Question
Given the Abdulla Companys Trial Balance of April 30, 2020, a) record the following transactions. b) What is the effect of the following transactions to
Given the Abdulla Companys Trial Balance of April 30, 2020, a) record the following transactions. b) What is the effect of the following transactions to the merchandise inventory account and the sales?
|
| Debit | Credit |
| Cash | 130,000 |
|
| Merchandise Inventory | 20,000 |
|
| Capital |
| 100,000 |
| Sales |
| 50,000 |
May 14 The Company sold merchandise to Majid Company AED 90,000 terms 2/10 net 60.
The merchandise had a cost of AED 40,000.
May 15 The Company purchased merchandise from Saif Company 80,000 with terms 2/10 net 30.
Made a down payment of 20,000.
May 20 Collected 90% of the account receivable from Majid Company.
May 21 Collected 10% of the account receivable from Majid Company.
May 24 The Company paid the balance owed to Saif Company entry May 15.
Answer:
a) record the transactions.
b) What is the effect of the following transactions to the merchandise inventory account and the sales?
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Internal Audit Leadership Elevating The Internal Audit Function To Accelerate Value
Authors: Patricia Kaim
1st Edition
1032557168, 978-1032557168
