Which of the following transactions does the above journal item belong to? a) Goods Sales Return Record B) Registration of Returns from Purchase of Goods NS) Goods Sales Discount Posting D) Goods Purchase Expenses Record TO) Goods Sales Record
Q: 45. Which of the following statements islare false about the steps in a purchase transaction? * 1.…
A: Normally a purchase transaction has the following steps: The first step is to knowing the required…
Q: 29 - How are purchase refunds recorded to which account? A) From the purchase to the debt of the…
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Q: 28-Which account will be debited to record the purchase of merchandise on credit under periodic…
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A: Merchandise inventory is a form of asset for the company. It should be debited in case of increase…
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A: Answer: Option 1.
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A: Purchasing process refers to the process of procurement of goods or inventory. It starts with the…
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A: Periodic inventory system: A periodic inventory system is one of the forms of inventory valuation.…
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A: Periodic Inventory System: A periodic inventory system is a form of inventory valuation where the…
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Q: One-column sales journal may be used to record collection on account sales of goods for cash sales…
A: Sales Journal records all the entries related to the sales made to customers both for cash and on…
Q: Which of the following transactions does the journal entry above belong to? a) Purchase…
A: goods purchased are always debited. Liability account are always credited VAT to be deducted is to…
Q: What is the normal balance of the following accounts: (a) Cost of Merchandise Sold, (b) Customer…
A:
Q: The periodic total of sales return journal is posted to :(i) Sales account(ii) Goods account(iii)…
A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…
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A: Merchandise inventory is a current Asset as it is expected to be sold within 12 months from the…
Q: 16 - Which of the following is the account used in records related to Export? A) Machines account…
A: Export is a kind of business activity that arises when a company sells its products or services…
Q: 6. Freight costs incurred by a seller on outgoing merchandise are debited to a. the Cost of Goods…
A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If…
Q: 33.This is the type of special journal where sales invoice from a supplier may be found. A. sales…
A: There are various types of journals which are being maintained as part of books of accounts.…
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A: Cost of goods sold = Beginning inventory + Net purchases + Direct expenses - Ending inventory
Q: a) Goods sales expense record B) Goods sales record NS) Goods purchase record D) Return…
A: Since we have booked a liability of VAT with adjustment to input tax as well hence it is a case of…
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A: Step 1 The expenditure cycle is the flow of activities related to the acquisition of and payment for…
Q: -It is used to who is responsible for paying shipping and when the title of the goods passes from…
A: Terms that determine the responsibility of bearing of shipping cost are shipping terms.
Q: Infrequent sales returns would be recorded in which journal?
A: Sales returns refer to goods returned by the customers and journal is the first book of entry to…
Q: 31. Under a perpetual inventory system, a.a physical count is required to determine cost of…
A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…
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A: Introduction:- Consignment arise when goods are sent by their owner to an agent who undertakes to…
Q: 27- Goods in transit are recorded as closing inventory of the Buyer when a. When the goods are…
A: FOB shipping point, also known as FOB origin, indicates that when the goods are placed on a delivery…
Q: - Which of the following transactions does this record belong to? a) Record of purchase of…
A: Purchase are debted and debt securities are credited. Promissory note are debt securities
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A: When inventory is found to be greater than physical count , we need to increase inventory. For…
Q: 18-Which of the following is an example of Source document? a. Sales Ledger b. Invoice c. Assets…
A: Some common examples of source documents include sales receipts, checks, purchase orders, invoices,…
Q: Which of the following transactions does the above journal entry belong to? a) Goods…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Which of the following transactions does the above journal item belong to? a) Goods sales…
A: Journal is the term of accounting which provide a detailed information of account that posts all the…
Q: Which of the following transactions does the above journal entry belong to? a) Goods purchase…
A: Introduction: Journals: Recording of a business transactions in a chronological order, first step in…
Q: Which of the following documents associated with the purchases and cash disbursements cycle is most…
A: Answer:- Journal entry meaning:- A journal entry is the act of recording or keeping track of any…
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- Part A Define a secured debt. Give two examples of secured debt. 15px Space used (includes formatting): 0 / 15000 Part B What is a bad debt? Give two examples.E17.6 (LO1) (HFCS Debt Securities Entries and Financial Statement Presentation) At December 31, 2019, the held-for-collection and selling debt portfolio for Steffi Graf SA is as follows. Security Amortized Cost Fair Value Unrealized Gain (Loss) A €17,500 €15,000 (€2,500) B 12,500 14,000 1,500 C 23,000 25,500 2,500 Total €53,000 €54,500 1,500 Previous fair value adjustment balance-Dr. 400 Fair value adjustment-Dr. €1,100 On January 20, 2020, Steffi Graf SA sold security A for €15,100. The sale proceeds are net of brokerage fees. Instructions a. Prepare the adjusting entry at December 31, 2019, to report the portfolio at fair value. b. Show the statement of financial…Assignment Q. = Ken recieved 30000 of interest from corporate bonds and money market accounts. Ans & what line on form 1040?
- 27 - …/…/201. . (Debit) .(Credit)780 Financial Expenses xxx304 Bond Principal Debt Installments and Interests xxxx360 Taxes and Funds Payable Account xxx Which of the following can be said about the journal entry?A) It is the journal entry for the interest payment of the bonds.B) It is a journal entry for the sale of bonds through the bank.C) It is the journal entry for the issuance of the bond.D) It is the journal entry for the interest accrual of the bonds.E) It is a journal entry for long-term installments to become short-term.Requirement: Carrying value of debt securities on 12/31/2010 at amortized cost using the effective interesr rate and the interest income to be reported for 2010 using the effective interest method.CA13-1 (Nature of Liabilities) Presented below is the current liabilities section of Micro Corporation. 2021 2020 Current Liabilities Notes Payable $ 68,713 $ 7,700 Accounts Payable 179,496 101, 379 Compensation to Employees 60,312 31,649 Accrued Liabilities 158,198 77,621 Income Taxes Payable 10,486 26,491 Current Maturities of Long-Term Debt 16,592 6,649 Total Current Liabilities $493,797 $251,489 Instructions: Answer the followings: e) Why are notes payable reported first in the current liabilities section? f) What might be the items that comprise Micro’s liability for “Compensation to employees”?
- CA13-1 (Nature of Liabilities) Presented below is the current liabilities section of Micro Corporation. 2021 2020 Current Liabilities Notes Payable $ 68,713 $ 7,700 Accounts Payable 179,496 101, 379 Compensation to Employees 60,312 31,649 Accrued Liabilities 158,198 77,621 Income Taxes Payable 10,486 26,491 Current Maturities of Long-Term Debt 16,592 6,649 Total Current Liabilities $493,797 $251,489 Instructions: Answer the followings: a) What are the essential characteristic that make an item a liability? b) How does one distinguish between a current liability and a long-term liability? c) What are accrued liabilities? Give three examples of accrued liabilities that Micro might have. d) What is the theoretically correct way to value liabilities? How current liabilities are usually valued? e) Why are notes payable reported first in the current…CA13-1 (Nature of Liabilities) Presented below is the current liabilities section of Micro Corporation. 2021 2020 Current Liabilities Notes Payable $ 68,713 $ 7,700 Accounts Payable 179,496 101, 379 Compensation to Employees 60,312 31,649 Accrued Liabilities 158,198 77,621 Income Taxes Payable 10,486 26,491 Current Maturities of Long-Term Debt 16,592 6,649 Total Current Liabilities $493,797 $251,489 Instructions: Answer the followings: c) What are accrued liabilities? Give three examples of accrued liabilities that Micro might have. d) What is the theoretically correct way to value liabilities? How current liabilities are usually valued? e) Why are notes payable reported first in the current liabilities section? f) What might be the items that comprise Micro’s liability for “Compensation to employees”?l-Itihad Corporation Balance SheetDecember 31, 2019AssetsLiability & EquityCurrent AssetsCurrent LiabilityCash$5,000Accounts payable22,000Short term securities10,000Accrual Account8,000Account Receivables30,000Short term debt6,000Inventory32,000Total Current Liability36,000Long-term debt40,000Total Current Assets77,000TotalLiability76,000Long term AssetsEquityNet Property & equipment70,000CommonStocks64,000Retained earnings17,000Total Equity81,000Total Liability and Equity157,000Other assts 10000Total Assets157,000Sur Corporation Income StatementDecember 31, 2019Other Financial information of Sur corporation December 31, 2019Net sales (revenue)$150,000· Average Number of Common shares outstanding 16,000 Shares· Market price of Common share $3.5Cost of goods sold80,000Gross profit70,000Operating expenses30,000EBIT- (Operating profit)40,000Interest expense10,000EBT- ( Earnings before taxes)30,000Income tax 10,000Net Income (net profit)20,000You have to find the following ratios…
- BE11.1 (LO 2) Meera Ltd. issued 4,000, 8%, 5-year, £1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2020. Prepare the adjusting journal entry on December 31, 2020, to record interest expense. Prepare the journal entry on January 1, 2021, to record interest paid.Eddie industries issue 861000 of bonds at 102. The amount of cash received from the sale is2. On December 31,2020, what amount should be recorded as discount or premium on bonds payable? A. 170,000 discount B. 450,000 premium C. 450,000 discount D. 800,000 discount E. None of the above