Pass the journal entries of the following transaction. January 1: Started business with cash of 5000, Furniture of 2500, and stock of 20000 January 5: Purchased goods costing 20000 January 7: Purchased goods on credit from Mr. Raye 5000
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January 1: Started business with cash of 5000, Furniture of 2500, and stock of 20000
January 5: Purchased goods costing 20000
January 7: Purchased goods on credit from Mr. Raye 5000
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- A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?A buyer purchases $250 worth of goods on credit from a seller. Shipping charges are $50. The terms of the purchase are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the buyer record for these transactions?Prepare journal entries to record the following transactions. A. November 19, purchased merchandise inventory, on account, $12,000 B. November 29, paid creditor for part of November 19 purchase, $10,000
- Journalise the following transactions in the books of Mr.K: 2020 March 01-Sold goods on credit to Mr.M=75,000 12th March-Purchased goods on credit from Mr.B=70,000 15th March-Sold goods for cash to Mr.D=50,000 20th March-Received from Mr.M=70,000 25th March-Paid to Mr.B=50,0006. Your company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this? A. sales journal< B. purchases journal« C. cash receipts journal< D. cash disbursements journal E. general journaleIdentify the account that is debited, when business makes credit purchases of goods worth OMR 10,000. O a. Revenue account O b. Purchase account O C. Inventory account O d. Goods account
- Mr. Rasool bought Merchandise inventory worth OMR 25,000 for cash. Which books of prime entry will record the transaction? a. Sales journal b. Purchase journal c. Cash disbursement journal d. General journalEnter the following transaction in the ledger accounts and balance them October 2020: 1 Started in business with Ksh. 75,000 cash. 3 Bought goods for cash Ksh. 11,000. 7 Bought goods on credit Ksh. 32,000 from F Herd. 10 Sold goods for cash Ksh. 6,400. 14 Returned goods to F Herd Ksh. 4,600. 18 Bought goods on credit Ksh. 41,400 from D Exodus. 21 Returned goods to D Exodus Ksh. 3,100. 24 Sold goods to B Squire Ksh. 8,200 on credit. 25 Paid F Herd’s account by cash Ksh. 27,400. 31 B Squire paid us his account in cash Ksh. Ksh. 8,200.If a business sells $2000 worth of inventory to a customer for $3000 on credit, show all of the relevant journal entries for this transaction.
- Mr. Zubair sold Merchandise inventory worth OMR 50,000 for cash. Which books of prime entry will record the transaction? a. Purchase journal b. Cash disbursement journal c. Cash receipt journal d. Sales journal26-Mr. Salman bought Merchandise Inventory worth OMR 25,000 on credit. Which books of prime entry will record the above transaction? a. Purchase journal b. Cash disbursement journal c. Sales journal d. General journalLi Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal and general journal. Prepare a cash receipts journal like the one in Exhibit 7.7. Journalize the following transactions that should be recorded in the cash receipts journal. May 1. C. Li the owner, contributed $9000 cash to the company. May 7. The company purchased $5000 of merchandise on credit from Gomez, n/30 May 9. The company sold merchandise costing $400 to E. James for $500 on credit, terms n/10 May 15. The company borrowed $1000 cash by signing a note payable to the bank. May 18. The company received $500 cash from E. James in payment of the May 9 purchase. May 24. The company sold merchandise costing $150 to B. Cox for $200 cash