Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1. bought goods for resale on account 60/180 2. re

1. Bought goods for resale on account 60/180 2. Received invoice for rent for $500,...

60.1K

Verified Solution

Question

Accounting

1. Bought goods for resale on account 60/180

2. Received invoice for rent for $500, paid 40% in cash

3. Purchased vehicle on the 15th of January on account for $80 000, which was started to use on 28th of January.

4. Bought goods for resale 45/230 on account from Supplier S, $450 transportation costs purchased from the same supplier on account

5. Sold goods on account 66/300

6. Buyer B paid in advance $3000

7. Received invoice for office expenses $2500

8. Repaired building for $6000

Additional information:

Non-current tangible assets depreciated on a straight-line basis.

Useful life of vehicle 5 years, residual value 10%

Useful life of storehouse 15 years, residual value 10%

Required:

1) Record transactions

2) Prepare Trial balance

Please solve detailed explanation

image
76 exercise. There are presented balances of the company A for Ith of January. 76 exercise. There are presented balances of the company A for Ith of January

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Advance Math
1.2K views

  Undetermined Coefficients: a) y'' + y' - 2y = x^2 b) y'' + 4y = e^3x c) y''...

Advance Math
1.2K views

Prove that if A is an enumerable set all of whose members are also enumerable sets,...

Physics
1.2K views

35 5 V battery with negligible internal resistance 55 02 resistor and a 1 45...

Physics
1.2K views

A circular coil of N turns and diameter d carries a current I It is...

Physics
1.2K views

Two object P and Q of masses 2m and m are connected to two springs...

Algebra
1.2K views

Question 18 of 25 Step 1 of 1 Divide the polynomial by the monomial denominator...

Accounting
1.2K views

Caspion Corporation makes and sells a product called a Miniwarp. One Miniwarp requires 6.5 kilograms...

Accounting
1.2K views

What is working capital? Identify Costco working capital in years, 2013, 2014, 2015. Based on...

Accounting
1.2K views

How do you calculate degree of operating leverage for Company A and Company B ...

Accounting
1.2K views

Use the following to answer questions 13 - 17 KC Corp.'s management is considering either...

Finance
1.2K views

QUESTION #3 MORTGAGE & HOME OWNERSHIP (20 MARKS) Stephanie and Sadie have diligently saved...

Finance
1.2K views

Adam Smith just purchased 400 shares of AT&E at $54.38, and he has decided to...