3) Omani Company's ledger showed an ending accounts payables balance of RO 10,000 on October 31, 2020.During the next month, the company made purchases of supplies paying cash 5,000 and the remaining purchaseswere on account of RO 20,000. The Company made payment on this account of RO 20,000. The balance inthe trail balance for the accounts payable at the end of November 30, 2020 would be:RO 25,000 DebitRO 5,000 CreditRO 10,000 CreditRO 30,000 Debit

Answered: 3) Omani Company's ledger showed an…

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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Clariza Frozen Goods Inc. opened its business on January 1, 2020. The Company has the followingtransactions during the year:• Sales (cash and credit) during the year amounted P5,000,000. Ninety percent of these were madeon credit.• The Company granted discounts to its customers as follows:o 3/10, n/30o 2/15, n/30o 1% for all cash customers• Cash received from customers (deposited with Jennifer Bank) amounting to P3,425,000 consistedof:✓ Cash customers P495,000✓ Customers paying within 10 days 1,940,000✓ Customers paying within 15 days 490,000✓ Customers not availing the discounts 500,000• Merchandise returns amounted to P500,000, all related to credit sales.• The Company provided for 2% of its net credit sales as doubtful accounts.Unadjusted balances of some of the Company’s accounts as at December 31, 2020 before closing its booksare as follows:Cash in bank per ledger - Charles Bank P1,500,000Cash in bank per bank statement - Charles Bank 1,775,000Current account - Jennifer Bank…

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