the subsidary journal Purchased inventories on credit, R37720

Q: (f) Bought goods on credit $2200

A: An accounting equation refers to a mathematical representation of the transaction. It indicates that…

Q: Situs of taxation on income from sale of property purchased. a. Place of the seller b. Place of…

A: Answer: According to data - ** Situs of taxation on income from sale of property…

Q: General entry purchase return

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

Q: Compute for the sale revenue to be recognized from the transaction above.

A: A contract is made when one party who is known as seller makes an offer and other party who is known…

Q: 16. A source document prepared by the seller that lists the the a. sales invoice. b. purchase…

A: solution note Dear student as per the Q&A guideline we are required to answer the first question…

Q: Reversing entries maybe used in unearned income when the original 1 point collection is recorded as…

A: Answer In a business unearned income record as a assets instead of a liability.

Q: Required: 1. Determine the goodwill or gain on bargain purchase from the above acquisition.

A: When one company acquired 50% of the capital and assets of another company or more is known as…

Q: A form used to request the responsible person or department to purchase merchandise or other…

A: Person responsible to make purchase would require the details to the purchases required to be made.

Q: effect of purchase on account on current rattion

A: Current Ratio (CR): It is one of the liquidity ratios which measures the company’s ability to pay…

Q: a) Write explanatory notes on the following terms as used in consignment accounts:i. Account saleii.…

A: Consignment includes two parties (consignor and consignee) wherein the consignee will be the one in…

Q: What is the accounting treatment for supplies inventories if the purchases method is used to record…

A: Supplies generally form a part of current assets of the entity and represent the amount of supplies…

Q: Q4. Critically evaluate the approach adopted under IAS 38 in accounting for intangible assets. Your…

A: Definition of Intangible assets intangible asset is an identifiable , non monetary , without…

Q: The entry to record patent amortization usually includes a credit to Select one: a Accumulated…

A: Correct Answer = Option C = Patent Explanation Patent is treated as intangible assets.  There is two…

Q: What document signals that a company should record thepurchase of goods on account?a. Purchase…

A:

Q: In a sale-leaseback transaction, the owner of an asset sells it and immediately leases it back from…

A: 1.

Q: indicate in which journal the following transactions are most likely to be recorded. 1. purchased…

A: Definition: Journal entry: Journal entry is a set of economic events that can be measured in…

Q: Briefly outline the accounting treatment of Non-Current Assets Held for Sale according to IFRS 5-Non…

A: As per IFRS-5, a non-current asset has to be classified held for sale if the asset is expected to be…

Q: a. calculate the purchase consideration b. calculate the goodwill or bargain purchase for this…

A: When one company takes over another and establishes itself as the new owner, the purchase is called…

Q: -It is used to who is responsible for paying shipping and when the title of the goods passes from…

A: When a Business transaction is executed, it is subjected to certain terms and conditions that govern…

Q: Accounting information systems have five generic elements . Which of the following pairs includes…

A: Accounting information systems are tools/softwares used by entities to collect, record and Storge…

Q: ls goods to Geo Company in exchange for The fair value of the goods at the date of sa

A: Ans. The value of any asset which is received back is the true value of the asset given.

Q: What is the name of the book of original entry (prime entry) used to record the purchase of…

A:

Q: Statement I: According to PFRS for SMES, SME is as an entity that has public accountability and…

A: PFRS: Philippines Financial Reporting Standards  SMEs : Small and Medium Sized Entities .

Q: Identify the document or record used in the expenditure cycle based on the description set out…

A: Document is written record for every relevant transaction.

Q: A

A: The preparation, designing, and documentation of internal controls are that of the management. Once,…

Q: (a) assess whether the transfer of the machinery is a sale or not a sale. (b) prepare the relevant…

A: Lease is a agreement between two parties and lease takes place when one party is not having the…

Q: Statement I: According to PFRS for SMEs, SME is as an entity that has public accountability and…

A: In the given case the small and medium enterprises entities does not have public accountability and…

Q: 49. Recording assets at their acquisition cost (entry value), rather than at their net selling price…

A: Historical cost basis: It is the standard by which a business records the value of an asset on its…

Q: For each of the following items, identify whether the item is considered current or noncurrent,…

A: All of a company's assets that are expected to be sold, consumed, utilized, or expended within one…

Q: Which of the following items is considered an original source document? Select one: a. accounts…

A: Source document In general source document which are used for the business transaction of the entity…

Q: Prepare the statement of profit or loss of Amazing Enterprise for the year ended 30 April 2021.

A: An income statement is a financial report that indicates the revenue and expenses of a business. It…

Q: ASSETS RO RO Non-current assets Property, plant and equipment Right-of-use assets 3,138,365…

A: Short term investment means that investment which is made for the shorter period of time generally…

Q: According to PFRS 11, it is a separately identifiable financial structure, including separate legal…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: disclosures under AASB 141/IAS 41? I. Fair value changes attributable to price changes. II. Fair…

A: Biological Assets According to AASB 141 / IAS 41 it clearly states the details of biological assets…

Q: Which document typically triggers the process of recording a liability? a. purchase requisition b.…

A: Liability: It can be defined as the obligation that arises as a result of past events of the…

Q: Topic: AGRICULTURE Requirements: 1. How much is classified as biological assets that are accounted…

A: Biological assets seem to be resources that really are alive in the natural world. It comprises…

Q: 18-Which of the following is an example of Source document? a. Sales Ledger b. Invoice c. Assets…

A: Some common examples of source documents include sales receipts, checks, purchase orders, invoices,…

Q: Determine if this shall result in recognition of liabilities 19.Sale of gift certificates…

A: Liability is recognized in the balance sheet when it is probable that an outflow of resources…

Q: A company indicates the condition of goods obtained onwhich of the following documents?a. Purchase…

A: Answer:   Option c.

Q: Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts…

A:

Q: The recording of a product warranty expense in the year the merchandise under warranty is sold is…

A: The recording of a product warranty expense in the year the merchandise under warranty is sold is…

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.