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Received credit invoice for TW Wheeler, No. TW53 for merchandise purchased on credit for R6 500. 10 B. Mow returned damaged goods to the value of R750, issued credit note DB99. 19 Received credit note WT001 from TW Wheeler for goods returned to them: R1 500. 21 Bought furniture on credit from C. Jack as per invoice CJ155 to the value of R4 300. 24 Issued credit invoice to K. Rio, BD104 for R660 for goods sold. 25 Bought inventory on credit from TW Wheeler R3 300, received credit invoice TW62. 26 Issued credit note to K. Rio, DB100, R120 in relation to a rebate. 28 Received credit note from C. Jack, JC68, for furniture returned R900. Required: Record the transactions above in the following journals for May 2020 as provided in your answer booklet. Debtors journal Debtors allowances journal Creditors journal Creditors allowances journal

Received credit invoice for TW Wheeler, No. TW53 for merchandise purchased on credit for R6 500. 10 B. Mow returned damaged goods to the value of R750, issued credit note DB99. 19 Received credit note WT001 from TW Wheeler for goods returned to them: R1 500. 21 Bought furniture on credit from C. Jack as per invoice CJ155 to the value of R4 300. 24 Issued credit invoice to K. Rio, BD104 for R660 for goods sold. 25 Bought inventory on credit from TW Wheeler R3 300, received credit invoice TW62. 26 Issued credit note to K. Rio, DB100, R120 in relation to a rebate. 28 Received credit note from C. Jack, JC68, for furniture returned R900. Required: Record the transactions above in the following journals for May 2020 as provided in your answer booklet. Debtors journal Debtors allowances journal Creditors journal Creditors allowances journal

FINANCIAL ACCOUNTING
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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The transactions below relate to BestDrive Traders for the month of May 2020. BestDrive Traders marks up their goods by 25% on selling price, except where otherwise indicated, and uses a perpetual inventory system. Ignore VAT. Date Transactions Sold goods on credit to the following customers. 2 K. Rio, Invoice BD101, R2 800 B. Mow, Invoice BD102. R3 500 • R. Renault, Invoice BD103, R1 200 Received credit invoice for TW Wheeler, No. TW53 for merchandise purchased on 6 credit for R6 500. 10 B. Mow returned damaged goods to the value of R750, issued credit note DB99. 19 Received credit note WT001 from TW Wheeler for goods returned to them: R1 500. 21 Bought furniture on credit from C. Jack as per invoice CJ155 to the value of R4 300. 24 Issued credit invoice to K. Rio, BD104 for R660 for goods sold. 25 Bought inventory on credit from TW Wheeler R3 300, received credit invoice TW62. 26 Issued credit note to K. Rio, DB100, R120 in relation to a rebate. Received credit note from C. Jack, JC68, for furniture returned R900. 28 Required: Record the transactions above in the following journals for May 2020 as provided in your answer booklet. Debtors journal Debtors allowances journal Creditors journal Creditors allowances journal You are not required to total the journals. Round to two decimal places.
Transcribed Image Text:The transactions below relate to BestDrive Traders for the month of May 2020. BestDrive Traders marks up their goods by 25% on selling price, except where otherwise indicated, and uses a perpetual inventory system. Ignore VAT. Date Transactions Sold goods on credit to the following customers. 2 K. Rio, Invoice BD101, R2 800 B. Mow, Invoice BD102. R3 500 • R. Renault, Invoice BD103, R1 200 Received credit invoice for TW Wheeler, No. TW53 for merchandise purchased on 6 credit for R6 500. 10 B. Mow returned damaged goods to the value of R750, issued credit note DB99. 19 Received credit note WT001 from TW Wheeler for goods returned to them: R1 500. 21 Bought furniture on credit from C. Jack as per invoice CJ155 to the value of R4 300. 24 Issued credit invoice to K. Rio, BD104 for R660 for goods sold. 25 Bought inventory on credit from TW Wheeler R3 300, received credit invoice TW62. 26 Issued credit note to K. Rio, DB100, R120 in relation to a rebate. Received credit note from C. Jack, JC68, for furniture returned R900. 28 Required: Record the transactions above in the following journals for May 2020 as provided in your answer booklet. Debtors journal Debtors allowances journal Creditors journal Creditors allowances journal You are not required to total the journals. Round to two decimal places.
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Note: Cost of goods sold is 75% of Sales value like 2,800 * 75% =2,100

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