Your Company sold $4,500 of inventory for $9,000 on account. Your customer paid its bill on day 5. The entry that record the payment is an asset exchange an asset use O a claims exchange an asset source

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Subject: acounting

Presented below are year-end adjusted account balances for Grouper Co. Insurance expense $11,160 Salaries and wages expense 55,230 Rent expense 22,430 Sales discounts 12,590 Inventory 26,260 Sales returns and allowances 15,640 Cost of goods sold 212,780 Sales revenue 411,350 Freight-out 7,930 Prepare the necessary closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

Use the following question to answer a question that follows. Lorato and Loago’s Trial Balance as at 31 December 2001   Dr Cr Capital accounts: Lorato   100000 Loago   50000 Current accounts: Lorato   200 Loago 600   Cash drawings for the year: Lorato 15000   Loago 10000   Freehold premises at cost 50000   Inventory at 1 January 2021 75000   Fixtures and Fittings at cost 15000   Purchases and purchase returns 380000 12000 Bank 31600   Sales and sales Returns 6000 508000 Accounts receivables and accounts payables 52400 33300 Carriage inwards 21500   Carriage outwards 3000   Staff salaries 42000   VAT   8700 Office expenses 7500   Provision for doubtful debts 2000   Advertising 5000   Discounts received   1000 Discounts Allowed 1200   Bad debts 1400   Rent and business rates 2800   Accumulated provision for depreciation offixtures and fittings   3000   720000 720000 At 31 December 2021:a. Inventory on hand was valued at P68, 000b.…

an invoice for kitchen appliances is dated December 23 and is paid on January 14 of the following year. credit terms are 2/15,n/45 EOM. The total amount, $497.48 includes a charge for freight and insurance of $62.43.    A. What amount should be paid?  B.How much is credited to the buyer's account? C. Is any money still owed after the payment?