Purchased goods for £1,000 paid by bank transfer. The correct transaction will be:                    Debit: ----------   Credit:  bank--------------

Activity 2. Cash Discount and Remittance Calculations For each of the following Paz Abad Company purchases, assume that credit terms 2/10, n/30 and that any credit memorandum was issued and known before Paz Abad made the payments. Purchases Shipping Terms Prepaid Freight Credit Memo (by seller) a. 12,000 FOB Shipping point 1,000 3,000 b. 24,000 FOB Destination 2,400 2,000 c. 28,000 FOB Shipping point 4,000 d. 40,000 FOB Shipping point 3,000 Required: 1. Determine the cash discount available. 2. Determine the cash remitted if the payment is made within the discount period.   Let’s Analyze Activity 1. Transportation Costs On June 16, 2020, Vergara Co. sold merchandise to Pascual Co. for terms 2/10, n/30. Shipping costs were P600. Pascual Co. received the goods and Vergara Co.'s invoice on June 17. On June 24, Pascual Co. sent the payment to Vergara Co., which Vergara Co. received on June 25. Both Vergara Co. and Pascual Co. use the periodic inventory system. The following are several…

Recording transactions in a cash receipts journal Use the following cash receipts journal to record the preceding transactions.

Which of the following credit terms allow for a cash discount/ n/30 n/3 eom n/60 1/10, n/30

Please Do not Give image format and Solve Full details

Identify whether each of the following transactions, are accrual, deferral, or neither. Sold goods to customers on credit ( Select] [ Select] accrual Sold goods to customers for cash neither deferral Collected cash in advance for goods to be delivered later T Select ] >

H1.

Danica Patrick, Inc. includes the following account among its trade receivables. Hopkins Co. 1/1    Balance forward    700 1/28    Cash (#1710)    1,100 1/20 Invoice #1710 1,100 4/2 Cash (#2116) 1,350 3/14 Invoice #2116 1,350 4/10 Cash (1/1 Balance) 155 4/12 Invoice #2412 1,710 4/30 Cash (#2412) 1,000 9/5 Invoice #3614 490 9/20 Cash (#3614 and   10/17 Invoice #4912 860    part of #2412) 790 11/18 Invoice #5681 2,000 10/31 Cash (#4912) 860 12/20 Invoice #6347 800 12/1 Cash (#5681) 1,250       12/29 Cash (#6347) 800 Instructions Age the balance and specify any items that apparently require particular attention at year-end.

Manitoba Exporters Inc. (MEI) sells Inuit carvings to countries throughout the world. On December 1, Year 5, MEI sold 13,000 carvings to a wholesaler in a foreign country at a selling price of 650,000 foreign currency units (FCs) when the spot rate was FC1 = $0.758. The invoice required the foreign wholesaler to remit by April 1, Year 6. On December 3, Year 5, MEI entered into a forward contract with the Royal Bank at the 120-day forward rate of FC1 = $0.798 and the spot rate was still FC1 = $0.758. The fiscal year-end of MEI is December 31, and on this date the spot rate was FC1 = $0.774 and the forward rate was FC1 = $0.810. The payment from the foreign customer was received on April 1, Year 6, when the spot rate was FC1 = $0.819. Assume that MEI uses hedge accounting. Also, assume that the forward element and spot elements on the forward contract are accounted for separately. Required: (a) Prepare the journal entries for the below items assuming that MEI designates the forward…

1. When posting all transactions to the ledgers, the cash account will show a total amount in the credit side of A. 118,200 B. 362,000 C. 243,800 D. 100,000   2. What is the final balance of the cash account after posting all related transactions to the ledger and after taking the difference between the total debits and credits? A. 243,800 credit balance B. 243,800 debit balance C. 362,000 debit balance D. 362,000 credit balance   3. After posting all related transactions to the ledger, the service revenue account will show a total balance of A. 82,000 debit B. 58,000 debit C. 82,000 credit D. 58,000 credit