The Raikes Company sells legal resource databases and one of its customers placed an order for a product on December 12th, paid a deposit for the purchase on December 14th, the product was downloaded (i.e. shipped) on December 20th, the remaining payment for the purchase was sent on December 27th and received by the company on January 3rd. When should the company record the related revenue? January 3 December 12 December 14 December 20 December 27

The Raikes Company sells legal resource databases and one of its customers placed an order for a product on December 12th, paid a deposit for the purchase on December 14th, the product was downloaded (i.e. shipped) on December 20th, the remaining payment for the purchase was sent on December 27th and received by the company on January 3rd. When should the company record the related revenue? January 3 December 12 December 14 December 20 December 27

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 sales journal for Carothers Company is shown below. SALES JOURNAL Date Sales Slip No. Customer Name Post.Ref. AccountsReceivableDebit Sales taxPayableCredit SalesCredit Dec. 1 824 Jim Danta 3,212 312 2,900 7 825 Tom Tome 645 45 600 22 826 Sue Wasco 666 66 600 31 Totals 4,523 423 4,100 Show how the amounts would be posted to the general ledger accounts.
A business received or issued the following invoices and paid or received the invoiced amounts on the following dates: Invoice date Invoice amount Date paid or received Purchase 2.6.X4 R1,000 26.6.X4 25.6.X4 R1,500 2.7.X4 Sales 8.6.X4 R2,000 26.6.X4 29.6.X4 R3,000 7.7.X4 There is no inventory at the beginning or end of June. What is the difference between the profit for June calculated on a cash basis, and calculated on an accruals basis? A. Nil B. R1,000 C. R1,500 D. R2,500
am. 81.
Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions:
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