Transaction Account Titles and Explanations Debit ($) Credit ($) (i) Motor vehicle 2480 Purchase 2480 ( To correct purchase of motor vehicle) (ii) Suspense 3360 Discount received ( 1680 * 2 ) 3360 ( To credit discount received) (iii) Purchase 860 Suspense 860 ( To correct under-cast of purchase) (iv) Suspense 990 Accounts payable- J Blake (4030-3040) 990 ( To credit the remaining amount of J Blake ) (v) Accounts payable- B Collins 230 Accounts payable - A Cornel 230 ( To rectify the correct account name) (vi) Suspense 2180 Accounts payable-K. Kong 2180 ( To record received amount in K kong) Please to create the suspense acc

Transaction Account Titles and Explanations Debit ($) Credit ($) (i) Motor vehicle 2480 Purchase 2480 ( To correct purchase of motor vehicle) (ii) Suspense 3360 Discount received ( 1680 * 2 ) 3360 ( To credit discount received) (iii) Purchase 860 Suspense 860 ( To correct under-cast of purchase) (iv) Suspense 990 Accounts payable- J Blake (4030-3040) 990 ( To credit the remaining amount of J Blake ) (v) Accounts payable- B Collins 230 Accounts payable - A Cornel 230 ( To rectify the correct account name) (vi) Suspense 2180 Accounts payable-K. Kong 2180 ( To record received amount in K kong) Please to create the suspense acc

Name: TransactionAccount Titles and ExplanationsDebit ($)Credit ($)(i)Motor
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: TransactionAccount Titles and ExplanationsDebit ($)Credit ($)(i)Motor vehicle2480 Purchase 2480 ( To correct purchase of motor vehicle) (ii)Suspense3360 Discount received ( 1680 * 2 ) 3360 ( To credit discount received) (iii)P

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 16Q: A buyer purchases $250 worth of goods on credit from a seller. Shipping charges are $50. The terms...

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Given the following data; TOTAL PURCHASES OMR 150000 CASH PURCHASES OMR 45000 PURCHASE RETURN OMR 5000 OPENING CREDITORS OMR 30000 CLOSING CREDITORS OMR 20000 What will be the amount of Net Credit Purchase? a. OMR 150000 b. OMR 45000 c. OMR 105000 d. OMR 100000
Select the best answer for the question. 7. Company A records purchases using the net price method. It an item is purchased from a supplier for $800 on terms of 3/10, n/30, the correct accounting entry would be O A. Purchases 776 Purchase Discounts 24 Accounts Payable OB. Purchases Accounts Payable O.C. Purchases D Accounts Payable OD. Accounts Payable 776 800 Purchases Purchase Discounts 800 >
How do I record this transaction; Issues credit memo to Targhee Co., $27500, terms FOB shipping point, 1/10, n/30?
question General ledger Debit Credit Balance 01.11.20 50,000 31.12.20 Rental Revenue 6000 56,000 31.12.20 Rental Revenue 1800 57,800 01.01.21 Rental Revenue 6,000 51,800 Kindly show me the T Accounts for the above general ledger.
The entry to record a sale of P7,500 with terms of 2/10, n/30 would include a. Debit to sales for P7,350 b. Debit to sales Discount for P150 c. Credit to Accounts Receivable for P7,500 d. Credit to sales for P7,500
Account Titles and Explanation (To record the premium inventory) (To record the sales) (To record the expense associated with the sale) (To record the premium liability) Debit 11 Credit 1000
The journal entry to record the receipt of a payment from customer within the discount period on a sale of $2325 with terms of 3/10, n/30 will include a credit to O a. Sales discounts for $70 O b. Accounts receivable for $2325 O c. Sales Revenue for $2325 O d. Cash for $2255
1. A buyer received an invoice for P6.000 dated June 10. If the terms åré 2/10, n/30 and the buyer paid the invoice within the discount period, what amount will the seller receive? c. P4,800 а. Р6,000 b. P5,880. d. P 120 2. The purchases discount account is a contra account to a. accounts payable. b. purchases. C. sales. d. sales discount. 3. When a seller of merchandise allowed a customer a reduction from the original price for defective goods, the seller will issue to the customer a a. credit memorandum. b. debit memorandum. c. official receipt. d. sales invoice. 4. When the seller advances the transportation costs and the terms of sale are FOB shipping point, the seller records the payment of the transportation costs by debiting a. accounts payable. b. accounts receivable. C. sales. d. transportation in. 5. The account that appears in the chart of accounts for a merchandising entity but not for.a service entity is a. accounts receivable. b. accumulated depreciation. c. advertising…
2:31 G ileo The following are taken from the records of Debit Credit Sales P764985 Purchase Discount 8200 Purchase returns and allowances 5465 Purchases 159990 Freight-in 9180 Sales Discount 13300 Sales returns and allowances 5455 Depreciation expense Amortization expense 25000 10000 Salarics cxpcnsc Utilities expense Advertising cxpensc Rent expense 80000 55000 35000 60000 Interest incomc 5440 Interest expense 5677 Gain on salc of PPE 5465 Bad debts expense ? Humility Company for the year ended December 31, 2019: Based on actual physical count, inventory balance are as follows: January 1, 2019 December31, 2019 P25455 P20765 Bad debts expense is 4% of net sales. Classify the bad debt expense as a general and administrative expense. 1. Determine the following: а. Net sales b. Net purchases I U A II B
Exercise 8-3 Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $370,000 for real estate plus $19,610 in closing costs. The real estate consists of land appraised at $188,000; land improvements appraised at $70,500; and a building appraised at $211,500. Required: 1. Allocate the total cost among the three purchased assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three purchased assets. (Round your "Apportioned Cost" answers to 2 decimal places.) Percent of Total Appraised Value Appraised Value x Total Cost of Acquisition = Apportioned Cost Land Land improvements Building Totals
10.The entry to record a sale of P1,800 with terms of 2/10, n/30 will include a a. debit to Sales Discounts for P36. b. debit to Sales Revenue for P1,764. c. credit to Accounts Receivable for P1,800 d. credit to Sales Revenue for P1,800
The entry to record the receipt of payment within the discount period on a sale of $1500 with terms of 1/10, n/30 will include a credit to Cash for $1485. Accounts Receivable for $1500. ● Sales Revenue for $1500. ● Sales Discounts for $15.

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Transaction	Account Titles and Explanations	Debit ($)	Credit ($)
(i)	Motor vehicle	2480
	Purchase		2480
	( To correct purchase of motor vehicle)
(ii)	Suspense	3360
	Discount received ( 1680 * 2 )		3360
	( To credit discount received)
(iii)	Purchase	860
	Suspense		860
	( To correct under-cast of purchase)
(iv)	Suspense	990
	Accounts payable- J Blake (4030-3040)		990
	( To credit the remaining amount of J Blake )
(v)	Accounts payable- B Collins	230
	Accounts payable - A Cornel		230
	( To rectify the correct account name)
(vi)	Suspense	2180
	Accounts payable-K. Kong		2180
	( To record received amount in K kong)