Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

5. On 12 August, Willam Genear retumed one of the pairs of rugby boots, purchased on credit on the 4 August, as the pair was

image text in transcribed
5. On 12 August, Willam Genear retumed one of the pairs of rugby boots, purchased on credit on the 4 August, as the pair was damaged. Willam's account was credited with the full amount. 6. One of Sidestep's customers, Adam Cupa, had not yet paid Sidestep for inventory bought on credit during March 2013, and as a result Sidestep charged him interest of R50 on the amount owing. Adam has indicated that he will pay the amount owing with interest at the beginning of September 2013. 7. On 19 August, Sidestep purchased stationery amounting to R900 from Rob. E. Deans stationers and paid by cheque. 8. On 21 August, Israyel Falow paid Sidestep R650 for rugby boots that he had bought on credit during July 2013. 9. Kwayd had been asked to participate in a charity touch rugby tournament and on 23 August he took 2 pairs of boots home to personally use for this toumament. Each pair had a cost of R150 and a selling price of R300. 10. On 26 August, Sidestep paid R3 200 for August's rent. 11. Salaries for the month amounted to R6 500 . R5 600 was paid during August, and the remainder wil be paid in September 2013. 12. Interest is payable on the last day of every month at a rate of 15% per annum. Due to cash flow problems, Sidestep negotiated with the bank that they would pay both August's and September's interest when September's interest was due. 5. On 12 August, Willam Genear retumed one of the pairs of rugby boots, purchased on credit on the 4 August, as the pair was damaged. Willam's account was credited with the full amount. 6. One of Sidestep's customers, Adam Cupa, had not yet paid Sidestep for inventory bought on credit during March 2013, and as a result Sidestep charged him interest of R50 on the amount owing. Adam has indicated that he will pay the amount owing with interest at the beginning of September 2013. 7. On 19 August, Sidestep purchased stationery amounting to R900 from Rob. E. Deans stationers and paid by cheque. 8. On 21 August, Israyel Falow paid Sidestep R650 for rugby boots that he had bought on credit during July 2013. 9. Kwayd had been asked to participate in a charity touch rugby tournament and on 23 August he took 2 pairs of boots home to personally use for this toumament. Each pair had a cost of R150 and a selling price of R300. 10. On 26 August, Sidestep paid R3 200 for August's rent. 11. Salaries for the month amounted to R6 500 . R5 600 was paid during August, and the remainder wil be paid in September 2013. 12. Interest is payable on the last day of every month at a rate of 15% per annum. Due to cash flow problems, Sidestep negotiated with the bank that they would pay both August's and September's interest when September's interest was due

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

An Introduction To Statistical Sampling In Auditing

Authors: Dan M. Guy

1st Edition

0471042323, 978-0471042327

More Books

Students also viewed these Accounting questions

Question

socialist egalitarianism which resulted in wage levelling;

Answered: 1 week ago

Question

soyuznye (all-Union, controlling enterprises directly from Moscow);

Answered: 1 week ago