Do not give answer in image Exercise(1) Complete the following table:May12345678910Goods Sold for cashVehicles bought on time from F. SmithComputer sold for cashGood Sold on time to J. LillyGoods purchased by us returned to supplier, M. PeelGoods bought on time from F. DayGoods sold, a cheque being received immediatelyGoods we returned to W. BrownGoods Returned to us by customer, I. GrayGoods bought on time from T. Gow(2) Prepare the T-Accounts for above journal entries:Amount£ 3,800£480£1,200£172E 240£1,460E 104E 292£960€ 292DebitCredit

Journal entries are a fundamental part of accounting and bookkeeping. They are used to record…

Answered: Exercise (1) Complete the following…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 14MC: You returned damaged goods you had previously purchased from C.C. Rogers Inc. and received a credit...

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ces For each transaction of Sealy Company, (a) determine whether or not Sealy owns the goods during transit. (b) If Sealy is responsible for transportation costs, record the entry for shipping costs assuming they are paid in cash and the perpetual inventory system is used. Complete this question by entering your answers in the tabs below. Required A Required B Determine whether or not Sealy owns the goods during transit. Transaction 1. Purchased goods FOB shipping point. Transportation costs are $730. 2. Sold goods FOB destination. Transportation costs are $330. 3. Sold goods FOB shipping point. Transportation costs are $480. 4. Purchased goods FOB destination Transportation costs are $190. Sealy has Ownership? Required B >
Sold goods for $650 cash. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
AB Inc. purchased inventory on account from YZ Inc. The amount was $500. AB Inc. uses an accounting information system with special journals. Which special journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
You returned damaged goods you had previously purchased from C.C. Rogers Inc. and received a credit memo for $250. Which journal would your company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
Please dont provide solution image based answers thnks
Identifying special journals Use the following abbreviations to indicate the journal in which you would record transactions a through n. J = General journal S = Sales journal CR = Cash receipts journal P = Purchases journal CP = Cash payments journal Transactions: _____ a. Cash purchase of merchandise inventory _____ b. Collection of dividend revenue earned on an investment _____ c. Prepayment of insurance _____ d. Borrowing money on a long-term note payable _____ e. Purchase of equipment on account _____ f. Cost of goods sold along with a credit sale _____ g. Cash sale of merchandise inventory _____ h. Payment of rent _____ i. Depreciation of computer equipment _____ j. Purchase of merchandise inventory on account _____ k. Collection of accounts receivable _____ l. Expiration of prepaid insurance _____ m. Sale on account _____ n. Payment on account
docs.google.com/forms choose the right answer Net profit is calculated in which of the following account? Trading account O Trial balance Profit and loss account C Balance sheet choose the right answer Goods returned by customer will be debited to which account? Return outward Purchases A/C O Return inward Customer's A/c O
Contact us Search Guides Software Col 6000 Stock (inventory 4000 Rent received 三三 I B :Account to be Items (Transactions) Credited Debited Sold goods on credit to Ms. Noor OMR 400 Bought Van using cheque for OMR 7000 Goods returned to us by Ms. Noor OMR 300 Received rent by cash OMR 500 T2) Final Exam TOSHIBA K4 2A
Ameen LLC sold goods of OMR 7150 on account. The entry to record the sales the entry will be Select one: a. Debit to Accounts Payable A/C and Credit to Purchases A/C. O b. Debit to Purchases A/C and Credit to Accounts Payable. O c. Debit to Sales A/C and Credit to Accounts Receivable. O d. Debit to Accounts Receivable A/C and Credit to Sales A/C.
2. BGH Company purchased goods worth P7,500. Term: n/30, FOB Shipping point, freight collect. The entry of Halo-Halo if freight amounted to P500 is A. debit Purchases P7,500 and credit Accounts Payable P7,500 B. debit Purchases P7,500, debit Freight-in P500 and credit Accounts payable P8,000 C. debit Purchases P7,000, debit Freight-in P500 and credit Accounts payable P7,500 D. debit Purchases P7,500, debit Freight-in P500, credit Cash P500 and credit Accounts payable P7,500
[A] Instructions: Compute for the required item (refer to the photo below) using a yellow ruled sheet. (Show solution)
On 15 December 2020; Saadah Company purchased goods at the amount of 32500 OMR and paid 12500, the balance is on account. Which of the following is the correct journal entry for this transaction? Select one: O A. Debit Credit (RO) (RO) Date Accounts Goods 32500 20000 15.12.2020 Payable Cash 12500 OB. Accounts Debit Credit (RO) (RO) Date Goods 32500 20000 15.12.2020 Cash Payable 12500 Oc. Date Accounts Debit Credit (RO) | (RO) Payable 20000 15.12.2020Cash 12500 Goods 32500 OD. Accounts Debit Credit (RO) (RO) Date Payable 20000 15.12.2020Cash 12500 Goods 32500

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