A firm that sells furniture has the following purchases from the manufacturer and consumer sales. June...
A firm that sells furniture has the following purchases from the manufacturer and consumer sales.
- June 1, purchase 10 couches for $8,000 plus $440 shipping, terms 2/10, n/30
- June 11, paid for June 1 purchase
- June 12, 2018, purchase fifteen tables for $4500 plus $450 shipping, terms 2/10, n/30
- June 2-30: sold 4 couches for $1,500 each, terms 1/20, n/30
- June 8, received customer payment for 1 couch.
- June 13-30, sold 3 tables for $300 each in cash
- What is the balance at June 30 in A/R, A/P, inventory?
- What was the gross margin for the month?
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A firm
that sells furniture has the following purchases from the
manufacturer and consumer sales.
June...
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1
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Need help journalising the
transactions.
Transactions
June
1
The owner opened a bank account for the business with a deposit
of $25,600. This is capital provided by him.
1
Purchased display stands, shelving etc. (shop equipment) from
Shop Displays Pty Ltd for $33,500 and computer equipment for the
shop from Computer Wizards for $4,200. These were paid for with a
loan of $30,800 from the bank and cheque for $6,900 from the
business bank account. The bank loan is repayable...
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