2. RST company's transaction during the month of May, 2021 are as follows: (Assumethe company is a VAT registered company and assume that 12% VAT was inclusive inthe amount of the transaction.May 2 RST Sold goods to AJ Corp. worth 280,000 of merchandise.3 Purchase merchandise from JO store amounting to P224,0005 Sold merchandise to ABN Merchandising invoice amount is P100,800.00May 20 Purchase merchandise on account Php190,000.00Compute for the VAT Payable to the Bureau of Internal Revenue on May.

The balance of VAT payable would increase on sales and reduce by VAT paid on purchases. The…

Answered: 2. RST company's transaction during the…

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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Activity 2: The transsactions for DEF Company for the month of April, 2021 are shown below. (Assume the company is a vat registered business and assume 12% VAT is inclusive in the amounts in the transactions.) Date Transactions April 2 DEF sold and shipped merchandise worth P250,000 to AM Company terms 1/15, n/30. 4 AM Company reported P5,800 of merchandise damaged in shipment, and a credit memo was issued for this. 6 Purchased office supplies for P3,568 cash. 7 Sold P120,000 of merchandise to Lily Company, terms: 2/10, n/30. Purchased merchandise for P244,000 cash. 8 10 Cash sales for the first 15 days is P188,000. 12 Purchased merchandise worth P300,000, terms: 20% downpayment, balance 2/10, n/30. 14 Returned defective merchandise worth P30,000 purchased on April 12. 16 Received full payment from AM Company for sale of April 2. Received full payment from Lily Company. 17 22 Paid commission of salesmen, P60,000. 22 Paid in full the purchase dated April 12. Cash sales for the last 15…
On November 5, of the current year, Ligaya Merchandising Enterprise purchased merchandise with the list price of P120,000. The merchandise is subject to a treade discount of 15%, 10%, 5% with credit terms of 3/10, n/30. (Ligaya Merchandising Enterprise is a non-VAT registered business) 1. How much is the invoice price? 2. At what amount should Ligaya Merchandising Enterprise debit Purchases? 3. How much is the trade discount? 4. How much is the cash discount? 5. Up to what date is the discount period? 6. If Ligaya Merchandising make payment on November 15, how much should it pay in full settlement of its account? 7. If payment is made on November 20, how much should Ligaya pay in full settlement of its November 5, account?
On June 10, 2016, PT A selling merchandise on credit to PT B with a transaction value of Rp 33,000,000 (including VAT 10%). On 15 June 2016, PT B made a payment of 60% and the remaining 40% was paid on 25 June 2016. Requested:a. Keep a sales journal and payment receipt at PT A!b. Keep a journal of purchases and payments at PT B if VAT can be credited!c. Keep a journal of purchases and payments at PT B if VAT cannot be credited!
During February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew enterprise. Terms: 2/10, n/30. FOB shipping point. • Who is the owner of the goods in transit? • When is the due date if no discount?
^ Presented below are transactions related to Concord Corporation. 1. 2. 3. (a) On December 3, Concord Corporation sold $662,200 of merchandise on account to Sarasota Co., terms 4/10, n/30, FOB shipping point. The cost of the merchandise sold was $351,200. On December 8, Sarasota Co. was granted an allowance of $26,600 for merchandise purchased on December 3. On December 13, Concord Corporation received the balance due from Sarasota Co. Prepare the journal entries to record these transactions on the books of Concord Corporation using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Dec. 3 Dec. 8 > Account Titles and Explanation (To record credit sale) norcal_archives_20....zip W QCA 5.docx W Debit response essay.docx 1 Credit
Webb Inc. sells $25,000 of merchandise to Jones and Sons on account, the terms were 2/10, n30. The cost of the merchandise is $12,500 Write the entry Webb would make to record this transaction. Sales $24,99
Newton general merchandise had the following transactions in march 2021:March 2 Purchased merchandise to Php 36,000. Terms: 2/10, n/30 FOB shipping point. Paid the freign bill amounting to Php 4,000.March 5 Returned Php 3,000 of the merchandise purchased on March 2 because they were defective.March 8 Sold merchandise on account for Php 10,000. Terms 3/15, n/30. The cost of the merchandise sold was Php 6,000.March 10 Paid the purchase made on March 2 less the return and the discount.March 12 Received Php 2,000 of the merchandise sold on March 8. The cost of the merchandise returned was Php 1,200.March 22 Received cash from the March 8 custome in full settlement of his account less the return of the discount. Prepare the appropriate journal entries for both periodic and perpetual inventory systems.
Your company completed the following merchandise transactions during year 6: 1. On January 1, Year 6, your company had merchandise which cost $18,000 and had a net realizable value of $17,900. 2. Purchased $23,000 of merchandise for cash 3. Sold $19,000 of the merchandise for $36,400 on account. 4. Purchased $10,000 of merchandise on account, terms 2/10, n/30. 5. Paid for the merchandise in #3 on the eighth day after the purchase. 6. There were other purchases and sales throughout the year, but you do not need to record them, so no entry here. 7. Ended the year with merchandise which cost $26,000 (according to your calculations) and had a net realizable value of $25,400. INSTRUCTIONS: a. Prepare the entries for the transactions above assuming a Periodic inventory system, the allowance method for LCNRV, and the net method for purchase discounts. b. Prepare the entries for the transactions above assuming a Perpetual inventory system, the direct inventory reduction method for LCNRV, and…
A company purchased $8, 200 of merchandise on June 15th with terms of 3/10, n/45. on June 20, it returned $410 of that merchandise. on June 24th it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid ok june 24th is a) 8, 200 b) 7, 790 c) 7,556 d) 7,597 e) 7, 954
Accounting Fulco Company engaged in the following transactions in March 2020 March Sold merchandise on credit to James William, terms n/30, FOB shipping point, $3,000 (cost, $1,800). 7 Purchased merchandise on credit from Leverage Company, terms n/30, FOB shipping point, $6,000. Paid Leverage Company for shipping charges on merchandise purchased on March 8, $254 9 Sold merchandise on credit to Deepak Soni, terms n/30, FOB shipping point, $2,400 (cost, $1,440). 14 Returned damaged merchandise received from Leverage Company on March 8 for credit, $600. 14 17 Received check from James William for his purchase of March 7. 21 Paid Leverage Company the balance from the transactions of March 8 and March 14. Accepted from Deepak Soni a return of merchandise, which was put back in inventory, $200 (cost, $120). 24 Prepare journal entries to record the transactions, assuming use of the perpetual inventory system.
Supposing EQR Trading has completed the following transactions for the month of October, 2020. 1. Sale of goods to company A on credit P200,000. 2. Purchase of goods of P400,000 from company B on credit 3. Purchase of goods of P500,000from company C on credit. 4. Sales of office-use equipment of P100,000 to company D on credit. What is the total amount recorded in the Sales account for this month?

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