Question: 2 (10 marks) Using the table below, indicate the appropriate source document, as well as the journal and amount that should be used to record

2 (10 marks) Using the table below, indicate the appropriate source document, as well as the journal and amount that should be used to record the following transactions in the accounting records of Runners High for May 2022: 1. 2. 3. 4. 5. On 1 May, Runners High repaid R25 000 of the loan owing to Gold Bank via EFT. On 5 May, Runners High sold 10 gold medal replicas on credit to Mrs Swimmer for a total of R3 500. The production cost per medal was R200. The owner (Mr B) contributed a vehicle of R145 000 to the business for customer deliveries. On 10 May, Mrs Swimmer returned one of the gold medal replicas purchased on 5 May, as it was damaged. Her account was credited with the full amount. On 24 May, Mr B took three T-shirts home for his children. The T-shirts cost R200 each and had a selling price of R150 each. (10) No. Source document Journal Amount

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

. 9m; (10 marks} Using the table below, indicate the appropriate source document, as well as the journal and amount that should be used to record the following transactions in the accounting...

Question 2 Indicate the appropriate source document, as well as the journal and amount that should be used to record the following transactions in the accounting records of Olympic Dreams for May...

Indicate the appropriate source document, as well as the journal and amount that should be used to record the following transactions in the accounting records of Olympic Dreams for May 2020: 1. On 1...

please follow these instruction and answer these questions Thanks Transaction Analysis and Trial Balance BC BackCountry Airlines, Inc., operates leased amphibious aircraft and docking facilities,...

CHART OF ACCOUNTS Mundt Services General Ledger ASSETS REVENUE 410 Sales 110 Cash 120 Accounts Receivable-J. Lepowsky 150 Supplies 160 Prepaid Insurance EXPENSES 510 Advertising Expense 520 Utilities...

Prir 17: Data Table $ 125,000 83,000 Costs incurred: Purchases of direct materials (net) on credit Direct manufacturing labor cost Indirect labor Depreciation, factory equipment Depreciation, office...

$ 126,000 84.000 54,900 31,000 Costs incurred: Purchases of direct materials (net) on credit Direct manufacturing labor cost Indirect labor Depreciation factory equipment Depreciation, office...

I have attached the question as a word file, thanks! As we enter week 8, what did you learn from this course? How will the information be useful in your other classes and in your career? Running...

subject: cost accounting Inape Corowy produce our or the coveted a place murat The following dota rofectivity for the yow 2017 Requirement. Prepare una tries to record the rationer 2017 wing an att...

i need trial balance, Sales journal, cash receipts journal, purchase journal, cash payment journal, general journal, and the general ledger, second trial balance (thank you) the narrative transaction...

Find each of the following values for the distribution shown in the following polygon. 7654321 a b. c.

XYZ Corporation has its two wholly owned subsidiaries, Delta and Perry, in Country A and Country B respectively. Parry purchases a part for its production from Delta. Country B has a higher tax rate...

Compared to mortgage pass - through securities ( MPTs ) , MBBs should be priced to provide: Higher yields, because the MBB issuer bears higher prepayment risks Lower yields, because the MBB issuer...

CT Corp Comprehensive Question Canadian Tire Corporation, Limited (Canadian Tire) is a family of companies that includes a retail segment and a financial services division, among others. The retail...

(Appendices) James, age 28, was laid off by an auto manufacturer when the firm began retooling to produce a new model car. He knows he will be called back to work when the model changeover is...

(Appendices) What are sales allowances? How do sales allowances differ from sales discounts? LO22

(Appendices) One of the most critical problems in unemployment compensation at the present time is the inadequate financing of benefits, which caused the majority of states to deplete their trust...