FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Related questions
Question
Transcribed Image Text: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)
O B.
Date
Accounts
Debit Credit
(RO)
(RO)
Cash
37800
05.12.2020
Sales
37800
(Revenue)
С.
Date
Accounts
Debit Credit
(RO)
(RO)
Sales
37800
(Revenue)
05.12.2020
Receivable
37800
O D.
Date
Accounts
Debit Credit
(RO)
(RO)
Receivable
73800
05.12.2020
Sales
73800
(Revenue)
Transcribed Image Text:The salary paid per month is OMR 550 P.M.
On 31st December 2020 the trial balance
showed salary expenses as OMR 4950.
Pass the journal entry for the outstanding
amount.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by stepSolved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Sh39arrow_forwardOn June 10, 2016, PT A selling merchandise on credit to PT B with a transaction value of Rp 33,000,000 (including VAT 10%). On 15 June 2016, PT B made a payment of 60% and the remaining 40% was paid on 25 June 2016. Requested:a. Keep a sales journal and payment receipt at PT A!b. Keep a journal of purchases and payments at PT B if VAT can be credited!c. Keep a journal of purchases and payments at PT B if VAT cannot be credited!arrow_forwardxamus - cdn.student.uae.examus.net/?rldbqn=1&sessi... ACCT101_FEX_2021_2_Male A company purchased merchandise on credit with terms Ac Payable if the company pays SR485 cash on this account within ten days? e18 3/15, n/3O. How much will be debited to 33 - 34 abe18ce33 b. Accounts Payable should be credited in а. 485 113:22 9 కోల С. 470.45 95abe18ce 33 d. 500 95abe18ce 95abe18ce33 95aber8ce33 95abe18ce33 95abe18ce33 95abe18ce33 MacBook Pro F3 888 F4 FS E 5 F7 67 7 V T. 8 A 9 Y 6. U 11 9.arrow_forward
- 1. Merchandise with a list price of $7,425 is purchased on account, terms FOB shipping point, n/30. The seller prepaid transportation costs of $300. Prior to payment, $1,000 of the merchandise is returned. The correct amount is paid within the discount period.(net method) Record the foregoing transactions of the buyer in the sequence indicated below. a) Purchased the merchandise b) Recorded receipt of the credit memorandum for merchandise returned. c) Paid the amount owed.arrow_forwardHi can you post this transaction for me pleasearrow_forwardOn 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 12500arrow_forward
- 78.arrow_forwardEntity J sold merchandise to Entity X on account, P23,000, terms 3/15, net 45. The cost of the merchandise sold is P18,500. Entity J issued a credit memorandum for P2,500 for merchandise returned that originally cost P1,900. Entity X paid the invoice within the discount period. What is the amount of net sales from the above transaction? A. 20,090 B. 20,467 О с. 19,885 O D. 16,102arrow_forwardBramble 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 $4800arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education