Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 28, 2024

Goods were purchased on credit for R 2 7 0 and a 1 0 % trade discount received must still be taken into account. Which

Goods were purchased on credit for R

270

and a

10 %

trade discount received must still be taken into account. Which of the following is the correct journal entry to be recorded when the goods purchased are paid for?

.

Credit Bank, R

243

; Credit Discount received, R

27

; Debit Debtors control, R

270 .

.

Debit Bank, R

243

; Debit Discount received, R

27

; Credit Debtors control, R

270 .

.

Debit Bank, R

243

; Debit Discount received, R

27

; Credit Debtors control, R

270 .

.

Debit Creditors, R

243

; Credit Bank, R

243 .

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

Step: 3

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

Costing

Authors: Lucey

7th Edition

1844809439, 978-1844809431

More Books

Students also viewed these Accounting questions

Question

★★★★★

The GASB defines a financial reporting entity as the primary government and the entities for which the primary government is financially accountable. Following is a list of entities being considered...

Answered: 1 week ago

Question

★★★★★

Give the numbers of protons and neutrons in (a) As 79 33 (b) V 51 23 (c) 22 Te 52

Answered: 1 week ago

Question

★★★★★

Describe advantages and disadvantages of Leibnizs approach to the mindbody problem?

Answered: 1 week ago

Question

★★★★★

The section showing cash flow from operations, using the indirect method, for Taylor Stores reported an increase in inventories of $5.7 million during the year. It reported also that the balance in...

Answered: 1 week ago

Question

★★★★★

A company is considering an iron ore extraction project that requires an initial investment of $518,000 and will yield annual cash flows of $158,000 for 4 years. The companies discount rate is 9%....

Answered: 1 week ago

Question

★★★★★

Cougar Fabricators plans to introduce a new machine next year. This product has a two-year production life and an estimated target demand of 35 units quarterly. The product will be produced 12 weeks...

Answered: 1 week ago

Question

★★★★★

Dan owned a farm. Most of his products are being supplied to different restaurants. Products include cow's milk, chicken egg, meat (chicken, pork, and beef). On the side, they also sell carrots,...

Answered: 1 week ago

Question

★★★★★

Task 1: A. Describe the operation of the following thermodynamic systems and their properties: (i) System (ii) Surroundings (iii) Open System (iv) Close System (v) Isolated System B. A large fraction...

Answered: 1 week ago

Question

★★★★★

3. (10 points) In this question you will see that soft-SVM can be formulated as solving a regularized ERM rule, which uses a popular error function called hinge loss (see https:...

Answered: 1 week ago

Question

★★★★★

Suppose that Ivanhoe International Ltd. had the following records: 2025 2024 Ending inventory $48650 $27490 Cost of goods sold 222100 210890 What is Ivanhoe's average days in inventory for 2025?...

Answered: 1 week ago

Question

★★★★★

1 . If Custom Call Services does transition to a PTO policy, what are some things that Stan should consider including in the policy to address concerns about absenteeism ?

Answered: 1 week ago

Question

★★★★★

You are taking an online college class and have been offered the final exam from a student who printed a copy for you after taking the exam yesterday. The correct answers are not on the test copy....

Answered: 1 week ago

Question

★★★★★

3. When asked for advice for future entrepreneurs, Vickie Stringer said, Be patient, allow room for growth, build your company on a strong accounting system, and as always, dare to dream. How does...

Answered: 1 week ago

Question

★★★★★

1. In the bright light of hindsight, most of us would probably say we would blow the whistle on these instances had we been a witness to them, especially because there was so much money involved. But...

Answered: 1 week ago

Previous Question Next Question