The company sells goods to Jason. The company agreed to have the goods shipped to London with an additional $5,000 in transportation costs (fees) Jason paid. Record the shipping costs in the Buyer's book and the Seller's book
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The company sells goods to Jason. The company agreed to have the goods shipped to London with an additional $5,000 in transportation costs (fees) Jason paid. Record the shipping costs in the Buyer's book and the Seller's book.
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- Taylor Company recently purchased a piece of equipment for $2,000 which will be paid within 30 days after delivery. At what point would the event be recorded in Taylors accounting system? When Taylor signs the agreement with the seller When Taylor receives an invoice (a bill) from the setter When Taylor receives the asset from the seller When Taylor pays $2.000 cash to the sellerNido Co. has a standing agreement with a supplier for purchasing car parts. The terms of the agreement are 3/15, n/30 from the invoice date of September 1. The company makes a purchase on September 1 for $5,000 and pays the amount due on September 13. What amount does Nido Co. pay in cash on September 13? A. $5,000 B. $4,850 C. $150 D. $4,250Omer provides the following data of his company Cargowings Pvt. ltd. for the month of December 2020. Following transaction took place during the month: ` Omer further invested in business with cash $5,000, bank $10,000, and Motor Vehicle $8,000 Received a cheque from Mathew in respect of goods sold at invoice price $500 deducting discount of 5%. Omer brought his house furniture into the business which he purchased for $3,000 Commission received as referral fee $1,300 Sold goods to Danial worth $500 and the balance was written in his account.
- On July 01, 2020, Maria initially invested P200,000 cash into Maria Merchandising. On the same date, she paid P45,000 for six months rent on the store space, P10,000 for business licenses and permits, and P50,000 for various store furniture. She also bought P60,000 worth of office supplies on account with the intention to sell them at a higher price. However, the next day, the business received a P1,500 credit memo for allowance granted on the purchased merchandise. The supplies were bought from 123 Supplies Store on terms n/60. On July 6, the business bought from 45 Supplies Shop P5,000 worth of supplies to be used in the store on terms 50% downpayment, balance n/30. Francisco, a part time employee, was able to sell on July 12 some of the store's merchandise to Mr. Sam for P16,000 on terms 50% downpayment, balance 2/10, n/30. On July 24, the business sold to Mrs. Aslani merchandise for P12,000 on terms 2/10, n/30. On July 30, Mr. Boom paid the business P42,000 for merchandise bought…Ahlers Clocks is a retailer of wall, mantle, and grandfather clocks and is located in the EmpireMall in Sioux Falls, South Dakota. Assume that a grandfather clock was sold for $10,000 cash plus4 percent sales tax. The clock had originally cost Ahlers $6,000. Show the accounting equationeffects and prepare the journal entries related to this transaction. Assume Ahlers uses a perpetualinventory system, as explained in Chapter 6Kedai Ali purchased a personal computer. Its invoice price was RM10,000 with terms of 2/30, n/60. A sales tax of 5% on invoice price and transportation charges of RM200 were paid by the buyer. In addition, insurance of shipment of RM100 was also paid. The cost to install the computer was RM350. If Kedai Ali paid within the discount period, the amount debited to the computer account was
- Talbot purchases business machinery for a price of $100,000. Talbot pays the seller $20,000 in cash and finances the rest by giving the seller a note for $80,000. What is Talbot’s initial basis in this machinery?Mr. Macal started an auto trading business and invested 50000 dollars in this business He sold his cars to a car shop for 60000 dollars November 1 The store paid him 50000 dollars in cash The $ 10,000 fee will also be paid one month later (31 November According to the accrual, Mr. Macal's income is 60000 $ A) Please classify the differences between accrued expenses, debts and provisions according to the above information. .DCM Clocks received the following two invoices from its supplier: $25,000 on August 29, 2014 and $24,000 on September 8, 2014. If the payment terms on both the invoices were 2.5/10, 1/20, n/60, calculate the amount that must be paid by DCM Clocks to settle both of these invoices on September 18, 2014. David, the owner of a brewery in Toronto, receives a shipment of barley on August 1, 2014 with an invoice dated July 24, 2014 valued at $39,900 and cash discount payment terms 2/10, n/30, R.O.G. What cash discount would he receive if the invoice is settled on the following dates? August 4, August 11, August 24
- Tim James was employed by Sunshine Limited in January 2012 as a sales representative at a modest basic salary plus commission on sales. The company gave Tim a credit card which enabled him to obtain goods, services and money from several hotels, shops, travel agencies and banks in Jamaica and the Caribbean region. Tim is required to render an account monthly and to reimburse the company for all meals and drinks and personal items acquired through the use of the credit card. (i)Explain the conditions and the income tax implications of the above arrangements to (a) Tim and (b) Sunshine Ltd. (ii) By the end of June 2694 the amount owed by Tim to the company exceeded salary and commissions earned by Tim over the period, but Tim could not be located.Kate is an executive for the Cozy Furniture Manufacturing Company. She purchased furniture from the company for $9,500, the price Cozy ordinarily would charge a wholesaler for the same items. The retail price of the furniture was $12,500, and Cozy’s cost was $9,000. The company also paid for Kate’s parking space in a garage near the office. The parking fee was $600 for the year. All employees are allowed to buy furniture at a discounted price comparable to that charged to Kate. However, the company does not pay other employees’ parking fees. Kate’s gross income from the above is: answer choices: $3,500. $4,100. $-0-. $900 $600.During the months of January, Ava Corporation purchased goods from two suppliers. The sequence of events was as follows: Jan. 6 Purchased goods for $1130 from Noah with terms 2/10, n/30. 6 Purchased goods from Emma for $1170 with terms 1/10, n/30. 14 Paid Emma in full. 15 Paid Noah in full. On January 14, when Ava pays Emma, the credit to cash will be ?
