Question 14 Not yet answered James Matthews Limited, a bottle manufacturer, signed an agreement to lease its administration building to Got No Money Limited on June 15, 2026. The lease agreement was for 18-months. The lessee paid the lessor in cash. The value of the agreement was $1,500,000. Required: On June 15, 2026 James Matthews Limited recorded the transaction by: Marked out of 1.00 P Flag question Select one: a. Debit: Lease Expense - $1,500,000; Credit: Cash - $1,500,000 b. Debit: Cash - $1,500,000; Credit: Lease Expense - $1,500,000 c. Debit: Lease Revenue - $1,500,000; Credit: Cash - $1,500,000 d. Debit: Cash - $1,500,000; Credit: Lease Revenue - $1,500,000 Question 18 Under the perpetual inventory system, what is the correct entry for the credit purchase of 20 fridges at $ 250 per fridge? Not yet answered Marked out of 1.00 P Flag question Select one: O a. Debit inventory $5 000; credit accounts payable $5 000 O b. Debit accounts payable $5 000; credit inventory $5000 O c. Debit purchases $5 000; credit accounts payable $5 000 O d. Debit accounts payable $5 000; credit inventory $5 000 Question 19 Not yet ansivered Marked out of 1.00 P Flag question Come Together Limited is a merchandiser of an electronic equipment. Come Together Limited acquires merchandise from a range of suppliers from around the world. Come Together Limited sells the merchandise to various electronic stores throughout the UAE. On May 10, 2021 Come Together Limited purchased 20,000 units of electronic equipment on credit from Shady Manufacturing Limited for $360,000. The credit terms for this purchase were 3/12, n/45. On May 16, 2021 Come Together Limited sold half of the merchandise acquired on May 10 to Poor and Poor Electronics Partners, an operation based in RAK. The sale, valued at $102,000, was on credit with the agreed terms of 2/10, n/30. On May 19, 2021 Come Together Limited returned 5,000 units from the purchase on May 10 ta Shady Manufacturing Limited. On May 21, 2021 Come Together Limited paid the full outstanding balance owing to Shady Manufacturing Limited. On May 23, 2021 Come Together Limited received a cheque from Poor and Poor Electronic Partners with a note stating the payment was for half of the merchandise acquired on May 16, and that the outstanding balance would be paid on June 1, 2021. Required: Assume Shady Manufacturing Limited uses the perpetual inventory system and prepares financial statements on a monthly basis. At the end of May, how much sales discount did Shady Manufacturing Limited record? Select one: a. $10,800.00 O b. $8,100.00 O c. $4,050.00 d. $0.00
