On 10 January 2021, Mrs D Africa sold goods to three different clients, Mr P Lucky, Mrs V Happy and Mr T Busy. Sales invoices number 0001, 0002 and 0003 were issued to them respectively. They have paid the amounts and receipts number 0002, 0003 and 0004 were issued to Mr P Lucky, Mrs V Happy and Mr T Busy respectively. The source document to be used to record this transaction is a/an ... . Select one: a. cash register roll b. duplicate receipt c. original receipt d. original cash invoice

On 10 January 2021, Mrs D Africa sold goods to three different clients, Mr P Lucky, Mrs V Happy and Mr T Busy. Sales invoices number 0001, 0002 and 0003 were issued to them respectively. They have paid the amounts and receipts number 0002, 0003 and 0004 were issued to Mr P Lucky, Mrs V Happy and Mr T Busy respectively. The source document to be used to record this transaction is a/an ... . Select one: a. cash register roll b. duplicate receipt c. original receipt d. original cash invoice

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 5EA: Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises....

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Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for their merchandise inventory, on credit, for $10 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier.
Huhu Company and Hihi Company engaged in the following transactions during the month of July 2021. On July 16, Huhu Company sold merchandise to Hihi Company for P6,000, terms 2/10, n/30. Shipping costs were P600. Hihi Company received the goods and Huhu Company’s invoice on July 17. On July 24, Hihi Company sent the payment to Huhu, which Huhu received on July 25. Additional Info: c. Both Huhu and Hihi use the periodic inventory system. d. The arrangement regarding the shipping costs are as follows: Shipping terms FOB Shipping Point, Freight Collect. Hihi paid the shipping costs on July 17 and Hihi remitted P5,880 on July 24. What is the balance of accounts payable after remittances?
Huhu Company and Hihi Company engaged in the following transactions during the month of July 2021. On July 16, Huhu Company sold merchandise to Hihi Company for P6,000, terms 2/10, n/30. Shipping costs were P600. Hihi Company received the goods and Huhu Company’s invoice on July 17. On July 24, Hihi Company sent the payment to Huhu, which Huhu received on July 25. Additional Info: Both Huhu and Hihi use the periodic inventory system. The arrangement regarding the shipping costs are as follows: Shipping terms FOB destination, Freight Collect. Hihi paid the shipping costs on July 17 and deducted the P600 from the amount owed to Huhu Company. A copy of freight bill to Huhu Company was provided with the July 24 cash remittance. Hihi remitted P5,280 on July 24. How much is the accounts payable of Hihi before remittances?
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.
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April showers sells goods on credit to most of it's customers. In order to control it's debtor collection system the company maintains a sale ledger control account. In preparing the accounts for the year to 31 October 2019 the accountant discovers that the total of all the personal accounts in the sales ledger account to sh.12,802 whereas the balance on the sales ledger control account is sh.12,550 Upon investigating the matter, the following errors were discovered. - sales for the week ending 27 March 2019 amounting to sh 850 had been ommited from the control account. - A debtor account balance of sh 300 had not been included in the list of balance . - Cash received of sh. 750 had been entered in a personal account as sh. 570. - Discounts allowed totalling sh.100 had not been entered in the control account. - A personal account balance had been undercast by sh.200. - A contra item of sh.400 with the purchase ledger had not been entered in the control account. - A bad debt of…
April showers sells goods on credit to most of it's customers. In order to control it's debtor collection system the company maintains a sale ledger control account. In preparing the accounts for the year to 31 October 2019 the accountant discovers that the total of all the personal accounts in the sales ledger account to sh.12,802 whereas the balance on the sales ledger control account is sh.12,550 Upon investigating the matter, the following errors were discovered.- sales for the week ending 27 March 2019 amounting to sh 850 had been ommited from the control account.- A debtor account balance of sh 300 had not been included in the list of balance .- Cash received of sh. 750 had been entered in a personal account as sh. 570.- Discounts allowed totalling sh.100 had not been entered in the control account.- A personal account balance had been undercast by sh.200.- A contra item of sh.400 with the purchase ledger had not been entered in the control account.- A bad debt of sh.500 had…
Journalise the following transactions in the books of Mr.K: 2020 March 01-Sold goods on credit to Mr.M=75,000 12th March-Purchased goods on credit from Mr.B=70,000 15th March-Sold goods for cash to Mr.D=50,000 20th March-Received from Mr.M=70,000 25th March-Paid to Mr.B=50,000
Habana Crown, a trading business owned by Norhan Fahl, enters into the following selected sales transactions in September 2021: Sept 1 Sold merchandise to Davao Star, P240,000, FOB shipping point, 2/10. n/30, freight collect, P5,000. 2 Sold merchandise to Davao Star, P250,000, FOB shipping point, 2/10. n/30, freight prepaid, P6,000. 4 Sold merchandise to Davao Star, P210,000, FOB destination, 2/10. n/30, freight collect, P10,000. 5 Sold merchandise to Davao Star, P90,000, FOB destination, 2/10. n/30, freight prepaid, P5,500. Required: Journalize the foregoing entries.