Purchases $ 30,526 Selling expense $ 769 Inventory, September 1 5,755 Administrative expense 732 Inventory, September 30 10,605 Sales 56,096 Rent revenue 984 Interest expense 1,159
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- T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation expense11,600Sales183,000Salaries expense39,000Sales discounts4,200Miscellaneous expenses5,000Sales returns and allowances5,200 1. Record the entry to close the income statement accounts with credit balances. 2. Record the entry to close the income statement accounts with debit balances. 3. Record the entry to close the Income Summary account. 4. Record the entry to close the Withdrawals account.Q#04: Assume following transactions and record in accrued and cash form and record transaction approach? 1-Sold inventory for $ 25,000 on credit this year. The inventory cost $ 12,500 when purchased in this prior year2-Purchased inventory this year in the amount of $30,000 on credit3-Paid suppliers of inventory $ 18000 this year4-Collected $ 15,000 from sales.the sales ledger and purchase ledger junta ltd as at 31 may 2020. purchase ledger balances as 1 june 2020 $19,420sales ledger balance as 1 june 2020 $28,227purchase journal $210,416sales journal $305,824returns outwards $1,452returns inwards $3,618cheques paid to suppliers $205,751cash paid to supplier $62cheques ans cash received from customers $287,317discount allowed $4,102discount received $1,721contras against purchase ledger $640 1) Sales ledger control2)Puchase ledger control
- Calculate net profit Details Debit(OMR) Credit(OMR) General expenses 11700 Prepaid Rent 5100 Cost of goods sold 99700 Salaries 9300 Depreciation 1560 Account Payable 3575 Net Sales 150000 Other income 2500 Select one: a. OMR 34715 b. OMR 30240 c. OMR 39815 d. OMR 31140Question 2 Use the following question to answer a question that follows.Mr Lesang’s Statement of Comprehensive Income for the year ended 30 April 2020Pula PulaPulaSales 259,870Less Sales returns (5,624)Net Sales 254,246Less cost of goods soldOpening inventory 15,654Add purchases 135,680Add carriage inwards 11,830Less Returns Outwards (13,407)Net purchases 134,103Cost of goods available for sale 149,757Less closing inventory (17,750)Cost of goods sold 132,007Gross profit 122,239Add other income:Discount received. 1,750123,989Less expenses & losses:Allowance for doubtful debts 223Discounts allowed 2,306Carriage outwards 4,562Rent, rates and insurance 25,973Less prepaid rates (5,435)Less prepaid insurance (1,120) 19,418Heating and lighting 11,010Add accrued heating 1,360 12,370& lightingPostage, stationery and telephone 2,410Advertising 5,980Salaries & wages 38,521Bad debts 2,008Mr Lesang’s Statement of Financial position as at 30 April 2020Cost Accumulated depreciation Net…Details Debit Credit General expenses 11700 cash 5100 Salaries 9300 rent 1560 Account Payable 3575 Other income 2500 Net sales 150060 Cost of goods sold 99700 calculate net profit Select one: a.RO 34775 b. RO 30300 c. correct answer not available d.RO 31200 e.RO 39815
- Compute for total cost of purchases. *a. P1,840,000b. P1,800,000c. P1,675,000d. P1,600,0001. Under accrual basis, what amount should be reported as gross sales? a. 8,900,000 b. 8,950,000 c. 8,250,000 d. 8,850,000 2. Under accrual basis, what amount should be reported as gross purchases? a. 5,250,000 b. 5,950,000 c. 5,750,000 d. 5,650,000choose the letter of the answer: 1. Inventory, end. ₱162,000; Net purchases, ₱216,000; Cost of goods sold, ₱144,000. How much is the Inventory, beg.?a. 90,000b. 120,000c. 144,000d. 80,000 2. At the beginning of the period, Entity A’s notes payable had a balance of ₱1,200. During the period, Entity A obtained an additional loan of ₱800 and made total payments of ₱500. How much is the ending balance of Entity A’s notes payable?a. 1,800b. 1,500c. 1,200d. 900
- Please help to answer below question: Q1: Prepare journal entries to record the following transactions entered into by the Castagno Company: 2022 Nov.1Sold merchandise on account to Mercer, Inc., for $18,000, terms 2/10, n/30. Nov.5Mercer, Inc., returned merchandise worth $1,000. Nov.9Received payment in full from Mercer, Inc. br,Make it into a journal entry Purchased merchandise worth P560,000 , 20% down payment, balance 2/10, n/30.Using the following information, what is the amount of gross profit? Purchases$44,000Merchandise inventory, September 16,600Selling expense1,550Merchandise inventory, September 307,100Sales94,000Interest expense1,240Administrative expense1,110Rent revenue2,200