What is the insurance on the invoice? O $211.89 O $62.45 O $42.99 Effingham, IL O None listed
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- Make a Sales journal entries for the following: EA11. L0 6.4 Record the journal entry or entries for each of the following sales transactions. Glow Industriessells 240 strobe lights at $40 per light to a customer on May 9. The cost to Glow is $23 per light. The terms ofthe sale are 5/15, n/40, invoice dated May 9. On May 13, the customer discovers 50 of the lights are the wrongcolor and are granted an allowance of $10 per light for the error. On May 21, the customer pays for the lights,less the allowance. Check Figures:• May 9th entry should include a credit toInventory of $5,520• May 21st entry should include a credit toA/R for $9,100 I've attached the exa exercise below to support for your work ?You are reviewing the inventories of Sheep-Ahoy Company and found the following items: In the shipping room was a product costing P 264,000 marked "Hold for shipping instruction". This item was not included in the count although the purchased order of the customer was received on December 10, 2022. Actual shipment and billing happened on January 2, 2023. On December 28, goods costing P 232,960 were shipped to Holy Cow Company. The invoice accompanying the goods with selling price of P 300,000 was marked "on consignment". These goods were excluded from the inventory at year end. The company received merchandise costing P 92,500 on January 3, 2023. The invoice was received and recorded on January 4, 2023 with FOB shipping point ter. Shipment was made on December 31. The goods were included in the year-end inventory although these were not yet received when the physical count was taken. A customized product of a VIP customer was completed and in the shipping room at year-end. Actual…Sold items on credit to Pikea. Some of these items were previously ordered on 13 January, Customer PO#2426. Forwarded Invoice #3145 and delivered the following items to Pikea: 6 units BG90 plasma televisions for $2,310 each (includes 10% GST) 13 units MePod multimedia players for $1,870 each (includes 10% GST) 2 units ZII game consoles for $2,530 each (includes 10% GST). 23 Jerry Technology returned 2 units BlueBerry phones that were originally purchased on 16 January, for $1,320 each (includes 10% GST) original Invoice #3146. Julia issued a credit note (negative invoice) #3147 for the return of the above items and applied that credit note to the original invoice. 23 Returned 3 faulty BG90 plasma televisions that were purchased on 9 January (original Purchase #316) for $1,463 each (includes 10% GST). The reference number for this purchase return is Purchase #319. Big Telco authorised the return and issued credit note Supplier Inv#VCM0001 which is to be applied to Invoice No. 256. 30…
- baby Company provided the followingdata:Items included in thebodega 4,000,000Items included in the specificallysegregated per sale oncontract 100,000Items in receiving department,returned by customer, in goodcondition 50,000Items ordered and in thereceiving department 400,000Items ordered, invoice receivedbut goods not received. Freightis on account on seller 300,000Items shipped today, invoicemailed, FOB shipping point 250,000Items shipped today, invoicemailed, FOB destination 150,000Items currently being used forwindow display 200,000Items on counter for sale 800,000Items in receiving department,refused because of damage 50,000Items in the shippingDepartment 250,000 How much is the cost of ending inventory?Africa Traders is not a registered VAT vendor and buys and sells furniture. Africa Traders sold a dining room table for R23 800. The mark-up percentage on cost is 12,5%. What is the cost price of the product? NB: Instructions 1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72) 2. Use a full stop to indicate any decimals (eg: 1000.01) 3. You must enter cents even if it is 0 (eg .00) 4. Only show the amount, do not show the R (eg: 12141.72) Answer:Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Periodic system and FIFO method, and Perpetual system and FIFO Method what is the amount of inventory as of December 31, respectively.? Choices For Periodic system/FIFO Method: a. P59,000 b. P57,000 c. P61,600 d. P60,210 Choices for Perpetual System/FIFO Method: a. P59,000b. P57,000c. P61,600d. P60,210
- transactions involving sale (and purchase) of goods and services are VAT-inclusive, except sale (and purchase) transactions quoted at a list price, in which case, 12% VAT will be computed and added to the invoice price. What type of journal does each entry belongs. Oct 13 - Purchased Japan Silk fabric from JapSilk, P112,000 with the following terms: 20% downpayment, balance 2/15, n/30; FOB Destination - Freight Collect. In order to maintain good credit standing with JapSilk, Bel settled its outstanding account by issuing 30-day non-interest bearing promissory note to JapSilk. Oct. 14- Issued Credit Memo No. 100 to Arlene Co. for allowances granted on slightly deformed items delivered the previous day, P672. Oct 16 - Sold bridal garments on account to FABrides, at a list price of P38,000. Shipping terms: FOB Destination - freight prepaid; P560. Oct 30- Cash Sales, P280,000 list price. FOB shipping point, collect. Freight Cost P5,000. Oct 31-…The ABA returned some defective goods to one of its suppliers, Luna at the end of June. If both entities use the perpetual system and all purchases are on account, by having the below information, answer the given questions: ABA Purchase price= $12.5 Luna purchase price= $8 Total ABA purchase: 200 units Units Returns by ABA= 35 units How ABA record the purchase return? How Luna record the sales return?Africa Traders, which is not a registered VAT vendor, manufactures and sells coffee machines. The VAT rate is 15%. All goods are sold at a constant mark-up of 25% and the entity uses the periodic inventory system. AFRICA TRADERS 700 Narrow Drive P O Box 217 PRETORIA PRETORIA 0001 Tel (012) 433–1615 Fax (012) 433–1616 Date: 7 February 2021 INVOICE No: 345 To: SA Traders 169 Tshwane Drive Pretoria VAT registration number 4960225750 Payment method Cheque/debit card Cash Credit card Account Code Description Qty Total price CM01 Coffee machines 500 460 000,00 460 000,00 Invoice total 460 000,00…
- I need help with this: Elgin Flooring Company sells floor coverings through two departments, carpeting and hard covering (tile and linoleum). Operating information for 29019 appears below: Carpeting Dept Hard Covering Dept Inventory, January 1, 2019 $60,000 $26,000 Inventory, Dec 31, 2019 50,000 30,000 Net sales 500,000 800,000 Purchases 300,000 560,000 Purchases returns 28,000 8,000 Purchases discounts 16,000 4,000 Transportation in 18,000 14,000 Traceable department expenses 108,000 56,000 Common operating expenses of the firm were $225,000 Required a) Prepare a departmental income statement showing departmental contribution to common expenses and net income of the firm. Assume an over effective income tax rate of 20%. Elgin uses a periodic inventory system. b) Calculate the gross profit percentage for each department. c) If the common expenses were allocated 40% to the carpeting department and 60% to the hard covering department, what would the net…Using the QBO Sample Company, Craig's Design and Landscaping Services, complete the following. 1. Create Sales Receipt. Select Create (+) icon > Sales Receipt Select Customer: Dukes Basketball Camp Select Sales Receipt Date: Current Date Select Payment Method: Check Enter Reference No.: 432 Select Deposit to: Undeposited Funds Select Product/Service: Landscaping: Maintenance and Repair Enter QTY: 9 Enter Rate: 33.00 What is the Total for the Sales Receipt? (Answer this question in the table shown below. Round your answer to 2 decimal places.) Select Save and leave the Sales Receipt form open 2. View the Transaction Journal for the Sales Receipt. From the bottom of the Dukes Basketball Camp Sales Receipt, select More > Transaction Journal What are the Account and Amount Debited? (Answer this question in the table shown below. Round your answer to 2 decimal places.) What are the Account and Amount Credited? (Answer this question in the table shown below. Round your…please help me with this =( On May 12, Wilcox Company accepted delivery of $20,000 of merchandise and received aninvoice dated May 11, with terms of 3/10, n/30, FOB Garner Company’s factory. When thegoods were delivered, Wilcox Company paid $185 to Express Shipping Service for the delivery charges on the merchandise. The next day, Wilcox Company returned $800 of defective goods to the seller, which received them one day later. On May 21, Wilcox Companymailed a cheque to Garner Company for the amount owed on that date. It was received thefollowing day Requireda. Present the journal entries that Wilcox Company should record for these transactions.b. Present the journal entries that Garner Company should record for these transactions.
