Homework Answers
Goods returned by the buyer are purchase return.
The action of returning goods by the buyer leads to
1. Decrease in liability to pay to the respective creditor
2. A decrease in expenses previously incurred to purchase those goods
So in the books of Perera (Pvt) Ltd following entry will be passed
Supplier's Account Dr
To Purchase return account credit
So option d - Supplier's account debit and purchase return account credit is correct
Add Answer to:
6. Perera (Pvt) Ltd received a credit note for Rs. 12.750 in respect of goods which...
A company received a credit memorandum for $100 from a supplier for defective product returned
A company received a credit memorandum for $100 from a supplier for defective product returned. Using a periodic inventory system, this transaction would be recorded with a which of the following entries: Check all that apply. credit to accounts payable credit to purchases returns & allowances debit to accounts payable debit to purchases returns & allowances
Blue Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020....
Blue Company sells goods to Danone Inc. by accepting a note
receivable on January 2, 2020. The goods have a sales price of
$551,000 (cost of $480,000). The terms are net 30. If Danone pays
within 5 days, however, it receives a cash discount of $11,000.
Past history indicates that the cash discount will be taken. On
January 28, 2020, Danone makes payment to Blue for the full sales
price.
Prepare the journal entry(ies) to record the sale and related...
Bridgeport Ltd. had beginning inventory of 52 units that cost $104 each. During September, the company...
Bridgeport Ltd. had beginning inventory of 52 units that cost $104 each. During September, the company purchased 206 units on account at $104 each, returned 8 units for credit, and sold 158 units at $202 each on account. Journalize the September transactions, assuming that Bridgeport Ltd. uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter...
Global Ltd. had beginning inventory of 50 units that cost $100 each. During September, the company...
Global Ltd. had beginning inventory of 50 units that cost $100 each. During September, the company purchased 200 units on account at $100 each, returned 6 units for credit, and sold 150 units at $200 each (e) Your answer is correct. Journalize the September transactions, assuming that Global Ltd. uses a perpetual inventory system. (Credit acCount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account...
The entry to record a return by a credit customer of defective merchandise on which no...
The entry to record a return by a credit customer of defective merchandise on which no sales tax was charged includes a debit to Sales and a credit to Sales Returns and Allowances. a debit to Accounts Receivable and a credit to Sales Returns and Allowances. a debit to Sales Returns and Allowances and a credit to Accounts Receivable. a debit to Sales and a credit to Accounts Receivable. Which of the following statements is correct? Under the accrual basis of accounting,...
On 5 June 2014 Perth Ltd purchased goods on credit from a supplier in UK. The...
On 5 June 2014 Perth Ltd purchased goods on credit from a supplier in UK. The goods are shipped FOB UK on that date. The cost of the goods is UK£250 000. The debt remains unpaid at 30 June 2014, which is also Perth Ltd’s reporting date. The exchange rates at the relevant dates are: 5 June 2014 A$1.00 = UK£0.46 30 June 2014 A$1.00 = UK£0.44 Required: [use the space provided below] Provide the required journal entries of Perth...
Coronado Ltd. acquired the rights to use 2.200 hectares of land in northern Alberta to mine...
Coronado Ltd. acquired the rights to use 2.200 hectares of land in northern Alberta to mine for uranium. The cost of the land was $122,000, exploration costs were $216,000, and the development costs incurred were $533,250. All of these costs were capitalized. The company estimated that the mine would produce about 205,000 ounces of uranium. In the first year, 25,900 ounces were extracted from the mine, of which 10,100 were sold. Assume all purchases were cash. Prepare the journal entries...
Flint Ltd. and Pina Colada Ltd. incurred the following merchandise transactions in June. June 10 Flint...
Flint Ltd. and Pina Colada Ltd. incurred the following
merchandise transactions in June.
June
10
Flint sold $4,600 of merchandise to Pina Colada, terms 1/10,
n/30, FOB shipping point. The merchandise cost Duvall $2,760 when
it was originally purchased.
11
Freight costs of $210 were paid by the appropriate
company.
12
Flint received damaged goods returned by Pina Colada for
credit. The goods were originally sold for $300; the cost of the
returned merchandise was $180. The merchandise was not...
You are now hired by the Stan Sporting Goods store as an accountant. You are asked...
You are now hired by the Stan Sporting Goods store as an accountant. You are asked to enter the following transactions in to the journals: Transaction #1: December 17: Borrowed $60,000 from First American Bank and Trust by issuing a two-year note payable with a stated annual interest rate of 5%. The check was received from the bank and deposited. Transaction #2: December 19: Received customer purchase order in the mail from the University of Southern Iowa (USI) for 100...
To promote the sale of some specialty goods, Marin Ltd. began a generous return policy to...
To promote the sale of some specialty goods, Marin Ltd. began a
generous return policy to its customers. Customers can return
merchandise for up to three months following the date of the
invoice, no questions asked. For the current period, sales of these
specialty goods totalled $40,600. Marin chooses to estimate any
expected sales returns at the end of each reporting period, rather
than recording the Refund Liability at the point of sale. At the
end of the reporting period,...
Blue Company sells goods to Danone Inc. by accepting a note
receivable on January 2, 2020. The goods have a sales price of
$551,000 (cost of $480,000). The terms are net 30. If Danone pays
within 5 days, however, it receives a cash discount of $11,000.
Past history indicates that the cash discount will be taken. On
January 28, 2020, Danone makes payment to Blue for the full sales
price.
Prepare the journal entry(ies) to record the sale and related...
Global Ltd. had beginning inventory of 50 units that cost $100 each. During September, the company purchased 200 units on account at $100 each, returned 6 units for credit, and sold 150 units at $200 each (e) Your answer is correct. Journalize the September transactions, assuming that Global Ltd. uses a perpetual inventory system. (Credit acCount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account...
Coronado Ltd. acquired the rights to use 2.200 hectares of land in northern Alberta to mine for uranium. The cost of the land was $122,000, exploration costs were $216,000, and the development costs incurred were $533,250. All of these costs were capitalized. The company estimated that the mine would produce about 205,000 ounces of uranium. In the first year, 25,900 ounces were extracted from the mine, of which 10,100 were sold. Assume all purchases were cash. Prepare the journal entries...
Flint Ltd. and Pina Colada Ltd. incurred the following
merchandise transactions in June.
June
10
Flint sold $4,600 of merchandise to Pina Colada, terms 1/10,
n/30, FOB shipping point. The merchandise cost Duvall $2,760 when
it was originally purchased.
11
Freight costs of $210 were paid by the appropriate
company.
12
Flint received damaged goods returned by Pina Colada for
credit. The goods were originally sold for $300; the cost of the
returned merchandise was $180. The merchandise was not...
To promote the sale of some specialty goods, Marin Ltd. began a
generous return policy to its customers. Customers can return
merchandise for up to three months following the date of the
invoice, no questions asked. For the current period, sales of these
specialty goods totalled $40,600. Marin chooses to estimate any
expected sales returns at the end of each reporting period, rather
than recording the Refund Liability at the point of sale. At the
end of the reporting period,...
Most questions answered within 3 hours.
-
If a block of Si is doped with 10^17 Boron atom/cm^3 and 5X10^16
Arsenic atoms/cm^3,
(a)...
asked 22 minutes ago -
Why would natural selection not minimize costs (in the form of
symptoms) of evolved defenses? (choose...
asked 40 minutes ago -
What is true about a critical task?
Latest finish time - latest start time = 0...
asked 42 minutes ago -
A company uses a
process costing system. Its Assembly Department's beginning
inventory consisted of 56,800 units,...
asked 42 minutes ago -
a
sealed glass cylinder contains 325 g of N2 gas at 1.02 atm at 20 c....
asked 46 minutes ago -
The main difference between an equity and a nonequity alliance
is that
A
equity alliances are...
asked 45 minutes ago -
Need help with this, in JAVA, using netbeans. A
complete response will receive a positive comment...
asked 53 minutes ago -
An imprest petty cash fund of $600 was established for minor
disbursements. At the end of...
asked 58 minutes ago -
Sharpe Cutter is a small company that produces specialty knives
for paper cutting machinery. The annual...
asked 1 hour ago -
Calculating the Ka of a weak acid from
pH:
The pH of a 0.68M solution of...
asked 1 hour ago -
1.What process is pushing back against gravity in the very
center (the core) of sun-like stars?...
asked 1 hour ago -
This question is from the textbook "Python for ArcGIS" by Laura
Tateosian:
Write a script "triangles.py"...
asked 1 hour ago