Q.1.4 Starlight Traders is a gift shop in Johannesburg Starlight Traders uses the perpetual inventory system to record inventory transactions. 23 VAT can be ignored on all transactions. The following transactions took place in the month of January 2022: NO 1 2 3 4 5 TRANSACTION Analyse each of the above transactions and complete the table as follows: Example: Paid R200 for Telephone Account. The Independent institute of Education 2023 NO Owner contributed cash R200 000 Purchased goods for cash R10 000 Sold goods with a selling price of R1 000 cash Cost price of goods R500 Paid R300 for an advert in the local newspaper The owner took goods for personal use. The selling price of the goods is R500. The goods are marked up by 100%. Example ACCOUNT ACCOUNT ASSETS DEBITED CREDITED Telephone Bank -200 OWNER'S LIABILITIES EQUITY -200 Note-Show the double entry (debit and credit general ledger names), as well as the effect on the accounting equation, for each transaction, in the columns provided. Ensure that you use the+and-signs to show the effect on the equation as marks will be allocated for these

Q.1.4 Starlight Traders is a gift shop in Johannesburg Starlight Traders uses the perpetual inventory system to record inventory transactions. 23 VAT can be ignored on all transactions. The following transactions took place in the month of January 2022: NO 1 2 3 4 5 TRANSACTION Analyse each of the above transactions and complete the table as follows: Example: Paid R200 for Telephone Account. The Independent institute of Education 2023 NO Owner contributed cash R200 000 Purchased goods for cash R10 000 Sold goods with a selling price of R1 000 cash Cost price of goods R500 Paid R300 for an advert in the local newspaper The owner took goods for personal use. The selling price of the goods is R500. The goods are marked up by 100%. Example ACCOUNT ACCOUNT ASSETS DEBITED CREDITED Telephone Bank -200 OWNER'S LIABILITIES EQUITY -200 Note-Show the double entry (debit and credit general ledger names), as well as the effect on the accounting equation, for each transaction, in the columns provided. Ensure that you use the+and-signs to show the effect on the equation as marks will be allocated for these

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Description: please help? answer given on chegg not sufficient? need a better layout Q.1.4 Starlight Traders is a gift shop in Johannesburg.Starlight Traders uses the perpetual inventory system to record inventorytransactions.23VAT can be ignored on all transacti

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter12: Special Journals

Section: Chapter Questions

Problem 3CE: LO4 Enter the following transaction in a purchases journal like the one illustrated in the chapter:...

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16.3 You are to enter up the sales, purchases, returns inwards and returns outwards day books from the following details, then to post the items to the relevant accounts in the sales and chase ledgers. The total of the day books are then to be transferred to the accounts in the General Ledger. 20X9 May 1 Credit sales: T Thompson f56; L Rodriguez £148; K Barton f145. 3 Credit purchases: P Potter £144; H Harris £25; B Spencer £76. 7 Credit sales: K Kelly £89; N Mendes £78; N Lee £257. 9 Credit purchases: B Perkins £24; H Harris £58; H Miles £123. 11 Goods returned by us to: P Potter £12; B 5pencer £22. 14 Goods returned to us by: T Thompson £5; K Barton £11; K Kelly £14. 17 Credit purchases: H Harris [54; B Perkins £65; L Nixon £75. Goods returned by us to B Spencer £14. 24 Credit sales: K Mohammed £57; K Kelly f65; O Green £112. Goods returned to us by N Mendes £24. 71 20 11 28 31 Credit sales: N Lee £55.
[A] Instructions: Compute for the required item (refer to the photo below) using a yellow ruled sheet. (Show solution)
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PB3. LO 6.2 Costume Warehouse sells costumes and accessories and purchases their merchandise from a manufacturer. Review the following transactions and prepare the journal entry or entries if Costume Warehouse uses A. the perpetual inventory system B. the periodic inventory system Jun. 4 Costume Warehouse purchases 88 costumes on credit at a purchase price of $15 per costume. The terms of the purchase are 5/15, n/30, with an invoice date of June 4. Jun. 12 Costume Warehouse returns 20 costumes to the manufacturer for a full refund. Jun. 19 Costume Warehouse pays in full for the remaining costumes, less the return.
A. Prepare for the month of september 2012 the I. Purchases ledger control account II. Sales ledger control account B.state three functions of control accounts
Q.3.2 The following information has been taken from the books of Lobelia Traders, a general trading shop in Braamfontein, for the month of April 2020: Lobelia Traders is a registered VAT vendor and trades only with registered VAT Vendors. The business charges 15% VAT on all its sales. TRANSACTIONJOURNAL AMOUNT VAT AMOUNT EXCLUDING AMOUNT INCLUDING VAT VAT Cash sales CBR 35 000 A в Advertising СВР 920 paid Goods СВР E 750 F purchased for cash Drawings of GJ 500 G H Petty Cash Credit sales DJ 1 200 Q.3.2.1 Calculate the amounts for A to J Q.3.2.2 Calculate the Input VAT Total Q.3.2.3 Calculate the Output VAT total Q.3.2.4 Calculate the Vat payable or refundable. Clearly indicate if it is payable or refundable and if it is an asset or liability
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geNOWv21 Online teachir X keAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator assignment-take&inprogress-false eBook 4 Show Me How Calculator Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: (If an amount box does not require an entry, leave it blank.) a. Sold merchandise for cash, $25,000. The cost of the gods sold was $17,500, (Record the sale first.) Cash 5. 50ld merchandise on account, S99,000. The cost of the goods sold was $58,800, (Record the sale first.) c. Sold m erchandise.to customers. who used MasterCard and VISA, S475,000. The cost of the goods sold was $280,000. (Record the sale first.) 9:33
Current Attempt in Progress Oriole Inc. is a retailer operating in Calgary, Alberta. Oriole uses the perpetual inventory system. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Oriole for the month of January 2025. Date Dec. 31 Jan. 2 Jan. 6 Jan. 9 Jan. 10 Jan. 23 Jan. 30 (a1) Jan. 1 Description Ending inventory Purchase Sale Purchase Sale Purchase Sale $ Quantity 170 102 180 76 56 105 154 Unit Cost or Selling Price $19 21 44 25 44 26 Calculate weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) 51