Q.3.2 The following information has been taken from the books of Lobelia Traders, a general trading shop in Braamfontein, for the month of April 2020: Lobelia Traders is a registered VAT vendor and trades only with registered VAT Vendors. The business charges 15% VAT on all its sales. TRANSACTION JOURNAL AMOUNT VAT AMOUNT EXCLUDING AMOUNT INCLUDING VAT VAT Cash sales CBR 35 000 A B Advertising СВР C D 920 paid Goods СВР E 750 F purchased for cash Drawings of GJ 500 G H Petty Cash Credit sales DJ 1 200

Q.3.2 The following information has been taken from the books of Lobelia Traders, a general trading shop in Braamfontein, for the month of April 2020: Lobelia Traders is a registered VAT vendor and trades only with registered VAT Vendors. The business charges 15% VAT on all its sales. TRANSACTION JOURNAL AMOUNT VAT AMOUNT EXCLUDING AMOUNT INCLUDING VAT VAT Cash sales CBR 35 000 A B Advertising СВР C D 920 paid Goods СВР E 750 F purchased for cash Drawings of GJ 500 G H Petty Cash Credit sales DJ 1 200

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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Sales-Related Transactions Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $48,700, terms n/30. The cost of the merchandise sold is $29,200. Showcase Co. issues a credit memo for $9,700 as a price adjustment prior to Balboa Co. paying the original invoice. Question Content Area a. Journalize Showcase Co.’s entries for (1) the sale, including (2) the cost of the merchandise sold. If an amount box does not require an entry, leave it blank. (1) - Select - - Select - - Select - - Select - (2) - Select - - Select - - Select - - Select - Question Content Area b. Journalize Showcase Co.’s entry for the credit memo. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - Question Content Area c. Journalize Showcase Co.’s entry for the receipt of the check for the amount due from Balboa Co. If an amount box does not require…
Journalize the transactions shown below in the two-column general journal that follows. Calculate HST (13%) on all sales transactions. | Oct. 2 Cash Sales Slip No. 102 to S. Stewart, $102.50 plus taxes. 6 Sales Invoice No. 617 to Jack Morrison, $250.90 plus taxes. Cheque Copy 10 No. 910 to Industrial Suppliers, $500 on account. Cash Receipt From Jack Mahoney, $322.50 on account. 12 18 Purchase Invoice From Grand's Stationers, S60.50 for office supplies taxes. 20 Cheque Copy No. 911 to Jack Whitcombe, $525 for personal use. 24 Bank Debit Memo $31.90 for bank service charge. Cash Sales Slip No. 103 to J. Beck, $450 plus taxes. 31
Please do 4.1.1 and please use the following table of cashbook payments - ( second picture )
Mc Graw Hill Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $3,400 (that had cost $2,513) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. April 12 Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.) View transaction list 1 2 Sold merchandise for $6,400 (that had cost $4,147) and accepted the customer's Continental Card. Continental charges a 2.5% fee. 3 Sold merchandise for $3,400 and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. Record the cost of goods sold, $2,513. Sold merchandise for $6,400 and accepted the customer's Continental Card. Continental charges a 2.5% fee. 4 Record the cost of goods sold, $4,147. Note : = journal entry has been entered EX ank Card. Credit >
[A] Instructions: Compute for the required item (refer to the photo below) using a yellow ruled sheet. (Show solution)
Q.22.
A-8
On 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!
E6-3 (Algo) Credit Card Sales LO6-1 The following transactions were selected from among those completed by Bennett Retailers in November and December: November 20 November 25 November 28 November 29 December 6 December 20 Sold 20 items of merchandise to Customer B at an invoice price of $6,000 (total); terms 3 Sold two items of merchandise to Customer C, who charged the $600 (total) sales price on credit card. Visa charges Bennett Retailers a 3 percent credit card fee. Sold 10 identical items of merchandise to Customer D at an invoice price of $10,000 (tota 3/10, n/30. Customer D returned one of the items purchased on the 28th; the item was defective and cr given to the customer. Customer D paid the account balance in full. Customer B paid in full for the invoice of November 20. Required: Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra- revenues; compute net sales for the two months ended December 31. Note: Do not round your…