On October 4, 2008, Terry Corporationhad eredit sales transactions of P2,80o frommerchandise having cost P1.900. The entriesto record the day's credit transactionsinclude a *debit of P2,800 to Merchandise Inventory.credit of P2,800 to Sales.debit of P1,900 to Merchandise Inventory.O credit of P1,900 to Cost of Goods Sold.

Corporation had credit sales transactions of p2800 from merchandise having cost p1900. The entries…

Answered: credit of P2,800 to Sales.

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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Similar questions

A loan of $X is to be repaid with 120 payments. The principal repaid in the 55th and 56th payments is $380 and $393.30 respectively. What is X?
Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period. Merchandise Terms Payment (gross) a. $ 8,800 2/10, n/60 b. $ 25,700 1/15, n/90 C. $ 82,600 1/10, n/30 d. $ 19,500 3/15, n/45
10. Alexis Company has total credit sales proceeds of $4,515 in the check-out till. If the proceeds include sale tax of 8%, show the journal to record the sale.
Sales :8,500,000 Purchases : 3,800,000 Include three invoices/receipts that you have obtained for purchases of item that attracts GCT Show the calculation of the GCT on the invoices/receipts
am. 103.
What are the accounting entries required to record sales on credit of $10,000, on which sales tax is applied at the rate of 20%?
1. Face Value $816, Discount Rate 7.5%, Time (Days) 232, Discount Proceeds $89.44; $796.56 $776.56; $39.44 $39.44; $776.56 Other:
Cash payment on purchases 3,717,000 of which 1,617,000 within the discount period
10) Complete the table. Invoice Date Terms Last Date Last Date to Pay Invoice Date Paid Net Price Complement of Cash Price to Take Discount cash-discount rate 22-Nov. 7/10, n/30 1-Dec. $4,178.45
HST of 13% collected on taxable sales of $900 results in a journal entry that includes a. a debit to Sales Tax Receivable for $117. b. a debit to Sales Tax Payable for $117. c. a credit to Sales for $117. d. a credit to Sales Tax Payable for $117.
TJC recognizes profit on credit sales on an installment basis. At the end of 20x2, before the accounts are adjusted, the ledger shows the following: Installment receivable, 20x1 P675,000 Installment receivable, 20x2 1,050,000 Deferred gross profit, 20x1 P370,000 Deferred gross profit, 20x2 545,000 Regular sales 3,000,000 Cost of regular sales 1,920,000 Each year the gross profit on installment sales was 8% lower than the regular sales. In 20x2, the gross profit on installment sales was 4% higher than 20x1. Compute: Adjusted deferred gross profit balance (DGP) in 20x2 Total realized gross profit (RGP) in 20x2

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