The shipping documents for the goods were received according to the documentary credit issued by the Rafidain Bank, noting that the amount of the credit was 2,000,000 dinars and a request for an increase
Q: The following are the transactions of a joint operation formed by A, B and C during a year: A…
A: Total contribution by A=Cash+Merchandise=P 400+P 800=P 1,200
Q: On November 15, 20x1, Lemon Co. ordered merchandise, on an FOB Shipping point term, from a foreign…
A: FOB states Fee on board. Here FOB shipping point term indicates that all expenses on transit after…
Q: (5) The company "Z" displays in its accounting records the following costs for the goods purchased…
A: Introduction: The following expenses for items acquired to arrive safely its warehouses are recorded…
Q: Mogul Company ships merchandise to Ski Outfit in a consignment arrangement. The arrangement…
A: Inventory at the year end = Cost of inventory sent to consignee - Cost of inventory sold by…
Q: e balance is P
A: Introduction Net Income: Total revenue less all other expenditures and costs (including any other…
Q: From the following particulars, determine Trade Receivables at the end of the year Credit Revenue…
A: We are required to determine Trade Receivable at the end of the year. Which is given in following…
Q: On December 27, 20x1, ABC Co. received a sale order for a credit sale of goods with selling price of…
A: Note: Under FOB destination freight is the seller's expense but under FOB shipping point, freight is…
Q: On July 31, the accountant for Team Shirts was reviewing items related to accounts receivable. The…
A: Bad debts expense for July = Credit Sales x estimated uncollectible % Ending balance in the…
Q: In September 20x1, DEF Co. consigned 3,200 books costing P60 and retailing for P100 each to GHI Co.,…
A: Total Sales value = Amount remitted + commission + deliver expense + Advertising expense
Q: On October 1, Year 7 Durian Co. of Quebec, ordered merchandise from MAGA Co. of US. The purchase…
A: Hedging is an activity that is performed or undertaken in order to mitigate the risks of possible…
Q: ABC Company operates a number of branches. On December 31, 2022, its Mindanao branch showed a Home…
A: The investment account is the account that shows the amount of the investment-related to a…
Q: The following are the transactions of a joint operation formed by A, B and C during a year: A…
A: A, B, and C have started joint operations during the year. They agreed to share profit and loss…
Q: The home office bills shipments of merchandise to its branch at a markup of 20% based on cost. At…
A: Mark up on shipments from home office = $960, 000*20/80 = $240, 000
Q: On 10/1/2020, Al-Salam stores purchased goods from Al-Hamid stores for the amount of 800,000 dinars…
A: Required Journal enrty for payment made.
Q: On 1/6, Majid Commercial Markets bought merchandise for the amount of 96000 dinars, and the terms of…
A: Credit terms 2/10, n/20 means that discount of 2% will be allowed if payment is made within 10 days,…
Q: The information taken from the books of Lyle Co. as of December 31, 2021 are the following: Trade…
A: Trade Receivables are treated as an Asset item and to be specific it has to be considered in the…
Q: Beta Company has incurred the following costs during the current year: Cost of purchases based on…
A: Purchases are the goods which have been purchased by the company in order to sell them to the…
Q: Sam Company entered into an assignment arrangement with Easy Bank whereby the assignee would advance…
A: Amount received from Easy Bank = Accounts receivable assigned x 80% = 400000 x 80% = P320,000
Q: You were assigned to audit the "TRADE RECEIVABLES" account with a debit balance of P2,000,000 of Red…
A: Trade receivables: Trade receivables are also called accounts receivable. Trade receivables are due…
Q: Main Corporation has operated a branch in Cavite for one year. Shipments are billed to the branch at…
A: Determination of Net Profit earned by Branch for the year ended December 31, 2021 In the Books of…
Q: What amount should be reported as sales on account? What is the net realizable value of accounts…
A: Sales on account is the amount of sales which are made on credit. It increases the balance of…
Q: 3. The home office of Mang Do Co. ships goods to lloilo branch billing the branch for the goods at…
A: Below is the Journal entry that explains the entire scenario of the question. PARTICULARS LF…
Q: On November 15, 2020, Celt, Inc., a Philippine company located in Baguio City, ordered merchandise…
A: The foreign exchange gain is 4,000. Date Particulars Debit Date Particulars Credit…
Q: Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming…
A: (a)
Q: Following are transactions related to the accounts receivable of Jelutong Idaman Bhd (JIB) during…
A:
Q: P Company had the following transactions with foreign businesses: Billing Currency Exchange Rat-…
A: Solution Concept The journal entries for the transaction involving the foreign currency shall be…
Q: Nestlé, a Switzerland-based company, uses a sales journal, purchases journal, cash receipts journal,…
A: Special Journal: Special journals are used to record similar kind of transactions to expedite…
Q: On June 15, 2019, Robinson Company received a shipment of merchandise from Taytay Company with a…
A: Consignment means where consignor send goods to consignee to be sold by later on the behalf of…
Q: Tito Company entered into an assignment arrangement with Easy Bank whereby the assignee would…
A: Receivables Assigned The process of receivable assigned which was practiced by the entity to raise…
Q: Jonel Corporation operates a branch in Cebu. In October, the HO shipped P 68,000 merchandise to this…
A: Once the operations of the business increases the number of branches also starts to emerge which…
Q: The trader of Children City purchased goods from the trader of Muscat City OMR 22500. Which of the…
A: Term 1/10, n/30 means, the customer will get 1% discount if he will pay within 10 days of purchase…
Q: Use the following information for the next two questions: Shipments received from the home office…
A: let cost 100 +profit 120 billed price 220
Q: One of the companies decided to check the debtors' balance of 264,000 dinars as it appears in the…
A: Debtors are the customer accounts to whom business has made credit sales on account and due amount…
Q: The following accounts and their balances appear in an unadjusted trial balance of JISOO Company as…
A: As given in the question we are having the following Liabilities: Trade and Other Payable: ₱…
Q: The company "Z" displays in its accounting records the following costs for the goods purchased to…
A: IAS 2: Inventories: The costs of purchase of inventories comprise the purchase price, import duties…
Q: During the month of March 2022, Turaco sole trader purchased goods to the value of N$12 000, of…
A: Net purchases is calculated after subtracting the purchase discounts, purchase returns, and…
Q: On June 15, 2019, Robinson Company received a shipment of merchandise from Taytay Company with a…
A: Consignment means where consignor send goods to consignee to be sold by later on the behalf of…
Q: Zugar Company is domiciled in a country whose currency is the dinar. Zugar begins 2017 with three…
A: a)
Q: Determine the net profit of the Cavite Branch for 2021
A: Branch Accounting is used to know the profit or loss of branch. Home office sent goods to branch or…
Q: On December 27, 20x1, YGS Co. received a sale order for a credit sale of goods with selling price of…
A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…
Q: On August 1, 2019, GREEN CO, a home office established two branches: ORANGE branch and APRICOT…
A: Branch Accounting While implementing the branch accounting in the accounting procedure it is easy…
Q: A home office ships merchandise to the branch at 30% above cost. The allowance for overvaluation at…
A: The shipments to branch account during the year Particulars Amount Allowance for Overvaluation…
Q: liwat Company purchases goods for OMR 18,000 from the supplier and makes payment along with VAT, The…
A: VAT is a value added tax lived on goods and services for value added at every stage of production or…
Q: The following are the transactions of a joint operation formed by A, B and C during a year: > A…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Cruz, a businessman, imported rice from Thailand with the following details: Invoice amount…
A: VAT stands for Value Added Tax. VAT is a type of sales tax which is levied on consumption on the…
Q: Zugar Company is domiciled in a country whose currency is the dinar. Zugar begins 2017 with three…
A: a.
Q: : Main Corporation has operated a branch in Cavite for one year. Shipments are billed to the branch…
A: the Head Office in its books opens an Account “Branch Current” Account, which is also a running…
Step by step
Solved in 2 steps
- MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWINGTRANSACTIONS 4) Bank Credit Memorandum states that , 95.000 TL issued check iscollected from the Bank. 5) 24 month rent contract, Starting 1st April 2020 is signed for384.000 TL. Prepayment is made by half check and half note issued, 6) 25.000 USD is paid ( cash ) by the customer for USD Merchandise sale .Rate is 7.15 TL/USD.The following transactions by Africa Traders occurred during February 2021: The provisional total of the bank column in the Cash receipts journal was R17 732.50 The provisional total the bank column in the Cash payments journal was R23 233.58 A direct deposit to the amount of R3 500.00 made by a client was entered in the correct cash journal as R5 300.00 Debit order in favour of Tshwane Municipality to the amount of R3 780.25 in payment of the water and electricity account SA Traders returned unfit merchandise with a selling price of R1 650.36. SA Traders purchased the merchandise on credit Services delivered for cash to SA Dealers - R1 874.55 Bank charges per the bank statement, R215.35 Interest on a favourable bank balance amounted to R365.40 What will the new total of the bank column in the Cash Payments Journal of Africa Traders at 28 February 2021 be? NB: Instructions 1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72) 2. Use a full stop…An invoice of $3168 from Scottish Importers has cash terms of 4/20 EOM and is dated June 5. Find (a) the final date on which the cash discount may be taken and (b) the amount necessary to pay the invoice in full if the cash discount is earned.
- The following transactions by Africa Traders occurred during February 2021: The provisional total of the bank column in the Cash receipts journal was R9 500. The provisional total the bank column in the Cash payments journal was R7 750. The bank balance in the general ledger amounted to R6 500 (favourable) on 1 February 2021. A capital contribution of R1 000 was deposited directly into the bank account of Africa Traders. Made an electronic funds transfer to the amount of R1 427 to settle the monthly telephone bill. Bank charges for the month were R180. SA Dealers deposited R550 directly into Africa Traders bank account. Debit order in favour of SA Computers of R350 for monthly computer services. Interest of R250 received on bank favourable. What will the new total of the bank column in the Cash Payments Journal of Africa Traders at 28 February 2021 be? NB: Instructions 1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72) 2. Use a full stop to…Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period: Customer Freight Paid by Returns Merchandise Seller and Allowances $21,000 FOB destination, n/30 $1,100 а. b. 9,800 $400 FOB shipping point, 1/10, n/30 1,200 C. 5,000 FOB shipping point, 1/10, n/30 500 d. 3,100 100 FOB shipping point, 2/10, n/30 400 е. 2,400 FOB destination, 2/10, n/30 a. $ 19,900 b. $ C. $ d. $ е.Delta Automotive Corporation has the following assets listed in its 12/31/2024 trial balance: Cash in bank-checking account U.S. Treasury bills (mature in 60 days)* Cash on hand (currency and coins) U.S. Treasury bills (mature in six months)* Undeposited customer checks *Purchased on 11/30/2024 Required: $ 22,500 5,000 1,350 10,000 1,840 1. Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2024 balance sheet. 2. For each of the items not included in your answer to requirement 1, select the correct classification of the item. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2024 balance sheet. Cash and cash equivalents includes: Total Required 1 Required 2 $ 0 For each of the items not included in your answer to requirement 1, select the correct classification of the item.
- In the draft accounts for the year ended 31st August, 2020 of Azay Ltd, the balance at the bank according to the cash book was a credit balance of GH¢894,680. Subsequently, the following discoveries were made: a. Bank commission charged of GH¢169,560 and bank interest charged of GH¢109,100 have been entered in the bank statement on 23 August, 2020 but not included in the cash book b. Cheque for GH¢17,500 has been recorded twice as a credit in the cash book. c. Traders’ credits totalling GH¢210,000 have been credited in the bank statement on 26 August, 2020but not yet recorded in the cash book. d. A cheque payment of GH¢145,000 has been recorded in the cash book as a receipt. e. Cheque dated 3 July, 2020 for GH¢310,840 in favour of Akos Ltd has been correctly recorded in the bank statement, but included in the cash book payments as GH¢310,840. f. Cheques paid according to the cash book during August 2020 and totaling GH¢400,500 were not…The trader of Children City purchased goods from the trader of Muscat City OMR 22500. Which of the following is the Credit term for the invoice 1/10, n/30? a. 1 day b. 30 days c. 20 days d. 10 daysOn 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 12500
- On December 31, 20x10, the Investment in Branch account in the home office’s books has a balance of P369,000. In analyzing the transactions involving the home office and the branch for December, the recipient of the transaction either was not yet notified or erroneously recoded the said transaction. A. A P17,000 remittance initiated on December 27, 20x10 was recorded twice in 20x10. B. A merchandise shipment of P21,000 on December 29, 20x10 was recorded at P12,000 on the same year. C. Advertising expense incurred amount to P9,000. 1/4 of the incurred amount was allocated on December 21, 20x10. Upon notification it was recorded in the amount of P22,500 on December 26, 20x10. D. Inventory costing P8,000 was returned on December 19, 20x10. The billing was at cost, it was still in transit by the end of the year. 3. Compute the amount of the Home Office Current account debited in the preparation of the combined statement of financial position as of December 31, 20x10.On 1/6, Majid Commercial Markets bought merchandise for the amount of 96000 dinars, and the terms of payment (2/10, n/ 20). On 5/6, the markets returned part of the purchased goods for the amount of 12,000 dinars. On 9/6, the amount owed was paid. What is the payment entry that must be recorded in the records of Majid Commercial Markets: * 82320 to h/creditors, 82320 to h/fund 84,000 from h/ creditors, 1680 to h/ earned discount, 82320 to h/ fund 84,000 from h/ creditors, 84,000 to h/ fund 96000 from h/creditors, 1920 to h/earned discount, 94080 to h/fund p 4:473. The home office of Mang Do Co. ships goods to lloilo branch billing the branch for the goods at P45,000, excluding freight of P6,000. Upon receipt of the goods, lloilo branch was instructed by the home office to transfer these goods to Cagayan de Oro branch. Iloilo branch ships the goods and paid P4,500 for the transfer. If the goods had been shipped by the home office directly to Cagayan de Oro branch, the freight would have been P6,500. What is the journal entry to record receipt of shipment in the books of Cagayan de Oro branch?