The following items were selected fromamong the transactions completed by PTDay6 during 2019, which hold trading latestproduct, Smartphone XY & Tablet xỶ.1. On June 10, Smartphone XY total saleswere Rp600,000,000, which includes a10% sales tax.2. On July 7, Tablet XY total sales wereRp1,400,000, excluding 10% sales tax.3. On August 31, PT Day6 soldRp400,000,000 of Smartphone QZduring August under a one-yearwarranty. The cost to repair defectsunder the warranty is estimated at 6%of the sales price.4. On December 15, PT Day6 performedservice to a customer that was paidRp160,000,000 last month.Instructions:Prepare PT Day6's journal entries to recordall the transactions during 2019

A journal entry is the recording of financial transactions in books of the business entity. It…

Answered: The following items were selected from…

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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ABC company had net sales of RO 75000 and gross profit is RO 18750 in the year 2019. The net sales in 2020 is RO 90000 then estimated cost of goods sold will be a. RO 67500 b. RO 75000 c. RO 22500 d. RO 71250
Prepare a multi-step income statement for Prestige Traders and General Merchandise for the yearended December 31,2020 using the information listed below: Cost of Sales - P 348,000 Depreciation Expense - P 7,350 Taxes - P 1,120 Sales -P 600,000 Sales Discount - P 11,000 Sales Retums and Allowances - P 20,000 Supplies Expense - P 8,750 Rent Expense - P 37,500 Salaries Expense - P 150,000 Use the space provided for your answer.
6. Dream Big Pillow Co. pays 65% of its purchases in the month of purchase, 30% the month after the purchase, and 5% in the second month following the purchase. It made the following purchases at the end of 2017 and the beginning of 2018: Nov. 2017 Dec. 2017 Jan. 2018 Feb. 2018 Mar. 2018 $60,000 $50,000 $35,000 $40,000 $45,000 PLEASE NOTE: All dollar amounts will be rounded to whole dollars with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" - no quotation marks. Using the information above, complete the following cash payments schedule for the monthly budgeted payments and total for Quarter 1: Dream Big Pillow Co. Cash Payments Schedule For the First Quarter of 2018 January February March November 2017 ? ? ? December 2017 ? ? ?…
Our company purchased goods with 6 months maturity on 22.01.2021 with a price of 40.000 TL + 10% VAT. Record the relevant journal (daily book).
What is recorded as Sales if a company sold merchandise on February 19, 2020, with a $540,000 list price, terms of 20%, 10%, 1/10, 2/15, 3/20, n/30, and collected in full on March 1, 2020? Your answer
The basis for classifying assets as current or noncurrent is conversion to cash within Select one: a. the operating cycle or one year, whichever is longer. b. the accounting cycle or one year, whichever is shorter. c. the accounting cycle or one year, whichever is longer. d. the operating cycle or one year, whichever is shorter.
DCI & Co. reported the following 2021 balances: December 31 P1,950,000 P562,500 During the year, the company paid its suppliers the amount of P3,675,000. What should be the amount to January 1 P2,175,000 P375,000 Inventory Accounts Payable be reported for cost of goods sold in 2021?
During the month of March 2022, Turaco sole trader purchased goods to the value of N$12 000, of which a half (%) was sold for N$10 000 during May. In addition, returns outwards and returns inwards for the month amounted were N$2 000 and N$500, respectively. Compute the net purchases. Answer:
ABC has the following transactions during 2020:1. On March 1, 2020, ABC sold merchandise on account to Customer 1 for €7,750. ABCoffers a cash-discount of 2% if payment is made within 20 days of the sale. Otherwisethe full amount, net of returns and allowances, is due in 30 days.2. On March 10, 2020, Customer 1 returned merchandise worth €1,550 to ABC.1. 3.On March 15, 2020, Customer 1 paid for the merchandise.3. On April 1, 2020, ABC loaned €10,000 to XZ with a 1-year, 10% note.4. On November 1, 2020, received a €4,000, 6-month, 5% note in exchange for Customer’s2 outstanding accounts receivable.5. On December 16, 2020, sold merchandise to Customer 3, receiving a €4,500, 3-months,8% note.6. On December 31, 2020, the interest revenue accrued is recognized on all notesreceivable. a. Record the collection of note receivable as their mature in 2021.
Sunlight Co. Started operations on January 1, 2018, selling home appliances on instalment basis. For 2018 and 2019, the following information are available: 2018 2019 Installment Sales Cost of Installment sales Collections: For 2018 sales For 2019 sales P1,200,000 720,000 P1,500,000 1,050,000 630,000 450,000 900,000 On 2019, an instalment sales account balance of 2008 was defaulted and the merchandise, with current market value of P15,000, was repossessed. The account balance defaulted was P24,000. 17. The gross profit rate in 2019? а. 30% b. 40% c. 35% d. 45% 18. The balance of the deferred gross profit account as at the end of 2019 was a. 218,400 b. 228,000 c. 275,000 d. 450,000 19. How much is the gain or loss on repossession? a. Gain P600 b. Loss P1,800 c. Loss P9,000 d. Gain P1,800 LILU
rescue sequences llc purchased inventory by issuing a $45,000, 10%, 60-day note on october 1, 2019. what amount of interest expense should be recorded for 2019?
Yeri Corp. reported the following data for 2019. Total net sales – P4,000,000; Goods purchased – P2,400,000; Beginning Inventory – P400,000; Ending Inventory – P600,000; 1 year advance rent received amounting to P60,000 to be applied in 2020; P80,000 total interest income from customers promissory note earned--P60,000 of this was collected; Unrealized foreign exchange gains from foreign currency receivables – P120,000; required: Using Accrual Basis, compute the total income subject to income tax.

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