Oscar runs a sole trader business selling computers. On 12 January 20X7, he employed hisdaughter as an administrator for the business and took a computer from the store room forher to use in the office.What is the double entry for this transaction?Cr Cost of salesCr Cost of salesADr DrawingsBDr Non-current assetsCDr Cost of salesCr DrawingsDr Cost of salesCr Non-current assets

The answer for the multiple choice question and relevant explanation are presented hereunder :…

Answered: Oscar runs a sole trader business…

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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Every March, Buddie, who owns and operates a small retail shop, takes a large box of receipts and invoices to her accountant so the accountant can file Buddie's taxes in April. Only then does Buddie know if her business has been profitable. Buddie could benefit from a(n) ________.Select one:a. concurrent control systemb. management information system c. balanced scorecard systemd. inventory control system
Make journal entry of this.
The owner, F. Ferdy, drew a cheque for personal use, R4 000. discount on normal tariffs. Received their cheque for the payment of six Wednesdays. Reccived R400 trom P. Jafta,one of the clients, for renting a small office at Ferdy's Car Wash. Ferdy's Car Wash Tariffs Wash Only R40 Wash & Vacuum R50 Wash, Vacuum & Polish R75 Enter the following transactions of the business into the correct journals. Use your own document numbers where they are not provided. 2000 July Received cash from Mr Sing and Mrs Botha for the washing of their vehicles. Mrs Botha also had her car vacuumed. Receipt 25 and 26 were issued respectively. A client had his car washod, vacuumed and polished. He paid cash. Cashed cheque no. 320 for R3 000 to pay staff wages. Issued a cheque to Wishy-Washy for spenges and brushes, RI 000 and for car shampoo, R700. A elient, Mr G. Mfaba, who washes his car every Moaday, paid for five days. Issued a cheque to Bubbles for a stock of car shamp00, R3 200. Mrs Jansen paid for four…
16. Joseph Howard owns a bicycle parts business called Quality Bike Products. The following transactions took place during July the current year. July 5 Purchased merchandise on account from Wheeler Warehouse, $3,300. 8 Paid freight charge on merchandise purchased, $330. 12 Sold merchandise on account to Big Time Spoiler, $4,500. The merchandise cost $2,500. 15 Received a credit memo from Wheeler Warehouse for merchandise, $470. Required: 1. Journalize the above transactions in a general journal using the periodic inventory method. 2. Journalize the above transactions in a general journal using the perpetual inventory method. GENERAL JOURNAL (Periodic Inventory Method) Page 1 Post Date Description Ref. Debit Credit
A business received or issued the following invoices and paid or received the invoiced amounts on the following dates: Invoice date Invoice amount Date paid or received Purchase 2.6.X4 R1,000 26.6.X4 25.6.X4 R1,500 2.7.X4 Sales 8.6.X4 R2,000 26.6.X4 29.6.X4 R3,000 7.7.X4 There is no inventory at the beginning or end of June. What is the difference between the profit for June calculated on a cash basis, and calculated on an accruals basis? A. Nil B. R1,000 C. R1,500 D. R2,500
Give the journal entry for the following service/merchandising business transactions without the amount.
Use the transactions to fill in the plank chart of purchases. I’ve also wrote them below: Transactions: August; Purchased $1,500.00 in merchandise on account from Beads R Us, invoice 158. Bought a new computer on account from Best Buy for $1,600.00, invoice 822. Purchased gems (merchandise) from The Gem Mine for $1,100.00 on account, terms 2/15, n/30, invoice Purchased $525.00 in pens and paper from Staples on account, terms n/30, invoice 28. Bought an office desk on account from Office Depot for $750.00, invoice 76. Bought merchandise on account from The Gem Mine for $5,000.00, terms 2/15, n/30, invoice 282. Purchases
The question in the images. Thank you for your help!
Use the following question to answer a question that follows. Lorato and Loago’s Trial Balance as at 31 December 2001 Dr Cr Capital accounts: Lorato 100000 Loago 50000 Current accounts: Lorato 200 Loago 600 Cash drawings for the year: Lorato 15000 Loago 10000 Freehold premises at cost 50000 Inventory at 1 January 2021 75000 Fixtures and Fittings at cost 15000 Purchases and purchase returns 380000 12000 Bank 31600 Sales and sales Returns 6000 508000 Accounts receivables and accounts payables 52400 33300 Carriage inwards 21500 Carriage outwards 3000 Staff salaries 42000 VAT 8700 Office expenses 7500 Provision for doubtful debts 2000 Advertising 5000 Discounts received 1000 Discounts Allowed 1200 Bad debts 1400 Rent and business rates 2800 Accumulated provision for depreciation offixtures and fittings 3000 720000 720000 At 31 December 2021:a. Inventory on hand was valued at P68, 000b.…
G the ir G Whe G A me a Qu QL Q Acco O acco Unit QAcco O acco Acco sinment takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress%=false I Blumberg owns an auto parts business called Bill's Auto Parts. The following transactions took place during July of the current year. July 5 Purchased merchandise on account from Wheeler Warehouse, $4,300. 8 Paid freight charge on merchandise purchased, $230. 12 Sold merchandise on account to Big Time Spoiler, $3,500. The merchandise cost $2,500. 15 Received a credit memo from Wheeler Warehouse for merchandise, $670. 22 Issued a credit memo to Big Time Spoiler for merchandise returned, $820. The cost of the merchandise is $550. Required: 1. Journalize the above transactions in a general journal using the periodic inventory method. If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 July 5 2. 3 July 8 3. 4 4. 5 July 12 6. 6. 7 Jul15 7. 8 9 July 22 6. 10 10 2. Journalize the…
Mr. Zubair sold Merchandise inventory worth OMR 50,000 for cash. Which books of prime entry will record the transaction? a. Purchase journal b. Cash disbursement journal c. Cash receipt journal d. Sales journal
During the months of January, Ava Corporation purchased goods from two suppliers. The sequence of events was as follows: Jan. 6 6 14 30 Purchased goods for $1320 from Noah with terms 2/10, n/30. Purchased goods from Emma for $860 with terms 1/10, n/30. Paid Emma in full. Paid Noah in full. On January 30, when Ava pays Noah, the debit to cash will be ?

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