1. The following credit sales for Edan enterprises took place during May 2020:May 1: Credit sales to AxelMay 2: Credit sales to BishamMay 4: Credit sales to CloeMay 5: Credit sales to N.RobenMay 7: Credit sales to S.Wijnelden €300May 10: Credit sales to T. HectorMay 11: Credit sales to P. Sneijder €500May 17 Credit sales to N.RobenMay 23: Credit sales to CloeMay 30: Credit sales to Axel€800€500€400€700€800€600€1,000€900Required:(a) Record the above transactions in a sales day book(b) Record the above transactions in the following ledger accounts:(i)(ii)Sales Ledger (CTransfer the total to the sales account in the General ledger

Sales day book indicates the document representing ledger maintained manually to record the details…

Answered: 1. The following credit sales for Edan…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The credit terms offered to a customer by a business firm are 2/10, n/30, which means that the customer must pay the bill within 10 days. the customer can deduct a 2% discount if the bill is paid within 10 days of the invoice date. the customer can deduct a 2% discount if the bill is paid between the 10th and 30th day from the invoice date. two sales returns can be made within 10 days of the invoice date and no returns thereafter.
Problem 3 On January 1,2020, Jamin Company had a credit balance of P260,000 in the allowance for uncollectible accounts. Based on past experience, 2% of credit sales would be uncollectible. During the year, the entity wrote off P325,000 of uncollectible accounts. Credit sales for the year were P9,000,000. On December 31,2020, what amount should be reported as allowance for uncollectible accounts?
Please help to solve the whole question please this is 1 question with 3sub parts. InvisiGuard Ltd sells security doors. Majority of its sales are on credit except small amount of cash sales each year. The accounting records at 30 June 2019 reveal the following. Ignore GST. Credit sales (for the year of 2019) $2,100,000 Cash sales (for the year of 2019) 20,000 Credit sales returns and allowances (for the year of 2019) 80,000 Accounts receivable (balance at 30 June 2019) 593,000 Allowance for doubtful debts (credit balance at 30 June 2019) 2,800 The company’s yearly bad debts expense had been estimated at 2.5% of net credit sales revenue in the past. The management of InvisiGuard Ltd has decided to compare the current method with an ageing of accounts receivable method. The following analysis was obtained with respect to the accounts receivable. Balance % of estimated uncollectable Accounts not yet due $351,200 1 Accounts…
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1. Accounts receivable balance as of December 31, 2020 2. Allowance for doubtful accounts as of December 31, 2020 3. Net realizable value, December 31, 2020 4. Doubtful accounts expense for 2020
The following credit sales for Edan enterprises took place during May 2020: May 1: Credit sales to Axel €800 May 2: Credit sales to Bisham €500 May 4: Credit sales to Cloe €400 May 5: Credit sales to N.Roben €700 May 7: Credit sales to S.Wijnelden €300 May 10: Credit sales to T. Hector €800 May 11: Credit sales to P. Sneijder €500 May 17 Credit sales to N.Roben €600 May 23: Credit sales to Cloe €1,000 May 30: Credit sales to Axel €900 Required: (a) Record the above transactions in a sales day book (b) Record the above transactions in the following ledger accounts: (i) Sales Ledger (ii) Transfer the total to the sales account in the General ledger (c ) You have recently been hired as a book-keeper of an SME (Small and medium size) enterprise. Using a case study company in an industry of your own choice: Reflect how the case study company you have selected for purposes of this question the process of developing and maintaining books of original entry particulary with regard to…
9. Which of the following is recorded upon receipt of a payment on April 7, 2021, by a customer who pays a $900 invoice dated March 3, 2021, with terms 2/10, n/60? A. Debit Sales Discounts $18. B. Credit Purchase Discounts $18. C. Credit Accounts Receivable $882. D. Debit Cash $900.
The trader Nizwa Grand mall purchased goods from the trader of Muscat Grade mall OMR 22500. Which of the following is the maximum Credit term due for the invoice 1/10, n/30 assuming that the invoice was not paid within the discount period? a. 1 day b. 20 days c. 10 days d. 30 days
The business is expected to make principal payments totalling $300,000 towards the loan during the fiscal year to June 30 ,2023 Question 1 Using the images and information above prepare the company’s statement of owner’s equity at June 30, 2022 and the company’s classified balance sheet at June 30, 2022
Which of the following interprets the interest coverage ratio of RED Merchandising? It takes 3.2 times to earn the interest charges payment. It takes 2.9 times to earn the interest charges payment. It takes 3.9 times to earn the interest charges payment. It takes 2.6 times to earn the interest charges payment.
answer please
Determination of credit sales Mervyn’s Fine Fashions has an average collection period of 30 days. The accounts receivable balance is $78,000. What is the value of its credit sales?

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