WebView AY19-20 L02 GST - Copy.pptx from ACCOUNTING 1 at Harvard University. cture 2 : Goods and Services Tax Bought goods with cash: Dr Inventory 100 Cr Dr CAB (Input) GST 100 7 Cr CAB 107 Sold goods WebCR: $20 Interest Revenue. Record the service charges of $10 deducted by the bank. DR: $10 Office Expenses. CR: $10 Cash. Record customer check returned due to $50 insufficient funds. DR: $50 Accounts Receivable. CR: $50 Cash. Cost of Goods Available for Sale =. Beginning Inventory + Purchases OR Cost of Goods Sold + Ending Inventory.
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WebCash Receipt Entry for Asset Items That Are Sold. When you dispose of an asset item by selling it, a cash receipt transaction is automatically posted for it when you process the disposal in Asset Management > Disposal Processing. The cash received for the sale of the asset item. The reversal of the asset item's general ledger balances for ... Weba. ABC Co. sold goods costing ₱12,000 to XYZ, Inc., for cash, at a markup of 40% on selling price. A quarter of these goods are held in inventory by XYZ, Inc. by year-end. b. ABC Co. acquired inventory from XYZ, Inc. for ₱12,000 cash. XYZ, Inc. uses a normal markup of 25% above its cost. ABC's ending inventory included ₱4,000 from this ... iph 12
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WebTranscribed image text: Our Favorite Store's activities for 2024 Summary Transactions for 2024 1 Purchased inventory on account for $275,000. 2 Sold goods for cash $60,000; the cost of goods sold was $15,000. 4 Sold goods on account for $900,000 (2/10, n/30); the cost of goods sold was $225,000. 3 Sales returns were $10,000, and had a cost of ... WebApr 5, 2024 · (B) Sale of Goods for Cash at Loss: Whenever goods are sold at price lower than the cost price, the stock is decreased by the amount of the cost price, the cash account is increased by the discounted amount, and the amount of loss is adjusted against the capital account. Transaction 2: Goods worth ₹15,000, sold for ₹13,000. WebA. pay for supplies. B. make a sales offer. C. receive cash for services to be rendered later. D. sell goods for cash. B. make a sales offer. A business paid $7,000 to a creditor in payment of an amount owned. The effect of the transaction on the accounting equation was to... A. increase an asset, increase stockholders' equity. iph12pro