Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

6 A motor vehicle purchase for $4,300 was correctly debited to the motor vehicle asset account but incorrectly debited to the cash book as 53,400

image text in transcribed
6 A motor vehicle purchase for $4,300 was correctly debited to the motor vehicle asset account but incorrectly debited to the cash book as 53,400 . Which journal entry would correctly adjust for this error? A DR Suspense $900 CR Bank $900 B DR Suspense $7,700 CR Bank $7,700 c DR Suspense $3,400 D DR Suspense $4,300 7 CR Bank $4,300 7 A business sells goods with a list price of $7,000 to a customer. The customer is entitled to a 5% discount for payment within seven days. The customer pays half of the amount two weeks later. What remaining amount should the business record as outstanding from the customer? ABCD$3,500$3,325$3,675$3,725 8 Business A is a credit customer of Business B. Business A says that a statement of account sent by Business B with a balance of $50,000 is incorrect because a credit note of $2,000 and remictance advice of $15,000 have not been included. What should be the correct balance on the statement of account? ABCD$63,000$37,000$33,000J$67,000V 9 A business is owed $10,000 by its credit customers at the beginning and $30,000 at the end of the month. The customers paid the business $40,000 during the month. What were the business's credit sales? ABCD$20,000$50,000$70,000$60,000 10 11 Which ledger account records goods returned by credit customers? A B c D Sales Sales Returns Purchase Purchase Returns An employee's wages vary weekly depending on the number of units produced. What is the basis on which the employee is paid? ABCDOvertimePieceworkJUnitisedJPieceworkhours

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

Students also viewed these Accounting questions