On 10 October 2018, the entity purchased commercial goods at a price of 60,000 TL + VAT. VAT prepaid amount has been given as of March 31, 2019.

-The commercial goods purchased were sold for 78,000 TL + 18% VAT. The VAT remaining amount is written to the customer's current account.

-10% of the merchandise sold is returned by the buyer, and its cost is deducted from the buyer's current account.

- The company subject to receivables and debt securities in accordance with its accounting policy. The rediscount interest rate for 2018 has been set at 10%.

REQUESTED:

Write the balances of the accounts related to this transaction as of 31.12.2018 in the table below.

HPP. ACCOUNT NAME BALANCES

NO 2018

WILL BORROW

120 Buyers

121 Receivables

122 Rediscount of Receivables

320 Dealers

321 Debt Securities

Rediscount of 322 Debt Instruments

647 Rediscount Interest Income

657 Rediscount Interest Expenses

600 Domestic Sales

610 Returns from Sale

611 Sales Discounts

620 Cost of Products Sold

621 Cost of Commercial Goods Sold

Answer rating: 100% (QA)

Solution HPP NO ACCOUNT NAME BALANCES 2018 120 Buyers 52920 12... View the full answer