On 5 December 2020, Salalah Tradingcompany sold goods to a customer onaccount for 37800 OMR.Which of the following is the correct journalentry for the transaction?Select one:O A.DateAccountsDebit Credit(RO)(RO)Receivable3780005.12.2020Sales37800(Revenue)O B.DateAccountsDebit Credit(RO)(RO)Cash3780005.12.2020Sales37800(Revenue)С.DateAccountsDebit Credit(RO)(RO)Sales37800(Revenue)05.12.2020Receivable37800O D.DateAccountsDebit Credit(RO)(RO)Receivable7380005.12.2020Sales73800(Revenue) The salary paid per month is OMR 550 P.M.On 31st December 2020 the trial balanceshowed salary expenses as OMR 4950.Pass the journal entry for the outstandingamount.

Hi student Since there are multiple questions, we will answer only first question.

On 5 December 2020, Salalah Trading company sold goods to a customer on account for 37800 OMR. Which of the following is the correct journal entry for the transaction? Select one: O A. Date Accounts Debit Credit (RO) (RO) Receivable 37800 05.12.2020 Sales 37800 (Revenue) О в. Date Accounts Debit Credit (RO) (RO) Cash 37800 |05.12.202이 Sales (Revenue) 37800 Date Accounts Debit Credit (RO) (RO) Sales (Revenue) 37800 05.12.202아 Receivable 37800 D. Date Accounts Debit Credit (RO) (RO) Receivable 73800 05.12.2020 Sales 73800 (Revenuel

On 5 December 2020, Salalah Trading company sold goods to a customer on account for 37800 OMR. Which of the following is the correct journal entry for the transaction? Select one: O A. Date Accounts Debit Credit (RO) (RO) Receivable 37800 05.12.2020 Sales 37800 (Revenue) О в. Date Accounts Debit Credit (RO) (RO) Cash 37800 |05.12.202이 Sales (Revenue) 37800 Date Accounts Debit Credit (RO) (RO) Sales (Revenue) 37800 05.12.202아 Receivable 37800 D. Date Accounts Debit Credit (RO) (RO) Receivable 73800 05.12.2020 Sales 73800 (Revenuel

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On 15 December 2020; Saadah Company purchased goods at the amount of 42500 OMR and paid 12500, the balance is on account. Which of the following is the correct journal entry for this transaction? Select one: O A. Date Accounts Debit Credit (RO) (RO) Goods 42500 30000 15.12.2020 Payable Cash 12500 О в. Debit Credit (RO) (RO) Date Accounts Payable 30000 15.12.2020 Cash 12500 Goods 42500 Date Accounts Debit Credit (RO) (RO) Payable 30000 15.12.2020 Cash 12500 Goods 42500 D. Date Accounts Debit Credit (RO) (RO) Goods 42500 30000 15.12.2020 Cash Payable 12500
10/The business has the following transactions for the month of September 2018. Sep-5 - Goods returned to us by Abdullah of RO 950 Sep -8- Returned goods by Mohammed traders of RO 1,200 Sep-17- Goods received and returned by Nizwa mart of RO 2,200 How much amount would you transfer to the Sales return day book for the month of September 2018? a. RO 4,350 b. RO 950 c. RO 1,200 d. RO 2,150
The business made a sale of OMR 21000 ( | cost was OR 18000), on credit basis. The effect on Account Receivable will be : Select one: O a. Account Receivable will decrease by OMR 21000 O b. Account Receivable will increase by OMR 18000 O c. Account Receivable will increase by OMR 21000 O d. Account Receivable will decrease by OMR 18000
13 - Which of the following transactions does the above journal entry belong to? a) Goods purchase record from vendors with debit note B) Goods purchase record on credit NS) Goods purchase record from the seller with a bank loan D) Record of purchase of goods on credit from vendors TO) Purchase registration with credit card
78.
24 - Which of the following transactions does the above journal item belong to? a) Goods Sales Return Record B) Registration of Returns from Purchase of Goods NS) Goods Sales Discount Posting D) Goods Purchase Expenses Record TO) Goods Sales Record
14) Ibri traders returned goods to Muscat mart, a supplier of RO 1,700, purchased on 8th May,2019. The payment is received with the discount of 3% from the supplier. How would you record this in the books of buyer under the Perpetual inventory system? a. Cash RO 1,649 Dr / Account payable RO 1,649 Cr b. Cash RO 1,649 Dr / Merchandise inventory RO 1,649 Cr c. Account payable RO 1,649 Dr / Merchandise inventory RO 1,649 Cr d. Cash RO 1,700 Dr / Account receivable RO 1,700 Cr
7- Which of the following transactions does the above journal item belong to? a) Goods sales expense record B) Return registration from goods purchase NS) Goods purchase discount posting D) Goods sales record TO) Goods purchase expense record
10 - Which of the following transactions does the above journal entry belong to? a) Goods purchase record on credit B) Goods sales discount posting NS) Goods sales record D) Return registration from goods sale TO) Goods sales record against promissory note
The trader Nizwa Grand mall purchased goods from the trader of Muscat Grade mall OMR 22500. Which of the following is the maximum Credit term due for the invoice 1/10, n/30 assuming that the invoice was not paid within the discount period? a. 1 day b. 20 days c. 10 days d. 30 days
Bramble Corporation sells merchandise on account for $4800 to Kingbird Corporation with credit terms of 2/10, n/30. Kingbird returns $800 of merchandise that was damaged, along with a cheque to settle the account within the discount period. What is the amount of the cheque? $4704 $4000 $3920 $4800
Use 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 Done