Quickbooks Online Accounting
3rd Edition
ISBN: 9780357391693
Author: Owen
Publisher: Cengage
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DSWD purchased goods for distribution on account with list price amounting to P100,000. The supplier granted trade discounts of 20% and 10%, with credit terms of 5/10, n/30. Payment was made 15 days after the date of purchase. Compute the cost of purchased goods for distribution
Rizio company purchases a machine for 10,100, terms 1/10, n/60, FOB shipping point
company A issues an invoice upon selling its product to company bBelow is the information extracted from the invoiceprice : $ 100quantity: 50Term: n/3; 2/10date : 2022-oct-10
find the discount amount? and discount period?
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- D Traders purchased a product for R1 450 (excluding VAT). It was resold for R2 100 (excluding VAT) Calculate the mark-up on cost for this product.arrow_forwardEng Tat is a manufacturer. His trial balance as at 31 December 2020 is as follows: Particulars DebitRM CreditRMDelivery van expenses 1,760Lighting and heating:FactoryOffice 7,2201,490Manufacturing wages 72,100General expenses:FactoryOffice 8,1001,940Sales representatives : Commission 11,688Purchase of raw materials 57,210Rent:FactoryOffice 6,1002,700Machinery (Cost : RM40,000) 28,600Office equipment ( RM9,000) 8,200Office salaries 17,740Accounts receivables 34,200Account payables 9,400Bank 16,142Sales 194,800Van (cost RM6,800) 6,200Inventory at 31 December 2020:Raw materialsFinished goods 13,26041,300Drawings 24,200Capital 155,950TOTAL 360,150 360,150 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information:i. Inventory at 31 December 2020:a. Raw materials RM14,510b. Finished goods RM44,490ii. Depreciate machinery RM3,000; office equipment RM6,000; van RM1,200iii. Manufacturing wages due but unpaid at 31 December 2020 RM550; office rentprepaid RM140 Required: c) Prepare…arrow_forwardC Traders purchased goods for R7 500 (excluding VAT). A Traders apply a constant mark-up on cost ratio of 30% on all products. Calculate the sale price (including VAT)arrow_forward
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- first sale! They sold $100,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this journal entry using both the net and gross methods. Record the journal entry if the customer pays off this account on 2/5/2021. Record the journal entry if the customer pays off this account on 3/1/2021.arrow_forwardEA1. On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of $400 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions.A. the initial saleB. the subsequent customer payment on March 10arrow_forward1. Global Entity is a retailer situated in Windhoek that sells various products. On 12 December 2021, Global Entity ordered trade inventories for an invoice price of N$40 000. The inventories were delivered on 20 December 2021 and the amount was settled on the same day. Global Entity makes use of the perpetual inventory system. Show the effect of each transaction on the Accounting Equation. Use the equation: A= OE + L a. Asset; +40 000 = Equity; nil + Liability; nil. Asset; -40 000 b. Asset; +40 000 = Equity; nil + Liability; nil. Asset; +40 000 c. Asset; -40 000 = Equity; -40 000 + Liability; nil d. Asset; +40 000 = Equity; nil + Liability; +40 000 e. Asset; nil = Equity; -40 000 + Liability; +40 000 2. Global Entity is a retailer situated in Windhoek that sells various products. For the month of March 2022, the water and electricity account due to the local municipality was recorded to amount to N$8 000. Included in the N$8 000 was Mr G, the owner’s…arrow_forward
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