Royal mart purchased goods on 12th March 2019 for RO 54,000 from Google mart. Calculate the Net amount to be paid, if the credit term followed as n/60. a. RO 52,920 b. RO 63,000 c. RO 54,000 d. RO 9,000
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- 17) Magnum mart purchased goods on 4th January, 2019 for RO 86,000 on credit under the payment terms 2/10, n/30 and paid cash on 12th January 2019. How would you record this in the books of buyer under Perpetual inventory system? a. Account payable RO 86,000 Dr / Cash RO 86,000 Cr b. Cash RO 84,280 Dr / Merchandise inventory RO 1,720 Dr /Account payable RO 86,000 Cr c. Cash RO 86,000 Dr / Account payable RO 86,000 Cr d. Account payable RO 86,000 Dr / Merchandise inventory RO 1,720 Cr / Cash RO 84,280 Cr Clear my choice5) Magnum mart purchased goods on 4th January 2019 for RO 86,000 on credit under the payment terms 2/10, n/30 and paid cash on 12th January 2019. How would you record this in the books of buyer under Periodic inventory system? a. Cash RO 84,280 Dr / Purchase discount RO 1,720 Dr /Account payable RO 86,000 Cr b. Account payable RO 86,000 Dr / Purchase discount RO 1,720 Cr / Cash RO 84,280 Cr c. Cash RO 86,000 Dr / Account payable RO 86,000 Cr d. Account payable RO 86,000 Dr / Cash RO 86,000 Crfirst sale! They sold $100,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this journal entry using both the net and gross methods. Record the journal entry if the customer pays off this account on 2/5/2021. Record the journal entry if the customer pays off this account on 3/1/2021.
- 46) Royal mart purchased goods on 12th March 2019 for RO 54,000 from Google mart. Calculate the Net amount to be paid, if the credit term followed as 4/10/EOM. a. RO 51,840 b. RO 55,080 c. RO 54,000 d. RO 2,160 Clear my choice14) Ibri traders returned goods to Muscat mart, a supplier of RO 1,700, purchased on 8th May,2019. The payment is received with the discount of 3% from the supplier. How would you record this in the books of buyer under the Perpetual inventory system? a. Cash RO 1,649 Dr / Account payable RO 1,649 Cr b. Cash RO 1,649 Dr / Merchandise inventory RO 1,649 Cr c. Account payable RO 1,649 Dr / Merchandise inventory RO 1,649 Cr d. Cash RO 1,700 Dr / Account receivable RO 1,700 Cr30) Gigabyte traders has the following transactions for the month of August 2018: Aug 7- Goods returned to Max mart of RO 1,950 Aug 14- Returned goods to Almadina traders of RO 2,650 Aug 22- Returned goods to us by Finmart of RO 850 How much amount would you transfer to Purchases return daybook for the month of September 2018? a. RO 2,650 b. RO 850 c. RO 4,600 d. RO 1,950
- On 15 December 2020; Saadah Company purchased goods at the amount of 42500 OMR and paid 12500, the balance is on account. Which of the following is the correct journal entry for this transaction? Select one: O A. Date Accounts Debit Credit (RO) (RO) Goods 42500 30000 15.12.2020 Payable Cash 12500 О в. Debit Credit (RO) (RO) Date Accounts Payable 30000 15.12.2020 Cash 12500 Goods 42500 Date Accounts Debit Credit (RO) (RO) Payable 30000 15.12.2020 Cash 12500 Goods 42500 D. Date Accounts Debit Credit (RO) (RO) Goods 42500 30000 15.12.2020 Cash Payable 12500On 15 December 2020; Saadah Company purchased goods at the amount of 32500 OMR and paid 12500, the balance is on account. Which of the following is the correct journal entry for this transaction? Select one: O A. Debit Credit (RO) (RO) Date Accounts Goods 32500 20000 15.12.2020 Payable Cash 12500 OB. Accounts Debit Credit (RO) (RO) Date Goods 32500 20000 15.12.2020 Cash Payable 12500 Oc. Date Accounts Debit Credit (RO) | (RO) Payable 20000 15.12.2020Cash 12500 Goods 32500 OD. Accounts Debit Credit (RO) (RO) Date Payable 20000 15.12.2020Cash 12500 Goods 32500They sold $50,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this journal entry using both the net and gross methods. Record the journal entry if the customer pays off this account on 2/5/2021. Record the journal entry if the customer pays off this account on 3/1/2021.
- A. On June 1, 2020, Eleno Buray Jr. Forest Products sold merchandise with a Php120,000 list price. Trade Discounts Credit Terms Date Paid a. 30% 2/10, n/30 June 8 b. 40% 1/10, n/30 June 15 c. - 2/10, n/30 June 11 Required: For each of the sales terms, determine the following: a. The amount ofrecorded saleb. The amount ofcash received upon payment45) Minimart business has the following transactions for the month of May 2019. 11- Sold goods and received cash of RO 4,500 14- Received rent of RO 1,400 19- Received cash from RK traders of RO 1,850 for the goods sold on May 8 2019, on credit. 26- Sold goods to Rainbow traders and received cash of RO 5,600 29- Paid cash to MN traders for the goods purchased of RO 2,000 Calculate and show the amount which will be transferred to Total column of Cash receipts book for the month of May 2019? a. RO 15,350 b. RO 7,750 c. RO 13,350 d. RO 11,50045)Minimart business has the following transactions for the month of May 2019. 11- Sold goods and received cash of RO 4,500 14- Received rent of RO 1,400 19- Received cash from RK traders of RO 1,850 for the goods sold on May 8 2019, on credit. 26- Sold goods to Rainbow traders and received cash of RO 5,600 29- Paid cash to MN traders for the goods purchased of RO 2,000 Calculate and show the amount which will be transferred to Total column of Cash receipts book for the month of May 2019?
