Financial Accounting, Student Value Edition (4th Edition)
4th Edition
ISBN: 9780134114811
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
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Question
Chapter 4, Problem 12SC
To determine
Find the correct option, the option which indicates, the number of days vendors usually expect the merchandise sold, is paid in by the customers.
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Students have asked these similar questions
6. Freight designation is F.O.B. Destination. Who is responsible for
paying the shipper?
7. Explain what the terms of sale 2/10, n/30 represents?
8. If the merchandiser pays within 10 days of the invoice date how
much will they actually pay?
Explain your answer.
9. Explain why the merchandiser is not paying sales tax.
10. What information from this invoice would be entered in the
Source Document column of the journal?
11.Let's assume the merchandiser (buyer) pays after the discount
period expires, how will the vendor (seller) journalize the
payment? Add the appropriate amount to the appropriate
accounts provided below.
Use the picture below to answer the following questions.
On 5 December 2020, Manal 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:
A.
Date
Accounts
Debit (RO)
Credit (RO)
05.12.2020
Receivable
37800
Sales (Revenue)
37800
B.
Date
Accounts
Debit (RO)
Credit (RO)
05.12.2020
Receivable
73800
Sales (Revenue)
73800
C.
Date
Accounts
Debit (RO)
Credit (RO)
05.12.2020
Sales (Revenue)
37800
Receivable
37800
D.
Date
Accounts
Debit (RO)
Credit (RO)
05.12.2020
Cash
37800
Sales (Revenue)
37800
You are the accounts assistant in a small company called Autonomy Ltd. The company had
the following transactions during June 2021:
| Credit sales
Receipts from trade receivables
Discounts allowed
|Sales returns
Bad debts written off
Contras between sales and purchase ledgers
Balance of trade receivables at 1 June 2021
26,595
23,250
650
1,525
1,650
1,000
6,950
Required:
a) Construct the sales ledger control account of Autonomy Ltd from the above details.
Show clearly the balance carried down at 30 June 2021.
b) Explain the purpose of a sales ledger control account.
Chapter 4 Solutions
Financial Accounting, Student Value Edition (4th Edition)
Ch. 4 - Prob. 1DQCh. 4 - What are some reasons why a merchandiser might...Ch. 4 - Why do businesses use subsidiary ledgers?Ch. 4 - Prob. 4DQCh. 4 - How many accounts are involved in recording the...Ch. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - What is the difference between a single-step and...Ch. 4 - Prob. 10DQ
Ch. 4 - Which account does a merchandiser use that a...Ch. 4 - The two main inventory accounting systems are the...Ch. 4 - Prob. 3SCCh. 4 - Prob. 4SCCh. 4 - Prob. 5SCCh. 4 - Prob. 6SCCh. 4 - Prob. 7SCCh. 4 - Prob. 8SCCh. 4 - Prob. 9SCCh. 4 - Prob. 10SCCh. 4 - Prob. 11SCCh. 4 - Prob. 12SCCh. 4 - Prob. 1SECh. 4 - Prob. 2SECh. 4 - Prob. 3SECh. 4 - Prob. 4SECh. 4 - Prob. 5SECh. 4 - Prob. 6SECh. 4 - Prob. 7SECh. 4 - Prob. 8SECh. 4 - Prob. 9SECh. 4 - Prob. 10SECh. 4 - Prob. 11SECh. 4 - Prob. 12SECh. 4 - Prob. 13SECh. 4 - Prob. 14AECh. 4 - Prob. 15AECh. 4 - Prob. 16AECh. 4 - Prob. 17AECh. 4 - Prob. 18AECh. 4 - Prob. 19AECh. 4 - Prob. 20AECh. 4 - Prob. 21AECh. 4 - Prob. 22AECh. 4 - Prob. 23AECh. 4 - Prob. 24AECh. 4 - Prob. 25BECh. 4 - Prob. 26BECh. 4 - Prob. 27BECh. 4 - Prob. 28BECh. 4 - Prob. 29BECh. 4 - Prob. 30BECh. 4 - Prob. 31BECh. 4 - Prob. 32BECh. 4 - Prob. 33BECh. 4 - Prob. 34BECh. 4 - Prob. 35BECh. 4 - Prob. 36APCh. 4 - Prob. 37APCh. 4 - Prob. 38APCh. 4 - Prob. 39APCh. 4 - Prob. 40APCh. 4 - Prob. 41APCh. 4 - Prob. 42APCh. 4 - Prob. 43BPCh. 4 - Prob. 44BPCh. 4 - Prob. 45BPCh. 4 - Prob. 46BPCh. 4 - Prob. 47BPCh. 4 - Prob. 48BPCh. 4 - Prob. 49BPCh. 4 - Prob. 1CECh. 4 - Prob. 1CPCh. 4 - Prob. 1CFSAPCh. 4 - Prob. 1EIACh. 4 - Prob. 2EIACh. 4 - Prob. 1FACh. 4 - Prob. 1IACh. 4 - Prob. 1SBACh. 4 - Prob. 1WC
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