BAAC 2100 Principle of Accounting Assignment

Assignment Help Accounting Basics

Reference no: EM132480405

BAAC 2100 - Principle of Accounting II - Nizwa College of Technology

Question 1

Following are the transactions of Gala Materials LLC
May 1: Purchased 100 units of merchandise at $ 240 each; terms 2/10, n/30. Invoice No: 564
May 3: Purchased 250 units of merchandise at $ 350 each; terms 2/10, EOM, n/30. Invoice No: 987
May 4: Sold 80 units at $ 450 each for cash.
May 8: Sold 120 units at $ 550 each on account. 2/10, n/30,
May9: Paid the invoice No: 564.
May 12: Sold 100 units at $ 552 each for cash.
May 19: Received cash for the sale on May 8
May 15: Paid the invoice No: 987

Required: Prepare journal entries for the transactions. Assume Gala Material LLC uses FIFO method under perpetual inventory system.

Question 2

Record the transactions into appropriate specialized books of Accounts of Aafra Electrics LLC and post them to the respective Ledgers) Sales, Purchases or General as required.

Bought from Bayan Electric Co. Sohar, Oman, on credit (Invoice No. 1238)
16 Dozen bulbs @ RO 9 per bulb
50 Water heater RO @ 150 per heater

Bought from Basheer Electric Co. Sohar, Oman, on credit (Invoice No. 108)
30 Electric Iron - Ikon @ RO. 200 each
20 Mix grinder RO - Phlips @ RO.500 each

Sold to Dhofar Electricals, Dhofar (Invoice No. 455)
4 Electric Iron @ RO. 350 each
10 dozen bulbs @ RO. 20 per bulb

Sold to Zuhaib Electricals, Dhofar (Invoice No. 805)
15 Water Heater RO @ RO. 500 each

Attachment:- Principle of Accounting.rar

Reference no: EM132480405

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