Juanita Jolley purchases inventory on credit for her jewellery business.She buys 3 diamond rings at $5,940 each including GST. What journalentries are required?O Debit Inventory $5,400; Debit GST $540; Credit Accounts payable $5,940Debit Accounts payable $5,940; Credit Inventory $5,400, Credit GST $540● Debit Inventory $5,940; Credit Accounts payable $5,400, Credit GST $540Debit Inventory $5,940; Credit Accounts payable $5,940

Name: Juanita Jolley purchases inventory on credit for her jewellery busine
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Description: Juanita Jolley purchases inventory on credit for her jewellery business.She buys 3 diamond rings at $5,940 each including GST. What journalentries are required?O Debit Inventory $5,400; Debit GST $540; Credit Accounts payable $5,940Debit Accounts pa

The phrase "bought on account" may be used to refer to any and all purchases done using credit. A…

Business

Accounting

Juanita Jolley purchases inventory on credit for her jewellery business. She buys 3 diamond rings at $5,940 each including GST. What journal entries are required? O Debit Inventory $5,400; Debit GST $540; Credit Accounts payable $5,940 O Debit Accounts payable $5,940; Credit Inventory $5,400, Credit GST $540 Debit Inventory $5,940; Credit Accounts payable $5,400, Credit GST $540 Debit Inventory $5,940; Credit Accounts payable $5,940

Juanita Jolley purchases inventory on credit for her jewellery business. She buys 3 diamond rings at $5,940 each including GST. What journal entries are required? O Debit Inventory $5,400; Debit GST $540; Credit Accounts payable $5,940 O Debit Accounts payable $5,940; Credit Inventory $5,400, Credit GST $540 Debit Inventory $5,940; Credit Accounts payable $5,400, Credit GST $540 Debit Inventory $5,940; Credit Accounts payable $5,940

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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Please read the questions carefully the First question is asking for journal entry.
On March 8th, Gates Gems returned merchandise they received on account from Diamonds Direct in the amount of $440. What is the journal entry to record this transaction? Debit Accounts Receivable/Diamonds Direct, $440; credit Purchases, $440 Debit Accounts Payable/Diamonds Direct, $440; credit Purchases Returns and Allowances, $440 Debit Purchases, $440; credit Accounts Payable/Diamonds Direct, $4400 Debit Accounts Receivable/Diamonds Direct, $440; credit Purchases Returns and Allowances $440
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The following are the transactions of CARI, INC during 2022: The company follows a periodic inventory system 04.01.2022 Purchases merchandise, in cash SR 100,000.00 01.03.2022 Sales merchandise, on credit SR 180,000.00 06.03.2022 Customer takes discount and pays SR 162,000.00 15.10.2022 Pays downtow's shop rent SR 4,000.00 30.12.2022 Purchases a machinery, in cash SR 35,000.00 31.12.2022 Closes beginning inventory SR 30,000.00 31.12.2022 Records the ending inventory SR 12,000.00 31.12.2022 Revenues & expenses balanced off TBD Record the transactions, prepare the trial balance and show the following financial statements: → Balance sheet (Statement of Financial Position) as of 31.12.2022 → Profit & Loss account (Income Statement) for 2022
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Mei-Ling will buy the. items listed below. She has a score-valued card worth $150. The store offers her a 5% discount if she uses her credit card to pay for any part of the purchase. What is the total cost of the purchase after Mei-Ling uses her stored-value card prior to using her credit card? Round to the nearest cent. Item. Cost($) circular area rug. 324.60 ceiling fan 179.99 a $504.59 b $479.36 c $354.59 d $336.86
Please answer and explain all with working and steps answer in text
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