Mothercity Traders is a gift shop in Cape Town. Mothercitx Traders uses the perpetual inventory system to record inventory transactions. VAT can be ignored on all transactions. The following transactions took place in the month of January 2022: 2. 1. Owner contributed cash R200 000 purchased goods for cash R10 000 3. Sold goods with a selling price of R1 000 cash Cost price of goods R500 4. 5. Paid R300 for an advert in the local newspaper 6. 5 The owner took goods for personal use. The selling price of the goods is R500. The goods are marked up by 100% Analyse each of the above transactions and complete the table as follows: NO ACCOUNT DEBITED Example Telephone Bank ACCOUNT ASSETS CREDITED -200 OWNER'S EQUITY -200 LIABILITIES

Mothercity Traders is a gift shop in Cape Town. Mothercitx Traders uses the perpetual inventory system to record inventory transactions. VAT can be ignored on all transactions. The following transactions took place in the month of January 2022: 2. 1. Owner contributed cash R200 000 purchased goods for cash R10 000 3. Sold goods with a selling price of R1 000 cash Cost price of goods R500 4. 5. Paid R300 for an advert in the local newspaper 6. 5 The owner took goods for personal use. The selling price of the goods is R500. The goods are marked up by 100% Analyse each of the above transactions and complete the table as follows: NO ACCOUNT DEBITED Example Telephone Bank ACCOUNT ASSETS CREDITED -200 OWNER'S EQUITY -200 LIABILITIES

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Description: Mothercity Traders is a gift shop in Cape Town.Mothercitx Traders uses the perpetual inventory system to record inventorytransactions.VAT can be ignored on all transactions.The following transactions took place in the month of January 2022:1. Owner

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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Take me to the text JP Supermarkets bought $2,890 worth of groceries on account from a produce supplier on February 5, 2022. On February 6, JP's bookkeeper was informed that $270 worth of tomatoes was substandard and returned to the supplier. Prepare the journal entry to record the purchase return using the perpetual inventory system. Do not enter dollar signs or commas in the input boxes. Required Prepare the journal entry for JP Supermarkets on February 6. Account Title and Explanation Debit Credit Date 2022 Feb 6 To record the purchase return ÷
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