On 1 June Makron had inventory on hand with a cost price of R10 000. The...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On 1 June Makron had inventory on hand with a cost price of R10 000. The following purchases were made during the month: June 10 Purchases goods on credit for 20 Purchases goods by cheque for The following sales were made during the month: June 15 Sold goods on credit for R10 000 (cost of sales amount to R5 000) June 25 Sold goods for R6 000 cash (cost of sales amount to R3 000) The value of inventory on hand at 30 June as established per physical inventory take is R17 000. R 7 000 8 000 Required Journalise the above transactions, including closing entries, using the perpetual inventory method. On 1 June Makron had inventory on hand with a cost price of R10 000. The following purchases were made during the month: June 10 Purchases goods on credit for 20 Purchases goods by cheque for The following sales were made during the month: June 15 Sold goods on credit for R10 000 (cost of sales amount to R5 000) June 25 Sold goods for R6 000 cash (cost of sales amount to R3 000) The value of inventory on hand at 30 June as established per physical inventory take is R17 000. R 7 000 8 000 Required Journalise the above transactions, including closing entries, using the perpetual inventory method.
Expert Answer:
Answer rating: 100% (QA)
Here are the journal entries for the transactions using the perpetual inventory method 1 June 10 Pur... View the full answer
Related Book For
Introduction to Financial Accounting
ISBN: 978-0133251036
11th edition
Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick
Posted Date:
Students also viewed these accounting questions
-
Study the information given below and answer the following questions: (25 Marks) 1.1 Calculate the Payback Period of both machines (answers expressed in years, months and days). (5 marks) 1.2 Which...
-
HP Entitys current reporting date is 31 December 2014. On 1 December 2014 the following balances, among others, appeared in the records of HP Entity: The following transactions/events still have to...
-
Directions: Write an essay on the following prompt: Referencing the article "Social Experiment: Know Thy Neighbor", write an essay in which you examine two or three causes AND two or three effect...
-
17. [1.1/2 Points] DETAILS PREVIOUS ANSWERS MY NOTES ASK YOUR TEACHER Write the composite function in the form f(g(x)). [Identify the inner function u-g(x) and the outer function y=f(u).) (Use...
-
For the space probe of Prob. 12.108, it is known that rA = 15 103 km and that the velocity of the probe is reduced to 6500 m/s as it passes through A. Determine(a) The distance from the center of...
-
A population has standard deviation = 9.2. a. How large a sample must be drawn so that a 92% confidence interval for will have a margin of error equal to 0.8? b. If the required margin of error...
-
Refer to Exercise 12. Compute the value of the test statistic. Exercise 12 A simple random sample of 17 business majors from a certain university had a mean GPA of 2.81 with a standard deviation of...
-
Following is a list of advantages and disadvantages of the corporate form of business. 1. Ownership and management are separated. 2. Has continuous life. 3. Transfer of ownership is easy. 4....
-
P5: Errors & Changes in Accounting Policy & Tax Strategy Ramadan began operations on January 1, 2023. Financial statements for 2021 and 2022 contained the following errors: Dec. 31, 2021 Dec. 31,...
-
A headlight produced by Enterprise Lumiere was found to be defective. The company has three factories (labeled below as A. B, and C) where such headlights are manufactured. A Quality Control Manager...
-
The function graphed Increasing on the interval(s) Decreasing on the interval(s) is:
-
How are upper and lower tolerance limits established for a design range?
-
What are some methods to mitigate risk during System Deployment?
-
How should a site survey be conducted?
-
List the decision rules the auditor can use in evaluating sample results.
-
Differentiate between an automatic controller and process controller.
-
Create a program that uses a priority queue to remove the highest value from the elements in the priority queue. The program should be able to: - insert elements into the priority queue - access...
-
Continuation of Exercise 4-83. (a) What is the probability that the first major crack occurs between 12 and 15 miles of the start of inspection? (b) What is the probability that there are no major...
-
Following are income statements for Lowes and The Home Depot for the years ended February 3, 2012, and January 29, 2012, respectively: Lowes (in millions) Net sales .................$50,208 Cost of...
-
You have just started a program of selling gift certificates at your store. In the first month, you sold $7,000 worth and customers redeemed $2,300 of these certificates for merchandise. Your average...
-
A companys ROE indicates how much return an investor makes on the investment in the companys shares. Do you agree? Explain.
-
The following data represent the annual costs in dollars, of a sample of 22 popular magazine subscriptions. a. Find the mean annual subscription cost. b. Find the median annual subscription cost. c....
-
The Insurance Institute for Highway Safety reported that there were 5037 fatalities among drivers in auto accidents in a recent year. Following is a frequency distribution of their ages. a....
-
The ages of residents of Banks City, Oregon, are given in the following frequency distribution. a. Approximate the mean age. b. Assume all three people aged 9099 were in fact 90 years old. Would this...
Study smarter with the SolutionInn App