Please help me fill in this table and answer the questionQUESTION: OBJstores, a dairy shop, entered into the following Petty Cash transactions during March 2020. Thebusiness is a registered VAT vendor and trades only with other registered vendors. They use aperpetual inventory system, and all goods are marked up at 40% above cost, before taking intoaccount any trade discounts. A VAT rate of 15% is applicable Petty Cash Journal of OBJ Stores - March 2020Doc. NoDayDetailsPettyInputStaffWagesSundry AccountsCashVATrefreshmentsAmountFol.DetailsWorkings: OBJ stores, a dairy shop, entered into the following Petty Cash transactions during March 2020. Thebusiness is a registered VAT vendor and trades only with other registered vendors. They use aperpetual inventory system, and all goods are marked up at 40% above cost, before taking intoaccount any trade discounts. A VAT rate of 15% is applicable.Transaction detailsPurchased 20 Cheese wheels @ R10 each (excluding VAT) as well as 10 boxes of creamDate4@R30 Each (excluding VAT) from J Creamery a local entrepreneur and pay from pettycash. The goods will be used as inventory. PCV01 was used.Purchased coffee and tea for the staff from The Local Café for R80 and paid using petty7cash. PCV02 was used.Paid R800 for petrol for the delivery vehicle from petty cash. PCVO3 was used.Paid bi-weekly wages of R300 from petty cash. PCV04 was used.The owner Mrs Daisy took R200 from the petty cash for her own use. PCV05 was used.Purchased printing paper for R30 and cooldrinks for the staff of R60, from Pick n Payand paid using petty cash. PCV06 was used.Paid bi-weekly wages of R300 from petty cash. PCV07 was used.To celebrate Mrs. Daisy's birthday a cake was bought for the staff for R250. PCV08 was1320262930used.Required:Prepare the Petty cash journal for March 2020. You are not required to total the journal at the endof the month. Round to two decimal places.

Petty Cash Journal: Doc. No. Day Details Petty Cash Input VAT Staff refreshments Wages Sundry…

Purchased 20 Cheese wheels @ R10 each (excluding VAT) as well as 10 boxes of cream @R30 Each (excluding VAT) from J Creamery a local entrepreneur and pay from petty cash. The goods will be used as inventory. PCV01 was used. Purchased coffee and tea for the staff from The Local Café for R80 and paid using petty cash. PCV02 was used. Paid R800 for petrol for the delivery vehicle from petty cash. PCV03 was used. Paid bi-weekly wages of R300 from petty cash. PCV04 was used. 13 20 The owner Mrs Daisy took R200 from the petty cash for her own use. PCVO5 was used. 26 Purchased printing paper for R30 and cooldrinks for the staff of R60, from Pick n Pay and paid using petty cash. PCV06 was used. Paid bi-weekly wages of R300 from petty cash. PCV07 was used. 29 30 To celebrate Mrs. Daisy's birthday a cake was bought for the staff for R250. PCV08 was used.

Purchased 20 Cheese wheels @ R10 each (excluding VAT) as well as 10 boxes of cream @R30 Each (excluding VAT) from J Creamery a local entrepreneur and pay from petty cash. The goods will be used as inventory. PCV01 was used. Purchased coffee and tea for the staff from The Local Café for R80 and paid using petty cash. PCV02 was used. Paid R800 for petrol for the delivery vehicle from petty cash. PCV03 was used. Paid bi-weekly wages of R300 from petty cash. PCV04 was used. 13 20 The owner Mrs Daisy took R200 from the petty cash for her own use. PCVO5 was used. 26 Purchased printing paper for R30 and cooldrinks for the staff of R60, from Pick n Pay and paid using petty cash. PCV06 was used. Paid bi-weekly wages of R300 from petty cash. PCV07 was used. 29 30 To celebrate Mrs. Daisy's birthday a cake was bought for the staff for R250. PCV08 was used.

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

Today is December 30, 2019. In order to capture the attention of online shoppers, Cyber Retail Company had a “Buy Now, Pay Later” sale on Monday, December 2, 2019. The terms of the sale were such that anyone who bought merchandise was required to pay for the merchandise on (or before) February 28, 2020. For any customer who failed to pay by that date, Cyber Retail would “charge” that customer’s purchase to the credit card account that the customer had provided at the time he/she placed the order. Customers purchased $ 5,000,000 of merchandise during the “Buy Now, Pay Later” sale. Cyber estimates that if they waited until February 28, 2020, they would ultimately collect $ 4,800,000 related to this pool of receivables. One component of the difference, estimated at $ 50,000, relates to the “fees” that Cyber Retail would have to pay to the credit card companies upon receiving payment. The other $ 150,000 relates to “lost revenue” resulting from customers whose credit…
On July 8, Cambridge returned merchandise worth $2,020 to Sipacore. Its original cost was $1,116. The merchandise was restored to inventory. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation July 8 July 8 Refund Liability Accounts Receivable (To record sales return) Inventory Sales Returns and Allowances (To record cost of merchandise returned) Debit 2,020 1,116 Credit 2,020 1,116
The following were found in inter-plant accounts' examination between the Home Office and the TREE Branch: A branch customer erroneously remitted $360 to the home office. The home office recorded this collection on December 23, 2021. The branch has not made any entry. Inventory costing $5,160 was sent to the branch by the home office on December 31, 2021. The billing was at cost, but the branch recorded the transaction at $4,080. A $1,200 branch remittance to the home office initiated on December 27, 2021, was recorded on the home office books on January 3, 2022 A home office inventory shipment to the branch on December 28, 2021, was recorded by the branch on January 4, 2022; the billing of $2, 400 at cost The home office incurred $1,440 of advertising expenses and allocated $600 of this amount to the branch on December 15, 2021. The branch has not recorded this transaction. On December 31, 2021, the Home Office Account on TREE Branch has a balance of $5,280. What is the net…
OBJ stores, a dairy shop, entered into the following Petty Cash transactions during March 2020. The business is a registered VAT vendor and trades only with other registered vendors. They use a perpetual inventory system, and all goods are marked up at 40% above cost, before taking into account any trade discounts. A VAT rate of 15% is applicable. Required:Prepare the Petty cash journal for March 2020. You are not required to total the journal at the end of the month. Round to two decimal places DATE TRANSACTION DETAILS 4 Purchased 20 cheese wheels @R10 each(excl VAT) from J Creamery a local entreprenuer and pay from petty cash the goods will be used as inventory .PCV01 was used 7 Purchased tea and coffee from local cafe for R80 and paid using petty cash . PCV02 was used. 9 Paid R800 for petrol for the delivery vehicle from petty cash .PCV03 13 Paid bi-weekly wages of R300 from petty cash .PCV04 was used 20 The owner Mrs Daisy took R200 from petty cash for her…
On March 31, 2021, Jana Company sold $50,000 merchandise to one of her customers using a credit card, the bank charges a service fee of 3%. The journal entry to record credit card sales in the books of Jana Company will include: * O Debit Accounts Receivable $48,500 Credit Cash $48,500 Debit Service Charge Expense $1,500 Credit Sales Revenue $51,500 O None of the above Classwork for BA. Classwark for BA.
F
Please help with the following question in regards with accounting homework: Taking into account all the errors/omissions noted above, prepare the corrected Creditors Control account for the month of June 2021. Balance the account. Please follow up on the format and information attached , god bless you
can you please help me answer these questions... Aardvark Company sells merchandise only on credit. For the year ended December 31, 2019, the following data are available: Sales (all on credit) $1,200,000 Accounts Receivable, January 1, 2019 225,000 Allowance for doubtful accounts, January 1, 2019 (credit) 15,000 Cash collections during 2019 1,050,000 Accounts written off as uncollected (default) during 2019 10,000 Determine the balance of Accounts Receivable at December 31, 2019. Assume that the company estimates bad debts at 2% of credit sales. What amount will the company record as bad debt expense for 2019? What journal entry would Aardvark prepare to record bad debt expense for 2019 (related to part 2)? Assume that the company estimates bad debts based on the aging method, and the aging schedule estimates that $30,100 of the year-end accounts receivable will be uncollected. What amount will the company record as bad debt expense for 2019? What…
During February 2020, Buffalo Massage Ltd. sells $12,000 of gift cards for Valentine's Day gifts. From reliable past experience, management estimates that 10% of the gift cards sold will not be redeemed. By the end of February, $3,000 was redeemed by customers. Prepare the journal entries for Buffalo Massage for February 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Bolton sold a customer service contract with a price of $37,000 to Sammy's Wholesale Company. Bolton offered terms of 1/10, n/30 and uses the gross method. Required: Hide Prepare the journal entry assuming the payment is made after 10 days (after the discount period). Account and Explanation Debit Credit Record collection of accounts receivable
King Enterprises is a book wholesaler. King hired a new accounting clerk on January 1 of the current year. The new clerk does not understand accrual accounting and recorded the following transactions based on when cash receipts and disbursements changed hands rather than when the transaction occurred. King uses a perpetual inventory system, and its accounting policy calls for inventory purchases to be recorded net of any discounts offered. Jan. 10 Paid Aztec Enterprises $11,100 for books that it received on December 15. (This purchase was recorded as a debit to Inventory and a credit to Accounts Payable on December 15 of last year, but the accounting clerk ignores that fact.) Dec. 27 Received books from McSaw Inc. for $26,500; terms 2/10, n/30. Dec. 30 Sold books to Booksellers Unlimited for $43,000; terms 1/10, n/30. The cost of these books to King was $34,000. Required: a) As a result of the accounting clerk's errors, compute the amount by which How much…
Nkome Traders, owner T Nkome, is a registered VAT vendor. The VAT rate applicable is 15%. Transactions: 20.3 February 3 Received and invoice (re-numbered to 20.3/105) from Bapela Wholesalers for merchandise purchased on credit for R18 975. 5 Some of the items to the value of R1 265 on invoice number 20.3/105 was not received. Issued a debit note for the amount. Bapela Wholesalers granted the claim and issued a credit note for the amount claimed. 10 Bought stationery, R1 035, from Big Stationers and received their invoice. 12 Received an invoice from Electronics Traders for the purchase of a new printer for R3 680. 17 Bought merchandise to the value of R21 965 from Bangani Wholesalers and received their invoice. Complete the given Purchases journal and Purchases returns journal for February 20.3.