Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following are selected transactions of PT Sabang. PT Sabang prepares financial statements quarterly: (all transactions are in millions) Feb 1 Purchase Merchandise on account
The following are selected transactions of PT Sabang. PT Sabang prepares financial statements quarterly: (all transactions are in millions) Feb 1 Purchase Merchandise on account from PT Flores Rp. 10.000 terms 2/10, n/30. PT Sabang use perpetual inventory system March 1 Issued a 9%, 2 months of Rp. 10.000 note to PT Flores in payment of account payable March 10 Cash register sales total Rp. 11.000, which includes a 10% Sales Tax March 31 The payroll for the month consists of salaries and wages of Rp. 20.000. The salaries and wages are subject to 1.500 income tax withheld. The salaries are paid on April 1 March 31 The company record entries for the following adjustment data: a. Interest expense of the note b. Some sales were made under warranty. Of the units sold under warranty, 20 are expected to become defective. Repair costs are estimated to be Rp. 15 per unit The following are selected transactions of PT Sabang. PT Sabang prepares financial statements quarterly: (all transactions are in millions) Feb 1 Purchase Merchandise on account from PT Flores Rp. 10.000 terms 2/10, n/30. PT Sabang use perpetual inventory system March 1 Issued a 9%, 2 months of Rp. 10.000 note to PT Flores in payment of account payable March 10 Cash register sales total Rp. 11.000, which includes a 10% Sales Tax March 31 The payroll for the month consists of salaries and wages of Rp. 20.000. The salaries and wages are subject to 1.500 income tax withheld. The salaries are paid on April 1 March 31 The company record entries for the following adjustment data: a. Interest expense of the note b. Some sales were made under warranty. Of the units sold under warranty, 20 are expected to become defective. Repair costs are estimated to be Rp. 15 per unit
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