In this exercise you purchase machines for $500 and resell them for $1000. Business Transactions Prepay $500 for rental of store Receive store rental invoice Purchase 5 machines on credit Sell 3 machines on credit Pay owners salary of $1000/month Pay $2500 invoice for 5 machines purchased Receive cash payment for sale on credit Sell 2 machines for cash Accounting Transactions Income Statement Cost of Revenues Revenues SG&A Net Income Cash Accounts Receivable Balance Sheet Inventory Prepaid Rent Accounts Payable Change in Assets= $ ssssss Change in Liabilities - $ - $ - $ $ $ $ $ $ + Change in Equity $ $ - S $ $ $ - $ $ $

In this exercise you purchase machines for $500 and resell them for $1000. Business Transactions Prepay $500 for rental of store Receive store rental invoice Purchase 5 machines on credit Sell 3 machines on credit Pay owners salary of $1000/month Pay $2500 invoice for 5 machines purchased Receive cash payment for sale on credit Sell 2 machines for cash Accounting Transactions Income Statement Cost of Revenues Revenues SG&A Net Income Cash Accounts Receivable Balance Sheet Inventory Prepaid Rent Accounts Payable Change in Assets= $ ssssss Change in Liabilities - $ - $ - $ $ $ $ $ $ + Change in Equity $ $ - S $ $ $ - $ $ $

Name: 319 In this exercise you purchase machines for $500 and resell them f
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Description: 319 In this exercise you purchase machines for $500 and resell them for $1000.320321322323324325326327328329330331332333334Business TransactionsPrepay $500 for rental of storeReceive store rental invoicePurchase 5 machines on creditSell 3 machines o

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter24: Recording International And Internet Sales

Section24.2: Recording Internet Sales

Problem 1OYO

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10. JASMINE Enterprises' purchases per purchase invoice is ₱150,000. The purchase discount is 2/10, n/30. Freight is ₱500, FOB Shipping point collect. The net purchases under the net method is? * PLEASE SHOW YOUR SOLUTIONS IN GOOD ACCOUNTING FORM. THANK YOU!
Directions: Show complete solutions. Take a picture of your solutions and paste in word. Submit the word file version to my email no later than 10:30am today. Thanks. Problem 1: Quarry Company, a manufacturer of small tools, provided the following information for the year ended December 31, 2020. Inventory at December 31, based on physical count – P1,750,000 Accounts payable at December 31 – P1,200,000 Net sales – P8,500,000 Additional information: Included in the physical count were tools billed to a customer FOB shipping point on December 31, 2020. These tools had a cost of P28,000 and were billed at P35,000. The shipment was in loading dock waiting to be picked up by the common carrier. Goods in transit from a vendor to Quarry Company on December 31, 2020. The invoice cost was P50,000 and the goods were shipped FOB shipping point on December 29, 2020. Work in Process inventory costing P20,000 was sent to an outside processor for plating on December 30, 2020. Tools returned by…
Solve the following, Ps. add Purchases of P100,000 on Case No.1 (3-5) to complete the problem.
Issued Cheque No. 4030 for $8,327 to Big Telco in payment of Purchase #340 (Supplier Inv#218). 3 Purchased 8 units MX620 notebook computers from Moon Megasystems at $1,188 each (includes 10% GST), Purchase #343, Supplier Inv#107. Issued Cheque No. 4031 for $4,400 to this supplier for this particular invoice at the time of the purchase. 3 Issued Cheque No. 4032 for $1,210 (includes 10% GST) to Discount Office Supplies for the cash purchase of office supplies. How to record these journals in MYOB sofyware.
12 f an Electronics manufacturer has a catalogue or list price of OMR300 for a Laptop and sells it to a retailer for list price less a 25% discount, the sale and corresponding account receivable recorded by the manufacturer is OMR225 per Laptop. The discount offered by the manufacturer is known as ______________. a. Trade discount b. Both sales discount and cash discount c. Sales discount d. Both trade discount and sales discount Clear my choice
20. The list price of an air conditioner is OMR 250. If manufacturer sells this product to a retailer for list price less 15% discount, what will be the amount of account receivable to be recorded by the manufacturer? a. OMR 250 b. OMR 212.50 c. OMR 37.50 d. OMR 287.50
PA6. Review the following transactions for Dish Mart and record any required journal entries. Note that all purchase transactions are with the same supplier. Nov. 5 Dish Mart purchases 26 sets of dishes for $460 per set with cash. Nov. 9 Dish Mart purchases 30 sets of dishes for $430 per set on credit. Terms of the purchase are 10/15, n/60, invoice date November 9. Nov. 13 Dish Mart discovers 5 of the dish sets are damaged from the November 9 purchase and returns them to the supplier for a full refund. Nov. 14 Dish Mart purchases 10 sets of dishes for $450 per set, on credit. Terms of the purchase are 10/10, n/60, invoice date November 14. Nov. 15 Dish Mart discovers that 2 of the dish sets from the November 14 purchase and 4 of the dish sets from the November 5 purchase are missing a few dishes but keeps them since the supplier granted an allowance of $50 per set for the November 14 dish sets and $75 per set for the November 5 dish sets. Dish…
PA8.) Review the following sales transactions for Dish Mart and record any required journal entries. Note that all sales transactions are with the same customer, Emma Purcell.Mar. 5 Dish Mart made a cash sale of 13 sets of dishes at a price of $700 per set to customer Emma Purcell. The cost per set is $460 to Dish Mart.Mar. 9 Dish Mart sold 23 sets of dishes to Emma for $650 per set on credit, at a cost to Dish Mart of $435 per set. Terms of the sale are 5/15, n/60, invoice date March 9.Mar. 13 Emma returns eight of the dish sets from the March 9 sale to Dish Mart for a full refund. Dish Mart returns the dish sets to inventory at their original cost of $435 per set.Mar. 14 Dish Mart sells 6 sets of dishes to Emma for $670 per set on credit, at a cost to Dish Mart of $450 per set. Terms of the sale are 5/10, n/60, invoice date March 14.Mar. 15 Emma discovers that 3 of the dish sets from the March 14 purchase, and 7 of the dish sets from the March 5 sale are missing a few dishes, but…
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