Date Account name and explanation debit credit 01/03/2010 A/C 10,000 A/- 10,0000 Owner contributes $10,000 in cash to start the business 05/03/2010 A/C-- 4000 AC- 4000 Purchased $4000 plastic bags on account, payable in 30 days. 1000 05/03/2010 A/C-- -- AC-- 1000 Paid shop rental of $1000. 09/03/2010 A/C--- 500 AC- 500 Customer buy goods for cash.

Date Account name and explanation debit credit 01/03/2010 A/C 10,000 A/- 10,0000 Owner contributes $10,000 in cash to start the business 05/03/2010 A/C-- 4000 AC- 4000 Purchased $4000 plastic bags on account, payable in 30 days. 1000 05/03/2010 A/C-- -- AC-- 1000 Paid shop rental of $1000. 09/03/2010 A/C--- 500 AC- 500 Customer buy goods for cash.

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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Cheque Purchase Invoice #PFU-9328 Dated September 1/25 From Places For Us, $1 800 plus $234 HST for monthly rent. Invoice total $2 034 paid by cheque #3426. Terms: payable on first day of each month. Purchase Invoice #BC-18588 Dated September 2/25 From Bell Canada, $145 plus $18.85 HST for monthly telephone and Internet service. Invoice total $163.85. Terms: net 15. Payment Cheque #3427 Dated September 2/25 To Kids In Motion, $2 503 in full payment of invoices #KIM-10990 and #KIM- 8697. Payment Cheque #3428 Dated September 12/25 To Bell Canada, $163.85 in full payment of invoice #BC-18588. Funds Raised Form #FR-25-10 Dated September 13/25 Received $4 000 plus $520 HST for advertising on the charity’s website. Total revenue received $4 520 deposited to Bank. Create new account: 4180 Revenue: Advertising.
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A purchase invoice shows 10 items priced at $120 less trade discount 20%. A cash discount of 2%2% is allowed if settlement is made within the allowed credit period. How much will be paid if the cash discount applies? A $1,170 B $1,200 C $936 D $960
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Current Attempt in Progress The Accounts Receivable account has a beginning balance of $48900 and an ending balance of $69600. If total sales on account were $39500 for the year, what were the total collections on account? $69600 O $79000 O $18800 O $60200 Save for Later Attempts: 0 of 1 used Submit Answer MacBook Air DII DD 000