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3 years ago

Hey guys if someone could help me out with the the third transaction(c), I'd be really grateful.

Business

1 answer:

geniusboy [140]3 years ago

3 0

For the third transaction the journal entry would be
Bank Dr 8000
Trade payables (LL) Cr 8000

In the balance sheet the bank account under assets would increase by 8000 and the trade payables under liabilities would increase by 8000

Note:
(LL)= lenders limited
Dr= debit
Cr= credit

Hope it helps!

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Answer:

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3 years ago

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3 years ago

Read 2 more answers

Pina Football Shop began operations on January 2, 2017. The following stock record card for footballs was taken from the records

Volgvan

Answer:

A. FIFO $1,794

B. LIFO $6,326

Explanation:

(a) Computation for the December 31, 2017, inventory using the FIFO method

Value of closing Stock

93 Footballs purchased in November = 93 * $16 93 Footballs purchased in November= $1,488

18 Footballs purchased in September= (111-93)* $17

18 Footballs purchased in September= 18* $17

18 Footballs purchased in September= $306

Total Value as on 31 December, 2017 =$1,488+$396

Total Value as on 31 December, 2017=$1,794

Therefore the December 31, 2017, inventory using the FIFO method will be $1,794

B.) Computation for the 2017 cost of goods sold using the LIFO method.

First step is to calculate the Value of closing Stock

67 Footballs purchased in January= 67 * $28

67 Footballs purchased in January = $1,876

44 Footballs purchsed in March= (111-67)* $23

44 Footballs purchsed in March=44*$23

44 Footballs purchsed in March= $1,012

Total Value as on 31 December, 2017=$1,876+$1,012

Total Value as on 31 December, 2017 = $2,888

Now let calculate the Cost of goods sold using this formula

Cost of goods sold

= Gross Invoice amount - Value of closing stock

Let plug in the formula

Cost of goods sold= $9,214 - $2,888

Cost of goods sold= $6,326

Therefore the 2017 cost of goods sold using the LIFO method will be $6,326

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3 years ago