You are given the following transactions for an entity that uses the periodic inventory system:Transaction Detailsof1Credit sales for the week, R30 705(VAT inclusive).23Electronic funds transfer (EFT) payment received from of R3 540 Green Wholesalersin full settlement of account. Settlement discount granted R690.Bought equipment for cash from Capital Equip for R23 000(VAT inclusive).Instructions:For each transaction, you must indicate which subsidiary journal the transaction will be entered.■You must then indicate whether the VAT Input account or the VAT Output account in the general ledger must be debited or credited.You must then calculate the VAT amount and enter it in the amount column.TransactionSubsidiary journalGeneral ledger accountAmount13

Periodic inventory system:There are different types of inventory systems one of which is the…

Answered: Transaction Subsidiary journal General…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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1. On July 6, Sunland Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is: Land Buildings Equipment Total $400,000 1,200,000 800,000 $2,400,000 Sunland Company gave 12,200 shares of its $100 par value common stock in exchange. The stock had a market price of $168 per share on the date of the purchase of the property. 2. Sunland Company expended the following amounts in cash between July 6 and December 15, the date when it first occupied the building. Repairs to building Construction of bases for equipment to be installed later Driveways and parking lots Remodeling of office space in building, including new partitions and walls Special assessment by city on land $189,000 243,000 219,600 289,800 32,400 3. On December 20, the company paid cash for equipment, $468,000, subject to a 2% cash discount, and freight on equipment of $18,900. Prepare entries on the books of Sunland Company for these transactions. (Do…
Credit termog 1/10, n/30 means
View History Bookmarks Window Help A education.wiley Exam 1 WP NWP Assessment Player UI Application Question 20 of 42 View Policies Current Attempt in Progress The usual sequence of steps in the transaction recording process is: journal ledger → analyze. analyze journal ledger. journal analyze ledger. ledger journal → analyze. Save for Later
ATTACHED-LEDGER
3. Journalize the summary transactions (a) through (d). If an amount box does not require an entry, leave it blank. Raw and In Process Inventory а. Accounts Payable b. 3. 4. Sale 4. Cost
S Module Three Assignment - ACC X * CengageNOwv2 | Online teachir x genow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. еВook Purchase-Related Transactions The debits and credits from four related transactions, (1) through (4), are presented in the following T accounts. Assume that the freight terms were FOB shipping point and that the credit terms were 1/10, n/30. Accounts Payable Cash 1,980 (1) 13,860 (2) 150 (3) (4) 11,880 (4) 11,880 Inventory (1) 13,860 (3) 1,980 (2) 150 a. Describe each transaction. 1. 2. 3. 4. b. Determine the invoice amount of the merchandise that was returned in (3). (Previous Check My Work 6:39 AM 45°F ヘ回图目急 11/13/2021 pit sc dete Mom 4+ 144 144 40 Sacksbace 8.
Which of the following items is considered an original source document? Select one: a. accounts receivable b. company expense account c. purchase order d. general ledger
Question 3 Which 3 are transaction types you can assign in a rule for money-out transactions? Transfer Journal entry Purchase order Credit memo Refund receipt Check Expense
Instructions Keller Corporation (the lessee) entered into a general equipment lease with Dallo Company (the lessor) on January 1 of Year 1. The following information pertains to this lease agreement: 1. The equipment reverts back to the lessor at the end of the lease, and there is no bargain purchase option. 2. The lease term is 8 years and requires annual payments $10,000 at the beginning of each year. 3. The fair value of the equipment at lease inception is $100,000. Assume that the present value of lease payments discounted at a 10% interest rate is $58,684.19. 4. The equipment has an estimated economic life of 20 years and has zero residual value at the end of this time. Required: Prepare the journal entry that Keller Corporation would make during the first year of the lease assuming that the lease is classified as an operating lease.
PA4. LO 7.4Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable.
[Based on Appendix C] Explain the difference between the general ledger and a subsidiary ledger.
Hcs/380 week 4 terminology matching???

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Transaction Subsidiary journal General ledger account 2 M " Amount 4 " 4