The company sells goods to Jason. The company agreed to have the goods shipped to London with an additional $5,000 in transportation costs (fees) Jason paid. Record the shipping costs in the Buyer's book and the Seller's book
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The company sells goods to Jason. The company agreed to have the goods shipped to London with an additional $5,000 in transportation costs (fees) Jason paid. Record the shipping costs in the Buyer's book and the Seller's book.
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- The company sells goods to Jason. The company agreed to send the goods to London with an additional transportation fee (freight fee) PAID BY Jason AS BUYER (not the company paying this fee but the buyer) of $5,000. Record the shipping costs in the Buyer's book and the Seller's book.Neil Brown is a businessman who buys packages of goods and wholesalesthe package for cash. His business is registered as a Vat Vendor. DuringMarch 2022 he purchased for cash a package of goods for R28 000(exclusive of 15% Vat). Neil used a mark-up of 30% on the cost price andsold the package for R41 860 (Inclusive of 15% VAT). Neil uses the perpetualinventory system to keep records of his trading activities. Required:Record general journal entries for the purchase and sale of the package ofgoods. You do not have to record the dates but must include a brief narrationappropriate for both the purchase and sale of the goods above.Consider each of the following scenarios: a. A seller orally agrees with one of its best customers to deliver goods in exchange for 10,000. While the sellers practice is to obtain a written sales agreement, the seller delivered these goods to the customer without a written agreement due to the customers urgent need. b. A seller agrees to provide accounting services to a customer for the next year in exchange for 40,000. While the two parties are negotiating the terms of the agreement and the specific services to be performed, the seller begins to perform some services as a gesture of good faith. c. A seller has a written agreement to deliver goods to a customer for 50 per unit. The price will drop to 45 per unit if the customer purchases more than 2,000 units per month. d. A seller had a written agreement and provided custodial services to a customer for 2,000 per month in a previous year. The contract expired on December 31, 2019. During negotiations for a new contract in January 2020, custodial services were provided at the previous monthly rate and paid for by the buyer. The seller and the customer agree to a new contract on February 1, 2020. The seller is concerned whether a contract existed in January 2020 and whether revenue can be recognized. Required: 1. Determine if a contract exists for each of the scenarios. 2. If it is determined that a contract exists but the seller believes it is probable that it will not collect the expected consideration, how does this affect the sellers ability to recognize revenue?
- On June 02, Talbots of Boston sold Forrest of Los Angeles $7,950 of fine clothes. Terms were 2/10 EOM FOB Boston. Talbots agreed to prepay the $95 freight. a. If Forrest pays the invoice on June 8, what will Forrest pay? Amount paid b. If Forrest pays on July 26, what will Forrest pay? Amount paidKedai Ali purchased a personal computer. Its invoice price was RM10,000 with terms of 2/30, n/60. A sales tax of 5% on invoice price and transportation charges of RM200 were paid by the buyer. In addition, insurance of shipment of RM100 was also paid. The cost to install the computer was RM350. If Kedai Ali paid within the discount period, the amount debited to the computer account wasThey sold $50,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this journal entry using both the net and gross methods. Record the journal entry if the customer pays off this account on 2/5/2021. Record the journal entry if the customer pays off this account on 3/1/2021.
- Rashid pays took goods worth £500 from the company. The entries in Rashid's accounts should be:Kindly answer in good accounting form. Also show journal entries. On January 01, 2020 Kitkat Company, Inc. establishes a branch in Buang.During the year, Kitkat Inc. transfers cash and merchandise to the branchworth P15,000 and P45,000 respectively. Freight was paid by the homeoffice worth P1,500 included in the cost of merchandise. The home officealso incurred P5,700 expenses of which 30 percent was allocated to thebranch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office booksOn May 14, Talbots of Boston sold Forrest of Los Angeles $7,000 of fine clothes. Terms were 2/10 EOM FOB Boston. Talbots agreed to prepay the $80 freight. a. If Forrest pays the invoice on June 8, what will Forrest pay? Amount paid b. If Forrest pays on June 20, what will Forrest pay? Amount paid
- Kedai Ali purchased a personal computer. Its invoice price was RM10,000 with terms of 2/30, n/60. A sales tax of 5% on invoice price and transportation charges of RM200 were paid by the buyer. In addition, insurance of shipment of RM100 was also paid. The cost to install the computer was RM350. If Kedai Ali paid within the discount period, the amount debited to the computer account was O RM9,800 O RM11,150 RM10,927 RM11,255 POCO SHOT ON POCO F2 PRO estimatedOn 10 January 2021, Mrs D Africa sold goods to three different clients, Mr P Lucky, Mrs V Happy and Mr T Busy. Sales invoices number 0001, 0002 and 0003 were issued to them respectively. They have paid the amounts and receipts number 0002, 0003 and 0004 were issued to Mr P Lucky, Mrs V Happy and Mr T Busy respectively. The source document to be used to record this transaction is a/an ... . Select one: a. cash register roll b. duplicate receipt c. original receipt d. original cash invoiceJack Lowes $358.32 on his Visa account. He returns two items costing $23.13 and $32.77 for credit. Then he makes purchases of $43.00 and $97.14. a) How much should his payment be if he wants to pay off the balance on the account? b) Instead of paying off the balance, he makes a payment of $300 and then incurs a finance charge of $24.66. What is the balance (amount owed) on his account? a) He needs to make a payment of $ to pay off the balance. b) The balance is $