The following transactions are in respect of credit purchases and credit sales asrecorded by Mambo, a sugar merchant during the month of October 2013.bought 125 bags of sugar at 3,200 each from miwa sugar Itd.October 245914151821232428Sold 80 bags of sugar at ksh 5,300 each to salim broithers.Bought old furniture at ksh 7,000 from mbao carpenters on credit.Returned 20 bags of sugar at their original cost to miwa sugar ltd.Bought 30 bags of sugar at 3,000 each from Hamisi sugar Itd.Sold a motor van for ksh 250,000 to ujuzi girls school on credit.Sold 15 bags of sugar at 5,000 each to wote enterprises.Accepted back 25 bags of sugar from salim brothers at their original cost.Bought 35 bags of sugar at ksh 3,000 each from Hamisi sugar ltd.Sold 20 empty bags at ksh 350 each to Dafana enterprises on credit.Sold 100 bags of sugar at ksh 5,500 each to Wote enterprises.Required:(a) The necessary entries in the subsidiary journals (including the journal proper) torecord the above transactions.(b) The relevant ledger accounts to record the above transactions.D

Journal entry: A journal entry is a record of a business transaction in chronological order, which…

Answered: October 2 bought 125 bags of sugar at…

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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Miley's Fruit Shop sells special organic bananas. The information below relates to the month of March 2020. The sale price for each banana is $1.50. (assume no GST in this question). TRANSACTIONS 1s! March beginning Inventory of bananas 200 @ $1.00 cost per banana 3rd March purchased in bananas 100 @ $1.05 cost per banana 5th March sold 110 bananas 18th March purchased in bananas 80 @ $1.09 cost per banana 20th March sold 95 bananas 25th March sold 10 bananas Miley applies the LIFO approach within a perpetual system, to track her Inventory. Therefore, on the 31st March, the Ending Inventory (unsold bananas) of Miley's shop would be valued at: Select one: O a. $160.00 O b. $165.00 O c. $171.80 O d. $185.30
Answer i
Am.202.
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Yui Sum Ltd commenced business on 1 January Year 9. During the year ending on 31 December Year 9, they bought a quantity of leather briefcases at a uniform cost and sold 5,800 of them at £60 each. An inventories check on 31 December Year 9 established that they hold 650 unsold briefcases. The gross profit for the year was £116,000. How much was the cost of each briefcase? O A. £17.85 OB. £40.00 O C. £35.69 O D. £20.00
ok DS Unlimited has the following transactions during August. August 6 Purchases 52 handheld game devices on account from GameGirl, Incorporated, for $110 each, terms 2/10, n/60. August 7 Pays $310 to Sure Shipping for freight charges associated with the August 6 purchase. August 10 Returns to GameGirl seven game devices that were defective. August 14 Pays the full amount due to GameGirl. August 23 Sells 32 game devices purchased on August 6 for $130 each to customers on account. The total cost of the 32 game devices sold is $3,670.00. Required: Record the transactions of DS Unlimited, assuming the company uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to 2 decimal places.)
Yui Sum Ltd commenced business on 1 January Year 9. During the year ending on 31 December Year 9, they bought a quantity of leather briefcases at a uniform cost and sold 5,800 of them at £60 each. An inventories check on 31 December Year 9 established that they hold 650 unsold briefcases. The gross profit for the year was £116,000. How much was the cost of each briefcase? O A. £17.85 OB. £40.00 O C. £35.69 O D. £20.00

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October 2 bought 125 bags of sugar at 3,200 each from miwa sugar ltd. Sold 80 bags of sugar at ksh 5,300 each to salim broithers.