You are provided with the following extracts (totals) of the subsidiary journals for Fit Traders forMarch 2020.Cashbook paymentsBankCreditors controlVAT InputSundry accountsR126 500R75 000R16 500R35 000Creditors journalCreditors controlVAT InputTrading inventorySundry accountsR74 750R9 750R60 000R5 000Creditors allowances journalCreditors controlVAT OutputTrading inventorySundry accountsR20 000R2 000R25 300R3 300The general journal reflects a transaction of R575 including 15% VAT that relates to a settlementdiscount that was received from a creditor.Required:Q.5.1Prepare the creditors control account in the general ledge of Fit traders for March2020. Assume an opening balance of R30 000.Properly balance the account at the end of the month.

Journal entry is the book of original entry where first transactions are recorded in the books of…

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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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A company that uses a perpetual inventory system purchased inventory on account and later returned goods worth $900.00 to the vendor. Which of the following would be the correct journal entry to record these returns? OA. Accounts Payable 900 Merchandise Inventory 900 OB. Accounts Payable 900 Purchase Returns 900 OC. Merchandise Inventory 900 Accounts Payable 900 OD. Purchase Returns 900 Accounts Payable 900
On 5 December 2020, Manal Trading company sold goods to a customer on account for 37800 OMR. Which of the following is the correct journal entry for the transaction? Select one: A. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Receivable 37800 Sales (Revenue) 37800 B. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Receivable 73800 Sales (Revenue) 73800 C. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Sales (Revenue) 37800 Receivable 37800 D. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Cash 37800 Sales (Revenue) 37800
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Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them with lamp fixtures. There is an agreement that Lamplight Plus is not required to provide cash payment immediately and instead will provide payment within thirty days of the invoice date. You are to provide the journal entries for the following transactions assuming a perpetual inventory system. Cash Accounts Payable Purchases Accounts Receivable Merchandise Inventory Sales PLEASE NOTE: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). Lamplight purchases thirty light fixtures for $20 each on August 1, invoice date August 1, with no discount terms DR CR Lamplight returns ten light fixtures, receiving a credit amount for the full purchase price on August 3: DR CR Lamplight purchases an additional fifteen light fixtures for $15 each on August 19, invoice…
BUS 038 : Business Computatns4. You buy goods on an invoice dated October 28, with terms of 2/20, n/45. What is the last day of the discount period?
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Prepare the journal entries, with appropriate journal entry descriptions, for 2020, including any required year-end adjusting entries.The company prepares annual adjusting entries.
Give the entry in January 2026, when the 37,500-gallon shipment is received, assuming that the situation given in (b2) above existed at December 31, 2025, and that the market price in January 2026 was $3.35 per gallon. Prepare the journal entry for when the materials are received in January 2026. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 2026 Inventory Estimated Liability on Purchase Commitments Accounts Payable Debit 125625 13125 Credit 138750
24 - Which of the following transactions does the above journal item belong to? a) Goods Sales Return Record B) Registration of Returns from Purchase of Goods NS) Goods Sales Discount Posting D) Goods Purchase Expenses Record TO) Goods Sales Record
14) Ibri traders returned goods to Muscat mart, a supplier of RO 1,700, purchased on 8th May,2019. The payment is received with the discount of 3% from the supplier. How would you record this in the books of buyer under the Perpetual inventory system? a. Cash RO 1,649 Dr / Account payable RO 1,649 Cr b. Cash RO 1,649 Dr / Merchandise inventory RO 1,649 Cr c. Account payable RO 1,649 Dr / Merchandise inventory RO 1,649 Cr d. Cash RO 1,700 Dr / Account receivable RO 1,700 Cr

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