QuestionPrepare the appropriate books of prime entry for the above transactions. Chocolairs Food Enterprise is a cookie manufacturer in Selangor. The following information wasextracted from the books of Chocolairs Food Enterprise for the month of May 2021:-May2 Bought goods on credit amounting to RM8,000 from Lala Enterprise before deducting 10%trade discount.3 A sales invoice for RM4,000 was sent to Lulu Trading.5 Sold goods of RM10,000 on credit to Paul less 15% trade discount.6 Return goods of RM1,000 to Lala Enterprise.7 Sent a credit note for RM300 to Lulu Trading.9 Credit sales of RM3,000 to Lili Trading.10 A sales invoice for RM6,000 was sent to Lolo Sdn. Bhd. before less trade discount 5%.12 Credit purchase of RM10,000 from Ali Tata Sdn. Bhd. before deducting 8% trade discount.13 Lolo Sdn. Bhd, returned goods with a list price of RM500.15 Return goods of RM500 to Ali Tata Sdn. Bhd.20 Purchased goods amounting to RM800 on credit from Siew Ling Trading.24 A sales invoice for RM6,000 was received from DD Va Enterprise before deducting 2%trade discount.

Trade discount do not appears in books. Amount is recorded after deducting trade discount. May 2:…

Answered: Chocolairs Food Enterprise is a cookie…

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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Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 4.5% service charge for sales on its credit card. Access deducts a 3.5% service charge for sales on its card. Mayfair completes the following transactions in June. June 4 Sold $500 of merchandise on credit (that had cost $250) to Natara Morris. 5 Sold $6,800 of merchandise (that had cost $3,400) to customers who used their Zisa cards. 6 Sold $5,616 of merchandise (that had cost $2,808) to customers who used their Access cards. 8 Sold $4,890 of merchandise (that had cost $2,445) to customers who used their Access cards. 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $395 balance in McKee’s account stemmed from a credit sale in October of last year. 18 Received Morris’s check in full payment for the purchase of June 4. Required:Prepare journal…
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JKL Co. Operates a number of branches in Baguio. On June 30, 2021. its XYZ branch showed a Home Office Account balance of P27,350 and the Home Office books showed a Investment branch XYZ of P25,550. The following information may help in reconciling both accounts. > Home office was charged for P1,200 for merchandise returned by XYZ branch (the merchandise is in transit) > A P12,000 shipment, charged by Home Office to XYZ branch was actually sent to and retained by UUU Branch. > Home Office collects an XYZ branch accounts receivable of P3,600 and fails to notify the branch. > A P15,000 shipment, intended and charged to XXX branch was shipped to XYZ branch and retained by the latter. > A P2,000 emergency cash transfer from ZZXXYY was not taken up in the Home Office books. Home office erroneously recorded XYZ 's net income for May, 2021 at P16,275. The branch reported a net income of P12,675. What is the reconciled amount of the Home Office and XYZ branch reciprocal amount?
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The following transactions were selected from among those completed by Hailey Retailers in the current year: November 20 November 25 November 28 November 30 December 6 December 30 Sold two items of merchandise to Customer B, who charged the $590 (total) sales price on her Visa credit card. Visa charges Hailey a 2 percent credit card fee. Sold 14 items of merchandise to Customer C at an invoice price of $3,300 (total); terms 2/10, n/30. Sold 12 identical items of merchandise to Customer D at an invoice price of $8,160 (total); terms 2/10, n/30. Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. Customer D paid the account balance in full. Customer C paid in full for the invoice of November 25. Required: 1. Prepare the appropriate journal entry for each of these transactions. Do not record cost of goods sold. 2. Compute Net Sales. Complete this question by entering your answers in the tabs below. Required 1 Required 2…
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