Soccer City Traders sell sports equipment. The business uses the continuous stock system. The mark-up is...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Soccer City Traders sell sports equipment. The business uses the continuous stock system. The mark-up is 100% on cost price. Use the transactions below to show the influence on the accounting equation in the ANSWER BOOK. Example: Issue cheque for purchases of stationery, R100. Number Source GENENRAL LEDGER E.g. 7.1 TRANSACTIONS: 7.2 7.3 Document Account Account Assets Owner's Liabilities Debit Credit Equity -100 7.4 Cheque counterfoil Stationery Bank Cheque counterfoil: No: 0009 Date: 4 January 2009 To: Telkom For: Telephone Balance This Cheque Balance R C 560 00 -100 0 Issued a debit note to Yahoo Wholesalers for discount omitted on purchase of trading stock, R110. The owner, C. Dee, took trading stock to the value of R800,00 for his personal use. Received an invoice from City Vehicles for the purchase of a delivery vehicle, R70 000,00. (5) (5) (5) (5) Soccer City Traders sell sports equipment. The business uses the continuous stock system. The mark-up is 100% on cost price. Use the transactions below to show the influence on the accounting equation in the ANSWER BOOK. Example: Issue cheque for purchases of stationery, R100. Number Source GENENRAL LEDGER E.g. 7.1 TRANSACTIONS: 7.2 7.3 Document Account Account Assets Owner's Liabilities Debit Credit Equity -100 7.4 Cheque counterfoil Stationery Bank Cheque counterfoil: No: 0009 Date: 4 January 2009 To: Telkom For: Telephone Balance This Cheque Balance R C 560 00 -100 0 Issued a debit note to Yahoo Wholesalers for discount omitted on purchase of trading stock, R110. The owner, C. Dee, took trading stock to the value of R800,00 for his personal use. Received an invoice from City Vehicles for the purchase of a delivery vehicle, R70 000,00. (5) (5) (5) (5)
Expert Answer:
Answer rating: 100% (QA)
Heres how the transactions affect the accounting equation 71 Cheque counterfoil Debit Telephone Expe... View the full answer
Related Book For
Financial Reporting Financial Statement Analysis and Valuation a strategic perspective
ISBN: 978-1337614689
9th edition
Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Posted Date:
Students also viewed these finance questions
-
Refer to Exercise 16.5. a. Test the hypothesis that the relationships between risk index and number of cigarettes have equal slopes for the three treatments at the α = .05 level. b....
-
Use the value of the given hyperbolic function to find the values of the other hyperbolic functions. 33/323 sinh xem cosh(x) tanh(x) =| csch(x) sech(x) = coth(x)
-
Mr John Bossis the CEO of JB to AB Mighty Moments Suppliers (Pty) Lty. He has been running a building material business since its formation on 28 February 2016. Unfortunately, his inexperienced...
-
In Pissarides's view of labor markets (job matching model), the focus is on finding a good ________. a. level of TFP (A) b. supply of money (M). c. match d. Wage
-
Suggest a mechanism for thisreaction: CH,Br Br2 CH2=CHCH CH,CH,OH H,O
-
Using EES (or other) software, solve these systems of algebraic equations. (a) (b) 4x - x + 2x3 + x = -6 x + 3xx3 + 4x4 = -1 -X + 2x + 2x - 4x3 2x + x2x3 + x4 = 1 x + 4x + 2x3 2x4 = -3 5x4 = 5 3x4 =...
-
Explain the nature of the production cycle.
-
You are a financial analyst for Ford Motor Company and have been asked to determine the impact of alternative depreciation methods. For your analysis, you have been asked to compare methods based on...
-
Monica is a manufacturer of handcrafted wooden signs. The variable cost of each wooden sign Monica produces is $ 4 0 . Monica sells her wooden signs to a wholesaler at a 5 0 % margin, who then sells...
-
Stryker Corporation is a leading medical technology company headquartered in Kalamazoo, Michigan, that trades on the New York Stock Exchange. Following are selected financial data for Stryker for the...
-
If James has a house worth $500,000, other assets of $50,000, a mortgage loan of $150,000, income after tax of $80,000, an annual surplus of $5,000 a year and mortgage repayments of $20,000 a year....
-
Conduct a Cost/Benefit analysis for the Migrant Worker program in Canada. Be sure to identify the choices and at least one cost and benefit for each choice. As you examine the evidence for this...
-
You expect to graduate with $54,453 in student loans. The interest rate on your loan is 6.7 percent compounded monthly and the loan calls for fixed monthly payments. If you repay the loan in 17 years...
-
Teall Corporation has a standard cost system in which it applies manufacturing overhead to products on the basis of standard machine-hours (MHS). The company has provided the following data for the...
-
How does the theory of punctuated equilibrium challenge the traditional model of gradualism in evolutionary biology, and what evidence supports the occurrence of rapid bursts of evolutionary change?
-
Critically discuss how entrepreneurship has contributed to economic development in the last few decades and what have been the environmental impacts. How can entrepreneurial activity impact...
-
State of Economy Bust Boom State of Economy Roll Bust Boom Ross Calculate the standard deviations for Roll and Ross by filling in the following table: (A negative value should be indicated by a minus...
-
Nitrogen monoxide reacts with hydrogen as follows: 2NO(g)+ H2(g) N2O(g) + H2O(g) The rate law is [H2]/ t = k[NO]2[H2], where k is 1.10 107 L2/(mol2s) at 826oC. A vessel contains NO and H2 at...
-
Walmart makes significant investments in operating capacity, primarily via investments in property, plant, and equipment, but also via investments in wholly and partially owned subsidiaries. Walmart...
-
Flight Training Corporation is a privately held firm that provides fighter pilot training under contracts with the U.S. Air Force and the U.S. Navy. The firm owns approximately 100 Lear jets that it...
-
Eli Lilly and Company produces pharmaceutical products for humans and animals. Exhibit 7.18 includes a footnote excerpt from the annual report of Lilly for the period ending December 31, 2004....
-
Determine the displacement at pulley \(B\). The A992 steel shaft has a diameter of \(30 \mathrm{~mm}\). 4 kN B 3 kN 0.4 m 0.4 m 0.3 m 1 kN 1 kN 0.3 m C
-
The beam is made of Douglas fir. Determine the slope at \(C\). 8 kN BO -1.5m 1.5m- -1.5 m- 180 mm H 120 mm
-
Determine the slope at \(A\). The A992 steel beam has a moment of inertia of \(I=125\left(10^{6} ight) \mathrm{mm}^{4}\). 18 kNm A -4 m- D B3m 3m 4m m- 18 kNm
Study smarter with the SolutionInn App