Answer fast please...urgent submission...pls.provide correct answer Calculate:1) Total Gross Purchases on Account.2) Total Gross Purchases3) Net Purchases Percy Company is engaged in a small export business . The companymaintains limited records . Most of the company's transactions aresummarized in a cash journal non cash transactions are recorded bymaking memo entries.The following are abstracted from the company's recordsAccounts receivable - trade370,000 increaseNotes receivable - tradeAccounts payable - tradeNotes payable - trade200,000 decrease150,000 decrease200,000 increaseNotes payable – bankSales returns ( P50,000 was refunded)300,000 increase80,000Sales discounts20,000Purchase returns (P30,000 was refunded )80,000Purchase discounts35,000Accounts written off60,000Recovery of accounts previously written off 18,000Cash sales300,000Cash purchases250,000Cash received from account customers1,500,000Cash payment to trade creditors1,200,000

Name: Answer fast please...urgent submission...pls.provide correct answer Ca
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Description: Answer fast please...urgent submission...pls.provide correct answer Calculate:1) Total Gross Purchases on Account.2) Total Gross Purchases3) Net Purchases Percy Company is engaged in a small export business . The companymaintains limited records . Mo

Purchase Account Purchase accounting is one of the important section of accounting which helps to…

Answered: Total Gross Purchases on Account. 2)…

Business

Accounting

Total Gross Purchases on Account. 2) Total Gross Purchases 3) Net Purchases

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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multiple choice question Purchase journal maintained to record: all credit purchases. all cash purchases. all cash and credit purchase of goods. None of the above
Use the following purchases journal to record the transactions. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Abbreviation used: Supp. = Supplies) a (Click the icon to view the transactions.) Purchases Journal Page 6 Other Accounts DR Vendor Post. Accounts Merchandise Office Account Post. Date Account Credited Terms Ref. Payable CR Inventory DR Supp. DR Title Ref. Amount 2024 Oct. More Info Oct. 1 Purchased merchandise inventory on account with credit terms of 2/10, n/30 from Milk Co., $2.700, Oct. 11 Purchased office supplies on account from Book Co., $400. Terms were n/EOM. Oct. 24 Purchased furniture on account with credit terms of 4/10, n/60 from Slip Co., $1,600. Print Done
Hi when it says "Contra against purchase ledger", it means it can be registered on both Sales and Purchase ledger accounts? or only Sales? What about if says "Sales in balance set off against purchase ledger "? Thanks
Calculate the missing information for the purchase. Item SellingPrice(in $) SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price Book $ 8 $ 0 0 $19.44
Using the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and General and using the following as possible column header titles: Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., Ref. or None and using the accounts listed below, record journal entries for the following transactions, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Receivable Purchases Sales Discounts Cash Purchase Discounts Sales Returns and Allowances Cost of Goods Sold Purchase Returns and Allowances Sales Tax Payable PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" - no quotation marks. On March 1, you paid Duke Mfg. (account number D101) for inventory purchased on Feb. 27 for $1,000.…
Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) A (Click the icon to view the transactions.) Sales Journal Page Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR 2024 Jun. More Info Jun. 1 Sold merchandise inventory on account to Fred Jig, $1,270. Cost of goods, $1,000. Invoice no. 101. Jun. 8 Sold merchandise inventory on account to lan Frog, $2,225. Cost of goods, $1,580. Invoice no. 102. Jun. 13 Sold merchandise inventory on account to Jillian Trump, $380. Cost of goods, $300. Invoice no. 103. Jun. 28 Sold merchandise inventory on account to Glen Whitney, $900. Cost of goods, $610. Invoice no. 104. Print Done