Provide the correct journal entry on january

Assignment Help Financial Accounting
Reference no: EM132935552

On 10 January 2021, a customer was charged R600 for the repair of her cell phone. Pat gave her a cash discount of R100 and the customer paid an amount of R500.

This transaction was erroneously recorded as follows and included in the above list of accounts:

DR Bank R500
DR Settlement discount granted R100
CR Other expenses R600

Problem 1: Provide the correct Journal entry

Reference no: EM132935552

Questions Cloud

Starting the recruitment process : You are a Human Resources Manager (HRM) at a very prestigious company in Lesotho, you are responsible to assist this company to recruit according to the recruit
Explain disadvantages of max weber bureaucratic blueprint : Please explain the disadvantages of Max Weber's bureaucratic blueprint to both the management and workers of any organization along with its relevant examples.
Determine the annual manufacturing overhead cost-allocation : For Kitex Manufacturing, determine the annual manufacturing overhead cost-allocation rate. Kitex Manufacturing is small textile manufacturer using machine-hours
Community organizations and health topics : You are a wellness coordinator at Lower Valley Community Health Center.
Provide the correct journal entry on january : Provide the correct Journal entry. On 10 January 2021, a customer was charged R600 for the repair of her cell phone. Pat gave her a cash discount of R100
Describe how the tbl data relates to the kpis : Describe how the TBL data relates to the KPIs. Identify which additional TBL financial line items are needed to measure the cost for each criterion.
Calculate creator ltd maximum cca for year ending dec : Calculate Creator Ltd.'s maximum CCA for the year ending December 31, 2020. Creator Ltd. has a December 31 year-end. As of January 1, 2020.
What is in an sla : What is in an SLA? Discuss specific components in an SLA - give examples
Assignment on business simulation : Samantha was recently hired as a sales team leader for Google Analytics. Sanjay, the Regional Vice President, is asking Samantha with reaching a target sales qu

Reviews

Write a Review

Financial Accounting Questions & Answers

  Tarass inc is an accrual-method calendar-year corporation

tarass inc. is an accrual-method calendar-year corporation. tarass inc. did not qualify for the domestic production

  Find external revenue reported by operating segments

Reported revenues include ?30,000,000 of sales to external customers. External revenue reported by operating segments must be at least?

  Prepare straight-line amortization table for the bonds life

Ellis Company issues 9.5%, five-year bonds dated January 1, 2019, with a $560,000 par value. Prepare straight-line amortization table for the bonds life

  How much should invest in the fund starting from now

How much should you invest in the fund starting from now, annually, in order to be able to withdraw $50,000 per year during your retirement?

  How given transaction affect companys accounting equation

Foster, Inc., purchased a truck by paying $5,000 and borrowing the remaining $25,000 required to complete the transaction.- Briefly state how this transaction affects the company's basic accounting equation.

  What the cash received from the sale of property

Patton Park acquired $213,000 of property, plant, and equipment during the year. What The cash received from the sale of property, plant, and equipment is

  Record all necessary journal entries associated with grouper

Record all necessary journal entries associated with Grouper's investment in Sonja for 2020. Depreciable assets are depreciated on a straight-line basis.

  What is the percentage return on the investors position

If Brandex stock now sells at $120 per share, what should the futures price be? If the Brandex stock price drops by 3%, what will be the change in the futures price and the change in the investor’s margin account? If the margin on the contract is $12..

  Calculate annual depreciation expense

Calculate annual depreciation expense starting from the 6th year of use and to make the respective bookkeeping entry - Cost of the potential sale for the period.

  What is the npv of each alternative

Explain briefly, any four defensive tactics that are used to fight a takeover. What is the cost each alternative? What is the NPV of each alternative

  What is the average annual return

Problem - The last four years of returns for a stock are as follows: What is the average annual return? What is the variance of the stock's returns

  What amount should dell recognize as contract revenue

What amount should Dell recognize as contract revenue in 2020? On January 1, 2020, Dell, Inc. contracted with the city of Little to provide custom

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd