Journais March 1 Invested OMR 10,000 as capital March 3 Purchased office furniture for OMR 3,000 from Blossom Furniture. Paid OMR 1,000 and agreed to pay the balance after one months. March 4 Purchased supplies for OMR 100.
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- Searth Summer 19/201 Sport Direct, a sport stuff shop. At the beginning of the current season, the ledger of Sport Direct shop showed cash $2,200, Inventory $1,800, and Share capital - Ordinary $4,000. The following transactions were completed during April NOTE: Answer questions from 1 - 25 by using these information. April 1) Purchased Truck costing $9,600 by signing $9,600, 12%, 6-month notes payable. April 4) Purchased racquets and balls from Jay-Mac Co. for $760, FOB Shipping point, terms 2/10,n/30. April 5) Purchased Building for $48,000 cash, April 6) Paid Freight on purchase from Jay-Mac Co. for $40 cash. April 7) Purchased Supplies for $2,500 cash. April 8) Sold Merchandise to members for $1,150 on account terms n/30. The merchandise sold had a cost of $790 April 9) Paid office rent $1,500 cash. April 10) Returned merchandise for Jay-Mac Co. for $60, for a racquets that were defective, April 11) Purchased tennis shoes from u Sports for $420 cash. April 13) Paid Jay-Mac Co. in…Journalize the following merchandising transactions in the General Journal On July 1, Moonlight Lighting was opened by M. Lopez with a total investment of P 250,000 of which P 50,000 was in the form of candles and lamps and P 200,000 in cash. Succeeding transactions are as follows: Date Transactions July 2 Purchased scented candles from Pax Candles, P 7,500. terms : P 2,500 down, balance 2/10, n30 3 Purchased shell decors from Divi Crafts distributor, P 10,000. Term: 3% eom, n/30, FOB shipping point, freight collect. 4 Freight on shell decors paid in cash P 750 5 Cash sales amounted to P 15,000. 7 Sold to Manuela's Grocery goods costing P 9,000. terms: 4,000 down, balance 2/5, 1/10, n 30 8 Purchased office supplies from Rex bookstore P 1,500. Terms: COD 10 Returned part of the candles purchased from Pax which were found unsatisfactory, P500. 12 A customer returned merchandise and was given a cash refund of P 220. 13 The account of Manuela's was collected. 15…Robert placed the following assets into service fir his packing and shipping company this year apr 3 desk with a basus of $1100 july 30 computer software with a basis of $4200 oct 30 delivery truck with a basis of $33,000
- a. Beginning cash balance on March 1, $73,000. b. Cash receipts from sales, $309,000. c. Cash payments for direct materials, $137,000. d. Cash payments for direct labor, $70,000. e. Cash payments for overhead, $42,000. f. Cash payments for sales commissions, $7,000 g. Cash payments for interest, $110o (1% of beginning loan balance of $11,000) h. Cash repayment of loan, $11,00o. Prepare a cash budget for March for Gado Company. GADO COMPANY Cash Budget March Total cash available Less: Cash payments for Total cash payments Preliminary cash balance Loan activity Ending cash balance Loan balance, end of monthAriel Enterprises purchases 32 cellular telephones on credit from a manufacturer on November 3 at a price of $400 per phone. Terms of the purchase are 3/5, n/30 with an invoice date of November 3. Ariel Enterprises pays in full for the phones on November 6. Create the journal entries for Ariel Enterprises for the following transactions. A. the initial purchase B. the subsequent payment on November 6Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment schedule for January using this data: in December through February, it purchased $22,000, $25,000, and $23,000 respectively.
- Desiccate purchases direct materials each month. Its payment history shows that 70% is paid in the month of purchase with the remaining balance pad the month after purchase. Prepare a cash payment schedule for March if in January through March, it purchased $35,000, $37,000, and $39,000, respectively.Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.Accounts Payable On May 18, Stanton Electronics purchased, on credit, 1,000 TV sets for $400 each. Stanton plans to resell these TVs in its store. Stanton paid the supplier on June 30. Required: Prepare the necessary journal entry (or entries) on May 18 and June 30.
- QUESTION 2 The unadjusted trial balance of Rayyan Resources (RR) Bhd based in Kuala Lumpur contained the following accounts on 31 December 2020, the end of the company's fiscal year. Debit (RM) 212,300 30,500 Accounts Credit (RM) Bank Accounts receivable Office supplies Prepaid insurance Merchandise inventory 11,500 18,000 44,700 215,550 235,100 Land Building Accumulated depreciation-Building Store equipment Accumulated depreciation-Store equipment Delivery truck Accumulated depreciation- Delivery truck 75,000 185,350 52,000 158,150 46,000 Goodwill 62,000 Notes payable Accounts payable Unearned revenue 51,000 48,500 36,000 440,000 65,250 Ordinary share capital Capital reserves Retained earnings 225,000 Rent revenue 39,550 Dividends 12,000 Sales 753,950 8,800 397,400 Sales returns and allowances Cost of goods sold Gain on revaluation of properties 13,700 Loss on sale of land 20,400 Salary and wages expenses Advertising expenses Utilities expense Interest expense Delivery expense Repair…The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Purchased 400 units 200 units $ 8 = $3,200 %3D Apr. 21 July 25 Sept. 19 Purchased Purchased = %$ $13 = 3,640 Purchased 000' 280 units 90 units $15 = 1,350 %3D During the year, The Shirt Shop sold 810 T-shirts for $20 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.TB 03-70 Company A receives $10,000 in advance this m... Company A receives $10,000 in advance this month for work to be performed next month. This month, the company should: Multiple Choice Debit Accounts Payable $10,000 and credit Cash $10,00. Debit Inventory $10,000 and credit Sales Revenue $10,000. Debit Cash $10,000 and credit Deferred Revenue $10,000. Debit Inventory $10,000 and credit Accounts Payable $10,000.