Purchased R62 000 worth of trading inventory on credit. Day Transaction details 1 3 Paid for maintenance and repairs, R23 000 cash. 5 8 10 12 15 18 19 Paid R3 500 to transport inventory from the supplier. Paid with cash. Sold goods with a selling price of R48 000 for cash. The trading stock originally cost R26 500. Purchased a new printer for the office, the R3 200 owing was put on the company's account. Purchased soft drinks for refreshment after a staff meeting. Paid R320 from the petty cash box. Received R11 600 from Daniel, a debtor. Paid Komson suppliers, a creditor R55 000 of the balance owing. The owner withdrew R2 500 cash from the business for personal use.

Purchased R62 000 worth of trading inventory on credit. Day Transaction details 1 3 Paid for maintenance and repairs, R23 000 cash. 5 8 10 12 15 18 19 Paid R3 500 to transport inventory from the supplier. Paid with cash. Sold goods with a selling price of R48 000 for cash. The trading stock originally cost R26 500. Purchased a new printer for the office, the R3 200 owing was put on the company's account. Purchased soft drinks for refreshment after a staff meeting. Paid R320 from the petty cash box. Received R11 600 from Daniel, a debtor. Paid Komson suppliers, a creditor R55 000 of the balance owing. The owner withdrew R2 500 cash from the business for personal use.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 17Q: A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300....

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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?
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5 Sold goods for cash £140. 6 Bought goods on credit £325 from C Monty. 10 Paid rents by cash £200. 12Bought stationery £45, paying in cash. 18 Goods returned to D James £41. 21 Received rent of £25 by cheque for sublet of corner space. 23 Sold goods on credit to G Cross for £845. 24 Bought a van paying by cheque £4,100. 30 Paid the month's wages by cash £360. 31 The proprietor took cash for his own personal use £80. 9. Enter the following in the personal accounts (i.e., the creditor and debtor accounts) only. Do not write up the other accounts. Balance off each personal account at the end of the month. After completing this, state which of the balances represent debtors and which represent creditors. Sept 1 Sales on credit td J Bee £520; T Day £630; J Soul £240. 2 Purchases on credit D Blue £390; F Rise £510; P Lee £280. 8 Sales on credit to T Day £640; L Hope £418. 10 Purchases on credit from F Rise £92; R James £870. 12 Returns inwards from J Soul £25; T Day £190. 17 We returned…
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