27. The following information was extracted from the books of XYZ traders for the period ended 31/3/2011. March 1: March 2: March 3: March 4: March 5: March 7: March 11: March 14: March 17: March 20: March 22: March 27: started business with Ksh 100,000 cash from private sources bought goods on credit from A clicks Ksh 29,600 paid rent by cash Ksh 2,800 paid Ksh. 100,000 of the cash into the bank account sold goods on credit to J Simpson for Ksh 5,400 Bought stationary Ksh 1,500 by cheque Cash sale of Ksh 4,900 Goods returned by Mapato Traders to A clicks worth Ksh 1,700 Sold goods on credit to Peter Ksh 1,800 Paid for building repairs by cash Ksh 1,800 J Simpson returned goods to Mapato Traders worth Ksh 1,400 Paid A Clicks by cheque Ksh 27,900 DOW

27. The following information was extracted from the books of XYZ traders for the period ended 31/3/2011. March 1: March 2: March 3: March 4: March 5: March 7: March 11: March 14: March 17: March 20: March 22: March 27: started business with Ksh 100,000 cash from private sources bought goods on credit from A clicks Ksh 29,600 paid rent by cash Ksh 2,800 paid Ksh. 100,000 of the cash into the bank account sold goods on credit to J Simpson for Ksh 5,400 Bought stationary Ksh 1,500 by cheque Cash sale of Ksh 4,900 Goods returned by Mapato Traders to A clicks worth Ksh 1,700 Sold goods on credit to Peter Ksh 1,800 Paid for building repairs by cash Ksh 1,800 J Simpson returned goods to Mapato Traders worth Ksh 1,400 Paid A Clicks by cheque Ksh 27,900 DOW

Name: 27. The following information was extracted from the books of XYZ tra
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Description: 27. The following information was extracted from the books of XYZ traders for the periodended 31/3/2011.March 1:March 2:March 3:March 4:March 5:March 7:March 11:March 14:March 17:March 20:March 22:March 27:started business with Ksh 100,000 cash from

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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Jan 1: 711 sold Beverage products to a customer for $200 cash. The cost of the bevarage products is $75. What is the correct Journal Entry to record the Revenue? A. Debit Cash 200, Credit Sale Revenue 200 B. Debit Cost of Goods Sold 200, Credit Inventory 200 C. Debit Account Receivable 200, Credit Sale Revenue 200 D. Debit Cost of Goods Sold 75, Credit Inventory 75
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FDN Trading had the following selected transactions on November 5: Purchase of furniture on account, P24,000 Purchase of merchandise for P31,000 less 10 on terms 40% down and the balance 2/10 n/30 Sale of merchandise for P59,000 for cash. Paid for the repair of one air-conditioning unit, P3,280. Collected a customer’s account, P15,880 How much was the total amount credited to Cash?
Kerr Co.'s accounts payable balance at December 31, 2010 was $1,500,000 before considering the following transactions: • Goods were in transit from a vendor to Kerr on December 31, 2010. The invoice price was $70,000, and the goods were shipped f.o.b. shipping point on December 29, 2010. The goods were received on January 4, 2011. • Goods shipped to Kerr, f.o.b. shipping point on December 20, 2010, from a vendor were lost in transit. The invoice price was $50,000. On January 5, 2011, Kerr filed a $50,000 claim against the common carrier. In its December 31, 2010 balance sheet, Kerr should report accounts payable of O$1.620,000. $1,570,000. $1,550,000. O $1.500,000.
Jan 1: 711 sold Beverage products to a customer for $200 cash. The cost of the bevarage products is $75. What is the correct Journal Entry to record the Revenue? A. Debit Cash 200, Credit Sale Revenue 200 B. Debit Cost of Goods Sold 200, Credit Inventory 200 C. Debit Account Receivable 200, Credit Sale Revenue 200 D. Debit Cost of Goods Sold 75, Credit Inventory 75
Problem 1. The following pertains to the financial records of SinoTrump Company: Sales Month January February March P30.000 P40,000 P50,000 Purchases P16.000 P20.000 P28.000 Additional information: a. Cash is collected from customers in the following manner: Month of sale 30% 70% Month following the sale b. 40% of purchases are paid for in cash in the month of purchase, and the balance is paid the following month. c. Labor costs are 20% of sales. Other operating cost are P15,000 per month (including P4.000 depreciation expense). Both of these are paid in the month incurred. d. The cash balance on March 1 is P4,000. A minimum cash balance of P3,000 is required at the end of the month. e. A standby credit is available and money can be borrowed in multiples of P1.000. Requirements: 1. Cash collections from customers in March. 2. Cash paid to suppliers in March. 3. Total cash disbursement in March. 4. Ending cash balance for March.
1. During October, the company had several transactions. Prepare journal entries for the transactions below and post them to the t-accounts. a. Sold merchandise with an original cost of $73,000 on account for a total selling price of $170,000. DR Accounts Receivable CR Revenue DR COGS CR Inventory DR Inventory DR PP&E I b. Purchased merchandise inventory on account from various suppliers for $92,600. 92,600 CR Accounts Payable Paid rent of $23,500 for the month of October. CR Cash 170,000 23,500 73,000 23,500 170,000 73,000 92,600
Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: a. Sold merchandise for cash, $22,060. The cost of the merchandise sold was $13,240. (Record the sale first.) fill in the blank 36fbb5ffffdef81_2 fill in the blank 36fbb5ffffdef81_3 fill in the blank 36fbb5ffffdef81_5 fill in the blank 36fbb5ffffdef81_6 fill in the blank 36fbb5ffffdef81_8 fill in the blank 36fbb5ffffdef81_9 fill in the blank 36fbb5ffffdef81_11 fill in the blank 36fbb5ffffdef81_12 b. Sold merchandise on account, $13,920. The cost of the merchandise sold was $8,350. (Record the sale first.) fill in the blank e95153f82fd6002_2 fill in the blank e95153f82fd6002_3 fill in the blank e95153f82fd6002_5 fill in the blank e95153f82fd6002_6 fill in the blank e95153f82fd6002_8 fill in the blank e95153f82fd6002_9 fill in the blank e95153f82fd6002_11 fill in the blank e95153f82fd6002_12…
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A seller of goods had the following data during the month.Total Sales Invoice (billed price) Php 224,000Gross receipts, including VAT 201,600Sales returns and allowances, billed price 11,200Input VAT 12,000 How much is the VAT payable?
Consider the following transactions of Johnson Software: Mar. 31 Apr. 6 Journalize the transactions for the company. Ignore cost of goods sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Recorded cash sales of $160,000, plus sales tax of 7% collected for the state of New Jersey. Sent March sales tax to the state. Mar. 31: Recorded cash sales of $160,000, plus sales tax of 7% collected for the state of New Jersey. (Prepare a single compound entry for this transaction.) Accounts and Explanation Date Mar. 31 Debit Credit