on 8E-max sold Dishwashers on credit, worth OMR 55,000 to customers, out of these Dishwashers customers return damaged Dishwashersfor OMR 6,000. Record the entry for the Dishwashers returned?redd out ofO a. Debit Sales returns and allowance 6,000; Credit A/c Recelvable 6,000O b. Debit Accounts recelvable 55,000; Credit Refrigerators 55,000O C. Debit Bad debts expense 38,000; Credit A/c Recelvable 38,000ionO d. Debit A/c Receivable 6,000; Credit Sales returns and allowance 6,000tion 9retveredDohtar Power Company issues a cheque of OMR 10,000 to its supplier, but this was not shown on bank statement. How is this OMR 10,000shown on bank reconciliation statement?ced out ofO a. As an Unpresented cheque added to the bank statement balanceO b, As an Uncredited deposit added to the bank statement balanceagstionO C. As an Unpresented cheque deducted from the bank statement balanceO d. As an Uncredited deposit deducted from the bank statement balanceestion 10Which of the following is normally treated as a contingent liability?t yetsweredOa claims for damages by a customer, where the reporting company believes the customer will be unsuccessfularked out ofO b. none of theseFlagJostionO c. the corporation tax liability for the reporting periodO d. an electricity bill for the final quarter of the reporting period that has not been received by the year-endNext pageAFR d) へDELLF2F3F4ESF6F7F8F9F10F11LIO144%2448%23&3r50677 V998Y

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E-max sold Dishwashers on credit, worth OMR 55,000 to customers, out of these Dishwashers customers return damaged Dishwashers for OMR 6,000. Record the entry for the Dishwashers returned? O a. Debit Sales retuns and allowance 6,000; Credit A/c Receivable 6,000 O b. Debit Accounts recelvable 55,000; Credit Refrigerators 55,000 O C. Debit Bad debts expense 38,000; Credit A/c Recelvable 38,000 O d. Debit A/c Receivable 6,000; Credit Sales returns and allowance 6,000

E-max sold Dishwashers on credit, worth OMR 55,000 to customers, out of these Dishwashers customers return damaged Dishwashers for OMR 6,000. Record the entry for the Dishwashers returned? O a. Debit Sales retuns and allowance 6,000; Credit A/c Receivable 6,000 O b. Debit Accounts recelvable 55,000; Credit Refrigerators 55,000 O C. Debit Bad debts expense 38,000; Credit A/c Recelvable 38,000 O d. Debit A/c Receivable 6,000; Credit Sales returns and allowance 6,000

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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The cashier for Bell Buoy rang up sales totaling $5,108, but had $5,130 to deposit, which journal entry would be recorded? Multiple Choice O O PARTE A debit to Cash for $5,130, a credit to Cash Overage for $22, and a credit to Sales Revenue for $5,108. A debit to Sales for $5,130, a debit to Cash Overage for $22, and a credit to Cash for $5,108. A debit to Cash for $5,108, a debit to Cash Shortage for $22, and a credit to Sales Revenue for $5,130. A debit to Cash for $5,108, a debit to Cash Shortage for $22, and a credit to Unearned Revenue for $5,130. #SE
Flounder Company purchased merchandise on account from a supplier for $32,100, terms 2/10, n/30. Flounder Company returned $8,600 of the merchandise and received full credit. a. If Flounder Company pays the invoice within the discount period, what is the amount of cash required for the payment? EE 6-2 p. 288 SHOW ME HOW b. What account is credited by Flounder Company to record the return?
Journal entries
Please answer the question correctly. Thank you
Chuck’s chops and upscale steakhouse received an invoice for 800 pounds of bacon potatoes with the cost of .85 per pound. The terms were 2 1/2/10 n/30 Chuck was unable to pay the bill in full within the discount. But was able to rent a partial payment of $425.00 with the discount. How much of credit did Chuck receive first payment? Answer key A-none B-435.90 C-425.00 D-429.25
A-8
The cashier for Bell Buoy rang up sales totaling $5,100, but had $5,110 to deposit, which journal entry would be recorded? Multiple Choice A debit to Cash for $5,110, a credit to Cash Overage for $10, and a credit to Sales Revenue for $5,100. A debit to Sales for $5,110, a debit to Cash Overage for $10, and a credit to Cash for $5,100. A debit to Cash for $5,100, a debit to Cash Shortage for $10, and a credit to Sales Revenue for $5,110. A debit to Cash for $5.100. a debit to Cash Shortage for $10, and a credit to Unearned Revenue for $5.110 < Prev 34 of 50 Next
E6-2 Reporting Net Sales with Credit Sales, Sales Discounts, and Credit Card Sales LO6-1 The following transactions were selected from the records of Ocean View Company: July 12 Sold merchandise to Customer R, who charged the $3,000 purchase on his Visa credit card. Visa charges OceanView a 2 percent credit card fee. 15 Sold merchandise to Customer S at an invoice price of $9,000; terms 3/10, n/30. 20 Sold merchandise to Customer T at an invoice price of $4,000; terms 3/10, n/30. 23 Collected payment from Customer S from July 15 sale. Aug. 25 Collected payment from Customer T from July 20 sale. Required: Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two months ended August 31.
Use these to fill in the general journal. • July 1 Credit granted to customer Elizabeth Edwards for returned merchandise, $198.00 plus sales tax $13.86 for total of $211.86. Credit m - July 4 Credit granted to customer Eastside Hospital for damaged merchandise, $1,118.02 (no sales tax). Credit memo #4. - July 7 Credit granted to customer Chevy Chase for returned merchandise, $592.06 plus sales tax $41.44 for total of $633.50. Credit memo # - July 9 Credit granted to customer Wolf Blitzer for returned merchandise, $377.19 plus sales tax $26.40 for total of $403.59. Credit memo #6 Also answer these questions please. 1) What is the difference between a debit memorandum and a credit memorandum? 2) What is the difference between a sales discount, a sales return and a sales allowance? 3) Explain the function of the sales journal and the cash receipts journal.
Hw.41.
AI Kamil Hypermarket accepted a Bank Muscat credit card for a RO 7,500 purchase. Bank Muscat charges a 4% fee. Al Kamil Hypermarket should record Service Charge Expense as a Select one: O a Debit of RO 7,500 O b. None of the answers are correct O c Credit of RO7,200 O d. Credit of RO 300 O e. Debit of RO 300
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