The company purchased appliances for sale worth P4,000,000, VAT exclusive on account under the terms: Less: 10%, 2/10, n/30 FOB shipping point freight collect, P50,000. The buyer paid within the discount period. How much is the amount recorded in the cash payments journal upon issuance of check for payment within the discount period?     3,528,000 3,951,360 4,001,360 Answer not given

Q: Mar. Purchased merchandise on account from Kirkwood Co., $372,000, terms n/30. 31 Issued a 30-day,…

A: 1) Journal Entry Date Particulars Debit Credit Mar 1 Inventory 372,000        Accounts…

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A: Formula: Discount amount = Invoice amount x Discount rate

Q: Given: The 456 Company purchased office supplies from A-One Supplies worth P300,000 on Sep 29, 2021.…

A: A cash discount is a reduction in the price paid for a product or service if you pay with cash…

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Q: account with the following terms: 2/15, n/30. If the company uses the net method to record sales…

A: Hello, I am only answering first question as per the policy and if you want other to be answered…

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Q: On 1 January 2020, Nothing Else Bhd (NEB) had Accounts Receivable RM278,000, Notes Receivable…

A: Journal is a account book that keeps the record of day to day. transactions in business.

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A: When bad debts are written-off using the allowance method, the allowance account reduces and is…

Q: On November. 15, 20x1, ABC Co. purchases inventory with invoice price of P380,000 on account under…

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Q: For the current period, ABC Co. had the following transactions with DEF Co.: Jul 01 Sales on account…

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A: Formula: Discount amount = Invoice amount x Discount rate.

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A: Introduction:- The following basic information as follows under:- Journal entry is the first step…

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Q: On November. 15, 20x1, ABC Co. purchases inventory with invoice price of P380,000 on account under…

A: In the given case, if the credit is paid within 30 days, 2% of discount would be allowed. But the…

Q: The company purchased appliances for sale worth P4,000,000, VAT exclusive on account under the…

A: Net purchases = Purchases worth - Purchase return = P4,000,000 - P5,000 = P3,995,000

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A: Introduction:- Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account to a…

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A: The question is based on the concept of Financial Accounting.

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A: Solution: Under FOB shipping terms, freight is to be borne by buyer. Also Final amount to be paid is…

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A: Allowance Method: Under this method, there is  a reserve  created for bad debts  that are expected…

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A: As per rule, allowed to answer first three subparts and post the remaining in the next submission.…

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A: a)

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A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for…

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A: FOB shipping point is a point where the liability of the seller ends and he is not responsible for…

Q: BBB Company's check book balance on December 31,2020 was P5,000,000. addition, BBB Company held the…

A: Answer: Cash reported on December 31, 2020: P4,800,000

Q: Bramble Corporation sells merchandise on account for $4800 to Kingbird Corporation with credit terms…

A: Discount terms 2/10 net 30 indicates that  A discount of 2% on net sales  That is total sales less…

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is