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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Answer the following question(s) using the information below: Five Appliances Store sells a refrigerator and a freezer as a single package for $1,000. Other data are in the chart below. Selling price Manufacturing cost per unit Stand-alone product revenues Refrigerator Full-size Freezer $825 $620 O a. $620.00 O b. $687.50 O c. $500.00 O d. $775.00 e. $612.50 $1,225,000 $375 $180 $775,000 Packaged Price $1,000 Using the stand-alone method with manufacturing cost per unit as the weight for revenue allocation, what amount will be allocated to the refrigerator?
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Am.202.
Harry Gryffindor incorporated Harry's Pottery on March 1, 20x7. Harry's Pottery is a merchandising company located in Hogwarts Station, MD. During his first month of operations Harry reported the following data related to his purchases for his only product: In addition, Harry made one sale on March 15 when he sold 28 customized cauldrons to Rowena Ravenclaw for $50 each. Purchases on March 7 Purchases on March 14 Purchases on March 21 Harry Gryffindor made one sale on March 15 when he sold 28 customized cauldrons to Rowena Ravenclaw for $50 each. Assuming that Harry uses a perpetual inventory system, use the information provided above to calculate ending inventory on March 30 if Harry uses the weighted average method to assign costs to inventory. (Round your per unit costs to 2 decimal places.) Weighted Average - Perpetual: Date March 7 March 14 Average cost March 15 March 21 Average cost # of units Goods purchased Cost per unit 18 @ $20.00 32 @ $30.00 28 @ $36.00 18 units @ $20.00…
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.