Nerina Traders, a gift shop, situated in Illovo is owned by Serena Lopez. The business is a registered VAT vendor and trades only with other registered vendors. All amounts including 15% VAT where applicable, except if otherwise indicated. They use a periodic inventory system and all goods are marked up at 20% above cost, before considering any trade discounts. The business does not expect to award any settlement discounts nor to qualify for any settlement discounts. All occurrences of settlement discounts are therefore incidental in nature. Debtors balances as at 31 January 2020: Pinky Leshaba R3 500.

Nerina Traders, a gift shop, situated in Illovo is owned by Serena Lopez. The business is a registered VAT vendor and trades only with other registered vendors. All amounts including 15% VAT where applicable, except if otherwise indicated. They use a periodic inventory system and all goods are marked up at 20% above cost, before considering any trade discounts. The business does not expect to award any settlement discounts nor to qualify for any settlement discounts. All occurrences of settlement discounts are therefore incidental in nature. Debtors balances as at 31 January 2020: Pinky Leshaba R3 500.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please explain proper steps by Step and Do Not Give Solution In Image Format And Fast Answering Please ? And Thanks In Advance
ADDITIONAL PRACTICE PROBELM: TRANSACTION JOURNAL ENTRIES Do you know your Left from your Right? Debits and Credits as you shop Instructions: Below are some examples of transactions that college students might engage in. For each transaction record the proper journal entry. Transaction Journal entry 1. You buy a computer for $1,500.00 on credit DR: $1,500.00 CR: $1,500.00 | 2. You purchase for cash ($2.00) and consume a DR: $2.00 St. Pauli Girl at the local pub. CR: $2.00 3. You purchase for future consumption a case DR: $35.00 of St. Pauli Girl for $35.00 cash CR: $35.00 4. You work a part-time job and receive $500 in DR: $500.00 monthly compensation CR: $500.00 5. You pay $1,000 toward the computer purchased DR: $1.000.00 in (1) above. CR: $1,000.00
Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) i (Click the icon to view the transactions.) Jun Date 2024 Invoice No. Account Debited More info Jun. 1 Jun. 8 Customer Jun. 13 Jun. 28 Sales Journal Post. Ref. Accounts Receivable DR Sales Revenue CR Sold merchandise inventory on account to Ford Junk, $1,250. Cost of goods, $960. Invoice no. 101. Page Cost of Goods Sold DR Merchandise Inventory CR Sold merchandise inventory on account to Iris Fray, $2,250. Cost of goods, $1,650. Invoice no. 102. Sold merchandise inventory on account to Jack Tremane, $400. Cost of goods, $240. Invoice no. 103. Sold merchandise inventory on account to Gail White, $810. Cost of goods, $650. Invoice no. 104. Print Done X
Create a schedule of accounts receivable using the accounts receivable subsidiary ledger‘s.
The final step when receiving customer checks by mail is for the ________ to compare two different records for the day. A. receiving agent B. controller C. treasurer D. purchasing agent thanks!!1
Accounting Information System Provide an analysis/explanation of the flow of the payment flowchart of a bookstore who's ordered books from suppliers. Step 1: Payment Step 2: Number of items and type Step 3: Match order form with receiving report Step 4: Prepare voucher for payment Step 5: Owner approves payment
When a customer uses a credit card such as MasterCard or VISA to buy merchandise in a store, the store owner records the sale as a/an ______________________. Group of answer choices cash sale. debit to sales and a credit to cash. credit to accounts receivable. a credit sale and debits the customer's accounts receivable account.
What is the purpose of a Bill Payment in QuickBooks Online? Select an answer: to track purchases of products and services based on when they are rendered and delivered. to close the accounts payable cycle by recording payments made to vendors via a Bill in the past to create an expense today that will be paid in the future. to enter customer payments related to open invoices.
How do you create a loan in Quickbooks? A. Select Banking > Create Loan B. Use the loan manager C. Create the loan account D. Create a liability account