Assignment: Draw the T account of Purchases, Sales, Mr. D, Mr. E, Return inwards, Return outwards, Mr. Z and Bank.
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A: Correct Option is C i.e. returns inwards journal
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A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Draw T account of purchases,sales,Mr D ,Mr E, Return inwards, Return outwards,Mr Z and Bank
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A: the correct answer is d. SALES INVOICES
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Q: The journal entry to record the purchase of inventory on account is:
A: The journal entry to record the purchase of inventory on account is: Answer - A Debit…
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Q: . The bill of lading is a document prepared by the seller detailing the terms of delivery 2. the…
A: Answer: There are various types of documents that are prepared as the part of sales while shipping.
Q: hen the seller advances the transportation costs and the terms of sale are FOB shipping point, the…
A: Solution: When the seller advances the transportation costs and the terms of sale are FOB shipping…
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- The following transactions relate to Pat’s business for the month of December 2019.1.12.19 Started the business with Rs.10000 in cash.2.12.19 Bought goods on credit from the following suppliers:Grass Rs.6000Seed Rs.700010.12.19 Sold goods on credit to the following customers:Fog Rs.3000Mist Rs.400012.12.19 Returned goods to the following suppliers:Grass Rs.1000Seed Rs.200015.12.19 Bought additional goods on credit from Grass for Rs.3000 and from Seed for Rs.4000.20.12.19 Sold more goods on credit to Fog for Rs. 2000 and to Mist for Rs. 3000.24.12.19 Paid office expenses of Rs. 5000 in cash. 29.12.19 Received Rs. 4000 in cash from Fog and Rs. 6000 in cash from Mist.31.12.19 Pat paid Grass and Seed Rs. 6000 and Rs.8000, respectively, in cash.You are required to:Enter the above transactions in Pat’s journal and ledger accounts and compile a trial balance as at 31 December 2019.They sold $50,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this journal entry using both the net and gross methods. Record the journal entry if the customer pays off this account on 2/5/2021. Record the journal entry if the customer pays off this account on 3/1/2021.On April 1, 2020 Sony Company sold merchandise worth $10,000 to Dan Company, terms 4/10, n/30. On April 4 Dan returned merchandise valued $500 and on April9 Dan paid the account in full. Sony Company records the following entry on April 4, 2020: * Debit Cash 10,000 and Credit Sales Revenue $10,000. O Debit Accounts Receivable $10,000 and Credit Sales Revenue $10,000. O Debit Cash $9,500 and Sales Discount $500 and Credit Accounts Receivable $10,000. Debit Sales Return and Allowance $500 and Credit Accounts Receivable $500. None of the above. On April 9 sales discount is equal to:
- Alpha company is a trading company that purchases and sales fruits and vegetables. During the year 2020, the company shows the following transactions and events: The company assumes the freight charges to its customers. The accountant debit (freight in expenses) and credit (merchandise inventory). One customer returned fruits to Alpha that were damaged. The accountant of the company debit (purchase returns) and credit (accounts payable). The cost of goods sold is determined after each sale as follow: beginning inventory – purchases + ending inventory. Required: For each case, identify the anomaly and propose the correct accounting treatment/answer:first sale! They sold $100,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this journal entry using both the net and gross methods. Record the journal entry if the customer pays off this account on 2/5/2021. Record the journal entry if the customer pays off this account on 3/1/2021.Alpha company is a trading company that purchases and sales fruits and vegetables. During the year 2020, the company shows the following transactions and events: 4) The company assumes the freight charges to its customers. The accountant debit (freight in expenses) and credit (merchandise inventory). 5) One customer returned fruits to Alpha that were damaged. The accountant of the company debit (purchase returns) and credit (accounts payable). 6) The cost of goods sold is determined after each sale asfollow: beginning inventory – purchases + ending inventory. Required: For each case, identify the anomaly and propose the correct accounting treatment/answer:
- On November 1, 2025, Alpha Omega, Inc. sold merchandise for $19,000, FOB destination, with payment terms, n/30. The cost of goods sold was $5,700. On November 3, the customer returns on 3 this sale amounted $7,600 of goods purchased. The company received the balance on November 9, 2025. Calculate the cost of goods sold from these transactions.Journalise the following transactions in the books of Mr.K: 2020 March 01-Sold goods on credit to Mr.M=75,000 12th March-Purchased goods on credit from Mr.B=70,000 15th March-Sold goods for cash to Mr.D=50,000 20th March-Received from Mr.M=70,000 25th March-Paid to Mr.B=50,000Sydney returns $1,300 of the $29,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $871. Note: Enter debits before credits. Date General Journal Debit Credit May 12
- 2. Below are the transactions for the month of October 2020 of Mrs Rose, a sole trader:Oct 2 Bought goods from Siti Enterprise on credit for RM4806 Sold goods on credit to Kiki Enterprise for RM2159 Returned good to Siti Enterprise that had cost RM6212 Bought goods from Hasif Enterprise on credit for RM39015 Kiki Enterprise returned goods which she had bought on 6 Oct for RM4518 Returned goods to Hasif Enterprise that has cost RM6520 Received cheque for RM80 from Kiki Enterprise in part payment21 Sold goods to Mimi Enterprise on credit for RM53523 Sent cheque for RM418 to Siti Enterprise26 Mimi Enterprise returned goods that she had bought on 21 Oct for RM9027 Sold goods to Kiki Enterprise on credit for RM38329 Received cheque for RM70 from Mimi EnterpriseRequired:a. Record all the transaction in the general journalb. Record the transaction in the appropriate ledger accounts and balance all the accountc. Prepare the trial balance as at 30 October 2020On May 11, 2023, Wilson Purchasing purchased $30,000 of merchandise from Happy Sales; terms 1/10, n/90, FOB Happy Sales. The cost of the goods to Happy was $25,000. Wilson paid $2,000 to Express Shipping Service for the delivery charges on the merchandise on May 11. On May 12, Wilson returned $5,000 of goods to Happy Sales, which restored them to inventory. The returned goods had cost Happy $4,200. On May 20, Wilson mailed a cheque to Happy for the amount owed on that date. Happy received and recorded the cheque on May 21. Required: a. Present the journal entries that Wilson Purchasing should record for these transactions. Assume that Wilson uses a perpetual inventory system. View transaction list 1 Record the purchase of merchandise on credit; terms 1/10, n/90. 2 Record the payment of shipping charges on purchased merchandise. 3 Record the return of unacceptable merchandise. 4 Record the payment of balance within the discount period. b. Present the journal entries that Happy Sales…On May 11, 2023, Wilson Purchasing purchased $24,000 of merchandise from Happy Sales; terms 3/10, n/90, FOB Happy Sales. The cost of the goods to Happy was $19,000. Wilson paid $1,400 to Express Shipping Service for the delivery charges on the merchandise on May 11. On May 12, Wilson returned $3,800 of goods to Happy Sales, which restored them to inventory. The returned goods had cost Happy $3,000. On May 20, Wilson mailed a cheque to Happy for the amount