Which of the following accounts is not one of the accounts transferred to the credit of the 690 period profit or loss account? A) 646 Exchange profits B) 610 Returns from sales C) 600 Domestic sales D) 647 Rediscount interest income E) 644 Provisions with no subject
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Which of the following accounts is not one of the accounts transferred to the credit of the 690 period profit or loss account?
A) 646 Exchange profits
B) 610 Returns from sales
C) 600 Domestic sales
D) 647 Rediscount interest income
E) 644 Provisions with no subject
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- Do items reported as a credit memorandum on the kink statement represent (a) additions made by the hank to the companys balance or (1)) deductions made h the hank from the companys balance? Explain.Identify whether the following payments and receipts of a resident company result inany franking credit or franking debit entries in its franking account, and state theamount of the credit or debit (if any):1. Payment of income tax of $3002. Payment of a PAYG instalment of $6003. Payment of GST of $1004. Payment of FBT of $5005. Receipt of a $700 dividend which has $100 of franking credits allocated to itUnder the direct write-off method of accounting for uncol-lectible accounts: a. The current year uncollectible accounts expense is lessthan the expense would be under the allowance approach.b. The relationship between the current period net sales and current period uncollectible accounts expense illus-trates the matching principle.
- 18 - The entity made a discount due to the premature payment of the receivable arising from the sale it made on credit. In which account and how should this transaction be recorded? A) Domestic Sales account receivable B) Sales Discounts account receivable C) To the debt of the Domestic Sales accountD) To the debt of General Administrative Expenses accountE) To the debt of Sales Discounts accountsheridan company uses the percentage of receiveables method for recording bas debt expense. the axcounts receiveable balance is 608000 and credit sales are 2620000z. management estimates 4% of accounts receiveable will be un collectible. what adjusting entry will sheidan comany make to record bad bedt expense if the allowance for doubtful accounts has 5500 balance17 - Which of the following account should be recorded as a creditor in the inventory record to be made based on the valuation of the notes receivable with their savings value at the end of the period ? a) 657 Rediscount Interest Expenses Hs. B) 128 Doubtful Trade Receivables Hs. NS) 654 Provision Expenses Hs. D) 122 Rediscount of Bills Receivable Hs. TO) 647 Rediscount Interest Income Hs.
- If a company usually sells its accounts receivables, it recorda any factoring commissions as a(n) a. Loss b. Expense c. Receivable d. LiabilityThe Sales Returns and Allowances account is reported as a a. Contra-revenue account on the income statement b. Current liability on the balance sheet c. Deduction from accounts receivables d. Selling expense on the incone statementUnder the direct write-off method of accounting for uncollectible accounts, Bad Debt Expense is recorded Oa. when a credit sale is past due O b. whenever a predetermined amount of credit sales has been made Oc. when an account is determined to be worthless O d. at the end of each accounting period
- Required:1. Assume that the aging of accounts receivable method was used by the company and that$7,050 of the accounts receivable as of December 31 were estimated to be uncollectible. Youare now required to:a. Determine the amount to be charged to uncollectible expense (show yourworkings for the computation of this figure).b. Prepare the balance sheet extract to show the net realizable value of the AccountsReceivable as at December 31A sale of merchandise on account for $15,750 is subject to a 7% sales tax. (a) Should the sales tax be recorded at the time of sale or when payment is received?At the time of sale (b) What is the amount recorded as sales? If required, round the answer to one decimal place.$ (c) What is the amount debited to Accounts Receivable? If required, round the answer to one decimal place.$ (d) What is the title of the account to which the $1,102.5 ($15,750 × 7%) is credited?Sales Tax Payable9 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 610 RETURNS ON SALES 1.000 191 DEDUCTIBLE VAT 180 100 CASE 1180 Which process does the registration belong to?A) The customer returns the goods he receivedB) The seller returns the goodsC) Discounting to the customerD) The business returns the goods it has receivedE) Discounting on goods sold