Hi, i am having trouble with these types of questions It would be a blessing to get some help! During the month of April 2016 the following transactions took place. On 1 April 2016Marley was owed £350 by B Cratchit and £780 by C Brown.2AprilSold goods on credit to B Cratchit, list price £2405Sold goods on credit to C Brown, list price £7619Sold goods on credit to B Cratchit, list price £400152130B Cratchit returned goods, list price £60B Cratchit paid the amount owing on his account on 1 April 2016 bychequeC Brown returned goods, list price £32(b) State the source document Marley would have used to record the transactions onApril 2 2016 and April 15 2016.215AprilDocument(c) Prepare the account of B Cratchit for the month of April 2016. Balance the accounton 30 April 2016 and bring the balance down on 1 May 2016.(9)B Cratchit AccountDateNarrative Amount (£) DateNarrativeAmount (£)(2)

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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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Suppose Wonderland Toys buys $160 000 worth of ConnectABlock toys on credit terms of 2/10, n/60. Some of the goods are damaged in shipment, so Wonderland Toys returns $15 950 of the merchandise to ConnectABlock. The business uses a perpetual inventory system. All amounts are inclusive of GST at the rate of 10%. Requirements 1. Journalise the following transactions: a. Purchase of the goods on 8 January 2016. b. Return of the damaged goods on 12 January 2016. c. Payment on 15 January 2016. 2. What is the final balance of Wonderland Toys inventory account? Question content area bottom Part 1 Requirement 1a. Journalise the purchase of the goods on 8 January 2016. (Record debits first, then credits. Explanations aren't required. Round amounts to the nearest dollar.) Journal Entry Date Accounts Debit Credit Jan 8…
Restin Co. uses the gross method to record sales made on credit. On June 1, 2017, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2017, Restin received full payment for the June 1 sale. Prepare the required journal entries for Restin Co.
On October 4, 2008, Terry Corporation had eredit sales transactions of P2,80o from merchandise having cost P1.900. The entries to record the day's credit transactions include a * debit of P2,800 to Merchandise Inventory. credit of P2,800 to Sales. debit of P1,900 to Merchandise Inventory. O credit of P1,900 to Cost of Goods Sold.
Record the following transactions for adcok 1.on April 12 sold$11000 of merchandise to milton inc ..term 2/10,n/30 2.on April 15 Milton returned $2000 of merchandise 3.on April 22 Milton paid for the merchandise
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Swifty Industries purchased $10,600 of merchandise on February 1, 2025, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $2,600 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. (a) Assuming that Swifty uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to 2 decimal places, e.g. 6,578.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Feb. 1 Feb. 4 Feb. 13 < Account Titles and Explanation Debit Credit
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