Compund Entries How will the following transaction be entered correctly? Please Explain. 1. Joe's Electronics sold a cellphone worth $150 on account. GST is calculated at 10% and PST is calculated at 9%
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Compund Entries
How will the following transaction be entered correctly? Please Explain.
1. Joe's Electronics sold a cellphone worth $150 on account. GST is calculated at 10% and PST is calculated at 9%.
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- If Nico Corporation has annual purchases of $300,000 and accounts payable of $30,000, then average purchases per day are Blank 1. Fill in the blank, read surrounding text. and the average payment period is Blank 2. Fill in the blank, read surrounding text. to 2 decimal places.Beth uses the net invoice method to record sales on account. Beth made sales of $40,000 with terms 3/15, net 45. The customer pays after 25 days. Journalize: Date Accounts Debit CreditRoswell Company purchasesinventory from Clear Pool Supplies on June 1. The sales terms on the invoice from Clear PoolSupplies are 3/10, n/30. What does this mean? What is Roswell’s potential savings, if any? Howmuch time does the company have to take advantage of these savings?
- If the beginning balance of Accounts Receivable account amounts to P250,000, and during the month have total debit postings of P500,000 and total credit postings of P400,000, what is the ending balance Group of answer choices P350,000 P750,000 P150,000 P250,000See the attached pic first before answering. On June 18, ABC Company paid the purchases on June 13 which is within the discount period. On June 25 it paid the Purchases on June 14 which is beyond the discount period. How much Purchases for the month of June should be recognized using the Net Method? A. P1,540,000 B. P1,587,500 C. P1.586,000 D. P1,599,000Analyze DISH Network DISH Network Corporation (DISH) provides satellite-based entertainment services to residential and business customers. Services are billed and collected on a monthly basis. DISH Network reported the following (in millions) for two recent years: 20Y4 20Y3 Sales $15,034 $15,069 Accounts receivable: Beginning of year 864 951 End of year 753 864 a. Determine the accounts receivable turnover for 20Y3 and 20Y4. Round to one decimal place. 20Y3 20Y4 Accounts Receivable Turnover fill in the blank 1 fill in the blank 2 b. Compute the number of days’ sales in receivables for 20Y3 and 20Y4. Use 365 days and round all calculations to one decimal place. 20Y3 20Y4 Number of Days’ Sales in Receivables fill in the blank 3 days fill in the blank 4 days c. The change in the accounts receivable turnover from 20Y3 to 20Y4 indicates a(n) in the efficiency of collecting accounts receivable and is a(n) trend. The change…
- On April 1, 2015, PT Air Minum Kemasan sold 1500 gallons to PT Indah Catering. Selling price per gallon of Rp 20,000 including VAT. PT Indah Catering received an invoice from PT Air Minum Kemasan dated April 13, 2015 and paid it on the same day. From the statement below which answer matches the statement above: a. PT Air Minum Kemasan records the journal dated April 1, 2015 as follows:(D) Accounts Receivable Rp.30,000,000(K) Sales Rp 27,272,727(K) VAT Out Rp. 2,727,273 b. PT Air Minum Kemasan recorded the journal dated April 13 2015 as follows:(D) Bank Rp 30,000,000(K) Accounts Receivable Rp 30,000,000 c. PT Indah Catering recorded the journal dated April 13 2015 as follows:(D) Purchase a gallon Rp 30,000,000(K) Bank Rp 30,000,000 d. PT Air Minum Kemasan records the journal dated April 1,…GRAPEFRUIT Co. Uses the NET method to record sales made on credit. On June 10, 2023, it made sales of ₱100,00 with terms 2/10, n/30 to FIG Farms, Inc. On June 19, 2023, GRAPEFRUIT received payment for 1/2 the amount due from FIG Farms. GRAPEFRUIT’s fiscal year end is on June 30, 2023. What amount will be reported in the statement of financial position for the accounts receivable from FIG Farms, Inc? A. ₱49, 000 B. ₱50, 000 C. ₱48, 000 D. ₱51, 000Collected from customer on account on june15 June 15 : sold on account 350,00 to customer In other they are deducting 50,000 and my question is i will deducting it or not?
- Selected transactions of TV Land Company are presented below. 1. A television set costing $540 is sold to Jack Matre on November 1, 2012, for $900. Matre makes a down payment of $300 and agrees to pay $30 on the first of each month for 20 months thereafter. 2. Matre pays the $30 installment due December 1, 2012. 3. On December 31, 2012, the appropriate entries are made to record profit realized on the installment sales. How much is the realized gross profit on December 31, 2012?At October 1, 2022, Kingbird, Inc. had an Accounts Payable balance of $159600. During the month, the company made purchases on account of $114000 and made payments on account of $182400. At October 31, 2022, the Accounts Payable balance is $159600 debit $22800 credit $182400 credit $91200 creditScarlet Company received an invoice for $65,000.00 that had payment terms of 1/5 n/30. If it made a partial payment of $17,600.00 during the discount period, calculate the balance of the invoice. Scott received an invoice for $5,000 that had payment terms of 2/5 n/30. She made a partial payment of $2,500 during the discount period. a. Calculate the amount credited. Round to the nearest cent b. Calculate the balance on the invoice after the partial payment was made. Round to the nearest cent