Kate sells goods to local customers . The following sales were made during May 2020:МayRetail price STrade discount %1Amy3,935201,430BettyCindy22 Denny51087,54030300Sales returns during May 2020:Retail price SMay8 Betty22 Amy80 Part of the May 5 delivery165 Part of the May 1 deliveryTrade receivables ledger balances at 1 May 2020 including:Betty450CindyDenny444120RequiredPrepare for the month of May 2020:(a)(b)(c)Sales day bookReturns inwards day bookTrade receivables ledger control account

Subsidiary books: The transactions that are quite similar in nature recorded in the books called…

Kate sells goods to local customers. The following sales were made during May 2020: Retail price S 3,935 1,430 Trade discount % May 1 Amy Betty Cindy 22 Denny 20 5 10 8 7,540 30 300 Sales returns during May 2020: May Retail price S 80 Part of the May 5 delivery Betty 22 Amy 8 165 Part of the May 1 delivery Trade receivables ledger balances at 1 May 2020 including: Betty Cindy Denny 450 444 120 Required Prepare for the month of May 2020: (a) (b) Sales day book Returns inwards day book Trade receiva ledger control

Kate sells goods to local customers. The following sales were made during May 2020: Retail price S 3,935 1,430 Trade discount % May 1 Amy Betty Cindy 22 Denny 20 5 10 8 7,540 30 300 Sales returns during May 2020: May Retail price S 80 Part of the May 5 delivery Betty 22 Amy 8 165 Part of the May 1 delivery Trade receivables ledger balances at 1 May 2020 including: Betty Cindy Denny 450 444 120 Required Prepare for the month of May 2020: (a) (b) Sales day book Returns inwards day book Trade receiva ledger control

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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Norfolk Sporting Goods purchases merchandise with a catalog list price of $14,684. The retailer receives a 25% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the Inventory account? Round your answer to the nearest whole dollar. O s18,135 O $10,793 O $14,684 O $11,013 Previous Next 6:29 PM 38 3/22/2021
5) Magnum mart purchased goods on 4th January 2019 for RO 86,000 on credit under the payment terms 2/10, n/30 and paid cash on 12th January 2019. How would you record this in the books of buyer under Periodic inventory system? a. Cash RO 84,280 Dr / Purchase discount RO 1,720 Dr /Account payable RO 86,000 Cr b. Account payable RO 86,000 Dr / Purchase discount RO 1,720 Cr / Cash RO 84,280 Cr c. Cash RO 86,000 Dr / Account payable RO 86,000 Cr d. Account payable RO 86,000 Dr / Cash RO 86,000 Cr
a. Make a general journal of the 8 transactions (December 2-16, 2020).
Norfolk Sporting Goods purchases merchandise with a catalog list price of $14,300. The retailer receives a 21% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the merchandise inventory account (Round your answer to the nearest dollar)? a.$11,071 b.$14,300 c.$226 d.$11,297
The records of Earthly Goods provided the following Information for the year ended December 31, 2020. At Cost At Retail $ 521, 350 $ 977,150 6,448, 700 129, 350 5,595, 700 January 1 beginning inventory Purchases 4,138, 245 Purchase returns 62, 800 Sales Sales returns 49, 600 Requlred: 1. Prepare an estimate of the company's year-end Inventory by the retall method. (Round all calculations to two decimal places.) EARTHLY GOODS Estimated Inventory December 31, 2020 At Cost At Retail Goods available for sale: Goods available for sale Cost to retail ratio Estimated ending inventory at cost
The following information pertains to the Leopoldo Valdez School Chairs Transportation in P 172,000Merchandise Inventory 1/1/2019 1,200,000Merchandise invenoty 12/31/2019 1,900,000Purchases 4,300,000Purchase Returns and allowances 129,000Purchase Discounts 215,000Required: Prepare the cost of goods sold section of the income statement for the year ended Dece. 31, 2020
Norfolk Sporting Goods purchases merchandise with a catalog list price of $15,390. The retailer receives a 45% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the Inventory account? Round your answer to the nearest whole dollar. a. $8,295 b. $15,390 c. $22,146 d. $8,465
The records of Earthly Goods provided the following Information for the year ended December 31, 2020. At Cost At Retail $ 521, 35e $ 977,150 4,138, 245 January 1 beginning inventory 6,448, 700 129, 350 5,595,700 49,600 Purchases Purchase returns Sales 62, 800 Sales returns Requlred: 1. Prepare an estimate of the company's year-end inventory by the retall method. (Round all calculations to two decimal places.) EARTHLY GOODS Estimated Inventory December 31, 2020 At Cost At Retail Goods available for sale: Goods available for sale Cost to retail ratio Estimated ending inventory at cost
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an invoice dated oct 15 shows list price of $82 for the merchandise plus $30 shipping and handling. the terms are : trade discount of 20/10 and cash discount 2/10,1/20,n/30. invoice is paid Oct 24 calculate the amount needed to pay the invoice in full
II Tirso Trading is a distributor of beauty products. To attract customers it offers its goods on credit terms of 2/10, n/30. The business engaged in the following selected transactions during April: 2020 1 Sold merchandise to David's Salon on account for P8,400, 12% VAT included. 3 Sold merchandise to Jessie Mendez on account, P3, 500, plus 12% VAT. 5 Authorized an allowance of P560, VAT included, to be credited to the account of David's Salon, who reported that merchandise from the sale of April 1 was defective. 6 Sold merchandise for P 2,250, VAT excluded, to Ricky Reyes. Terms: 50% down, balance on account. 8 Record various cash sales for the day amounting to P5,600, VAT included. 10 David's Salon made a partial payment of 50% Apr 12 Received a check from Jessie Mendez for the amount due. 17 Received a check from Ricky Reyes for the amount due. 30 David's Salon isssued a 15-day, 12% note for the overdue account. REQUIRED; ANALYZE AND MAKE THE JOURNAL ENTRIES FOR FOLLOWING…
Norfolk Sporting Goods purchases merchandise with a catalog list price of $14,941. The retailer receives a 30% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the Inventory account? Round your answer to the nearest whole dollar. a.$10,459 b.$10,250 c.$19,214 d.$14,941