All categories

3 years ago

How to solve this problem please help me

Business

1 answer:

Svetach [21]3 years ago

4 0

Answer:

Date Particulars Debit Credit

Inventory 40,000

Accounts Payable - Gita 30,000

Bank 10,000

Accounts Receivable - Jeewan 7,000

Sales 7,000

Cost of Goods sold 10,000

Inventory 10,000

Accounts Payable - Gita 15,000

Discount Received 1,000

Cash 14,000

Cash 6,500

Discount Received 500

Accounts Receivable - Jeewan 7,000

Explanation:

It is required to record journal entries of given transactions. It is shown on the question that transactions includes purchase, sales, cash receipts and cash payment. The first transaction describe that business purchase goods from Gita while in second transaction it shows the business sold goods on Credit. The third transaction indicates business paid cash to accounts payable and received discount. The fourth transaction indicates that business received cash from Jeewan a Receivable and received discount from them.

You might be interested in

Suppose the entire banking system has $50 million in excess reserves and a required reserve ratio of 10 percent. The deposit-cre

Novosadov [1.4K]

Answer: $500 million

Explanation:

The required reserve ratio is the fraction of the total deposit that a bank recieves which is mandated by the central bank to be kept and should not be given out.

If the entire banking system has $50 million in excess reserves and a required reserve ratio of 10 percent. The deposit-creation potential of the banking system will be:

= $50million/10%

= $50million/0.1

= $500 million

7 0

4 years ago

Which of the following statements is the most accurate? a foreign corporation:

ludmilkaskok [199]

A foreign corporation:
a. does business in one or more states, but is chartered in another state.

5 0

3 years ago

Let's assume that a carpenter borrowed $2 comma 000 to be paid off in a year to finance a machine that would make him work fas

Hoochie [10]

Answer:

The carpenter earned an extra $100.

Explanation:

Since this problem deals with a one-year loan with an yearly interest rate, it can be treated as a simple interest problem. For simple interests, the final value (Vf) can be found by multiplying the initial value (Vi) by one plus the interest rate (i) as shown below:

$V_{f}= V_{i}*(1+i)\\V_{f}=2,000*(1+0,15)\\V_{f}=2,300$

To find how much extra money the carpenter made in the first year, one should subtract the final value of loan from the $2,000 dollars down payment plus the extra $400 he collected for the year

$Earnings = 2,000+400-2,300 = 100$ .

Therefore, the carpenter earned an extra $100.

6 0

4 years ago

The auditor should perform tests of controls when the auditor's assessment of the risks of material misstatement includes an exp

morpeh [17]

The auditor should only perform tests of control when the procedure of which are substantive alone are not enough to provide sufficient evidence in which should be at the relevant assertion level and by that, the auditor should perform test on the controls.

5 0

3 years ago

On January 1, Year 1, a company issues $39.1 million of 9% bonds, due in 20 years, with interest payable semiannually on June 30

Digiron [165]

Answer:

$42,969,487

$ 39,100,000

$ 35,745,399

Explanation:

The price of the bond using the pv formula in excel is given thus:

=-pv(rate,nper,pmt,fv)

rate is the market rate divided by 2 since interest is payable twice a year

nper is 20year multiplied by 2 which gives 40

pmt is the semiannual coupon=$39,100,000*9%*6/12=$1,759,500.00

fv is the face value of $39,100,000

market rate of 8%

=-pv(8%/2,40,1759500,39100000)=$42,969,487

market rate of 9%

=-pv(9%/2,40,1759500,39100000)=$ 39,100,000

market rate of 10%

=-pv(10%/2,40,1759500,39100000)=$35,745,399

8 0

3 years ago

How to solve this problem please help me​

How to solve this problem please help me