FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Seesaw Ltd is a growing retail business in
Hornsby NSW, buying and selling children
socks. Seesaw buys socks at $12 each and
sells them at $18, and extends credit terms
of 2/7, n/30 to its customers.
During the month of March 2022, the
following inventory transactions occurred:
March 1
Purchased 400 socks on
account for $12 each from
ABC Ltd, terms 1/7,n/30
Paid freight costs of $180
on the March 1 purchases.
2
Sold 220 socks on
4
account to XYZ Ltd for $18
each.
Returned 25 socks to ABC
Ltd, and received $300
credit.
Paid ABC Ltd the amount
7
owing.
Received payment from
12
XYZ Ltd.
Sold 100 socks on
15
account to Mr. Benson Ltd
for $18 each.
Received payment of
account from Mr Benson
20
Ltd.
Required:
Journalise the above transactions for the
month of March for Seesaw Ltd using a
periodic inventory system. IGNORE GST.
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- Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances. Nix'It uses the perpetual inventory system. Retained earnings Dividends Sales Sales discounts Sales returns and allowances Prepare the company's year-end closing entries. View transaction list Journal entry worksheet 1 2 Date July 31 3 4 Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits. $ 120,300 Cost of goods sold 7,000 Depreciation expense 175,000 Salaries expense 3,400 Miscellaneous expenses 6,000 Record entry General Journal Clear entry Debit Credit $ 106,500 10,800 35,000 5,000 View general journal >arrow_forwardHere is the new question. Unfortunately it did not go over completely last time. May I please get some help on this practice questionarrow_forwardWhen using QBO time tracking, you can record: Multiple Choice Time billable to a specific vendor Time billable to a specific customer How many shipments of inventory items were received Number of purchase orders from each supplierarrow_forward
- The Inventory module window has journal icons for Select one: O a. inventory sales and inventory purchases b. item assembly and inventory adjustments O c. inventory sales and inventory adjustments O d. all of the above Show Transcribed Text You should use the adjustments journal to record - Select one: O a. adjustments to inventory purchase prices from the supplier as an allowance for damages O b. adjustments to inventory sale prices to customers as an allowance for damages c. adjustments to inventory in stock for damaged goods O d. all of the abovearrow_forwardWMC uses a periodic inventory system and the FIFO cost method. Required: 1. Determine the effect of these errors on retained earnings at January 1, 2021, before any adjustments. (Ignore income taxes.) 2. Prepare a journal entry to correct the errors.arrow_forwardUse the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) A (Click the icon to view the transactions.) Sales Journal Page Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR 2024 Jun. More Info Jun. 1 Sold merchandise inventory on account to Fred Jig, $1,270. Cost of goods, $1,000. Invoice no. 101. Jun. 8 Sold merchandise inventory on account to lan Frog, $2,225. Cost of goods, $1,580. Invoice no. 102. Jun. 13 Sold merchandise inventory on account to Jillian Trump, $380. Cost of goods, $300. Invoice no. 103. Jun. 28 Sold merchandise inventory on account to Glen Whitney, $900. Cost of goods, $610. Invoice no. 104. Print Donearrow_forward
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