£1500 £1800 DEBIT CREDIT £10800 £9000 £7500 Charles has purchased goods from a supplier on credit for £9,000 inclusive of 20% VAT. What are the correct entries to post this in his business accounting records? (Drag the correct answer into each blank space below) Value ₤ T DEBIT/CREDIT Ledger Account Purchases Input tax Payables

£1500 £1800 DEBIT CREDIT £10800 £9000 £7500 Charles has purchased goods from a supplier on credit for £9,000 inclusive of 20% VAT. What are the correct entries to post this in his business accounting records? (Drag the correct answer into each blank space below) Value ₤ T DEBIT/CREDIT Ledger Account Purchases Input tax Payables

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2MC: When 25 of merchandise is returned for a credit on account, what is the amount of the credit to...

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Question 2 Credit Sales, Credit Purchases & Returns You are to enter the following items in the books, post to personal accounts, and show the transfers to the General Ledger. 20X9 1 Credit purchases from: K Hill £380; M Norman £500; N Senior £106. 3 Credit sales to: E Rigby £510; E Phillips £246; F Thompson £356. 5 Credit purchases from: R Morton £200; J Cook £180; D Edwards £410; C Davies £66. 8 Credit sales to: A Green £307; H George £250; J Ferguson £185. 12 Returns outwards to: M Norman £30; N Senior £16. 14 Returns inwards from: E Phillips £18; F Thompson £22. 20 Credit sales to: E Phillips £188; F Powell £310; E Lee £420. 24 Credit purchases from: C Ferguson £550; K Ennevor £900. 31 Returns inwards from: E Phillips £27; E Rigby £30. 31 Returns outwards to: J Cook £13; C Davies £11. July %D %3D %3D Note : Apart from double entries in the Purchases/Sales Ledger/General Ledger, please also prepare Purchases Day Book, Sales Day Book, Return Inwards & Return Outwards Day Book.
Describe the transaction recorded. Cash 593.60 Sales Tax Payable 44.80 Sales 560.00 Credit CardExpense 11.20 (Select all your answers.) Sold merchandise for cash, plus sales tax. Purchased goods plus freight. Company deposited cash from the sale. Customer paid by bank credit card. Discount charged by bank to the seller. Interest credited by the bank.
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Cash Receipt #94 Dated April 4, 2022 From Jokers Et Al., cheque #2213 for $950 in full payment of invoice # 287, taking into account 2% sales discount of $50 for early payment. 04-15-2022 J2 1080 1200 94, Jokers Et Al. Bank: Chequing Accounts Receivable 1,000.00 1,000.00 Compare the transaction information and the transaction as captured in Sage and state, what was done wrong and how would you correct it?
Use the steps to calculate the federal income tax. I’m not sure if your able to zoom in but I hope you are.
How would each of these transactions affect the accounting equation?1) Purchasing £800 worth of inventory on credit. 2) Paying the telephone bill of £25.3) Selling £450 worth of inventory for £650.4) Paying £800 to the supplier.
16 A company is using the net method for a sale of $1,000 with payment terms of 2/10, net 30. How should the company record this in accounts receivable? Debited for $1,000 Credited for $980 Credited for $1,000 Debited for $980
When 25 of merchandise is returned for a credit on account, what is the amount of the credit to Accounts Receivable, assuming a 6% sales tax rate? (a) 1.50 (b) 25.00 (c) 26.50 (d) 31.00
A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?
T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation expense11,600Sales183,000Salaries expense39,000Sales discounts4,200Miscellaneous expenses5,000Sales returns and allowances5,200 1. Record the entry to close the income statement accounts with credit balances. 2. Record the entry to close the income statement accounts with debit balances. 3. Record the entry to close the Income Summary account. 4. Record the entry to close the Withdrawals account.
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