Question
In: Accounting
Mr J Ockey commenced trading as a wholesaler stationer on 1 May 2000 with a capital...
Mr J Ockey commenced trading as a wholesaler stationer on 1 May 2000 with a capital of £5,000.00 with which he opened a bank account for his business. During May the following transactions took place.
May 1 Bought shop fittings and fixtures from store fitments Ltd for £2,000.00
May 2 Purchased goods on credit from Abel £650.00
May 4 Sold goods on credit to Bruce £700.00
May 9 Purchased goods on credit from Green £300.00
May 11 Sold goods on credit to Hill £580.00
May 13 Cash sales paid into bank account £200.00
May 16 Received cheque from Bruce in settlement of his account
May 17 Purchased goods on credit from Kay £800.00
May 18 Sold goods on credit to Nailor £360.00
May 19 Sent Cheque to Abel in settlement of his account
May 20 Paid rent by cheque £200.00
May 21 Paid delivery expenses by cheque £50.00
May 24 Received from Hill £200.00 on account
May 30 Drew cheque for personal expenses £200.00 and assistant wages £320.00
May 31 Settled the account of Green.
Required
a) Record the transactions in the books of prime entry.
b) Post the entries in the ledger accounts
c) Balance the ledger accounts where necessary
d) Extract a trial balance as at 31 May 2000.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
NewTech Medical Devices is a medical devices wholesaler that commenced business on June 1, 20X1. The...
NewTech Medical Devices is a medical devices wholesaler that
commenced business on June 1, 20X1. The company purchases
merchandise for cash and on open account. In June 20X1, NewTech
Medical Devices engaged in the following purchasing and cash
payment activities:
DATE
TRANSACTIONS
20X1
June
1
Issued Check 101 to purchase merchandise, $2,800.
3
Purchased merchandise for $2,050 from BioCenter Inc., Invoice
606; terms 2/10, n/30.
5
Purchased merchandise for $4,150, plus a freight charge of
$120, from New Concepts Corporation,...
NewTech Medical Devices is a medical devices wholesaler that commenced business on June 1, 20X1. The...
NewTech Medical Devices is a medical devices wholesaler that
commenced business on June 1, 20X1. The company purchases
merchandise for cash and on open account. In June 20X1, NewTech
Medical Devices engaged in the following purchasing and cash
payment activities:
DATE
TRANSACTIONS
20X1
June
1
Issued Check 101 to purchase merchandise, $3,800.
3
Purchased merchandise for $1,350 from BioCenter Inc., Invoice
606; terms 2/10, n/30.
5
Purchased merchandise for $5,150, plus a freight charge of
$100, from New Concepts Corporation,...
NewTech Medical Devices is a medical devices wholesaler that commenced business on June 1, 2019. NewTech...
NewTech Medical Devices is a medical devices wholesaler that
commenced business on June 1, 2019. NewTech Medical Devices
purchases merchandise for cash and on open account. In June 2019,
NewTech Medical Devices engaged in the following purchasing and
cash payment activities:
DATE
TRANSACTIONS
2019
June
1
Issued Check 101 to purchase
merchandise, $4,200.
3
Purchased merchandise for $1,550 from BioCenter Inc., Invoice
606; terms 2/10, n/30.
5
Purchased merchandise for $5,550, plus a freight charge of $110,
from New Concepts...
NewTech Medical Devices is a medical devices wholesaler that commenced business on June 1, 2019. NewTech...
NewTech Medical Devices is a medical devices wholesaler that
commenced business on June 1, 2019. NewTech Medical Devices
purchases merchandise for cash and on open account. In June 2019,
NewTech Medical Devices engaged in the following purchasing and
cash payment activities:
DATE
TRANSACTIONS
2019
June
1
Issued Check 101 to purchase
merchandise, $3,800.
3
Purchased merchandise for $1,350 from BioCenter Inc., Invoice
606; terms 2/10, n/30.
5
Purchased merchandise for $5,150, plus a freight charge of $100,
from New Concepts...
Problem NewTech Medical Devices is a medical devices wholesaler that commenced business on June 1, 2019....
Problem
NewTech Medical Devices is a medical devices wholesaler that
commenced business on June 1, 2019. NewTech Medical Devices
purchases merchandise for cash and on open account. In June 2019,
NewTech Medical Devices engaged in the following purchasing and
cash payment activities:
DATE TRANSACTIONS
2019
June 1 Issued Check 101 to purchase merchandise, $4,000.
3 Purchased merchandise for $1,450from BioCenter Inc., Invoice 606;
terms 2/10, n/30.
5 Purchased merchandise for $5,350, plus a freight charge of
$100, from New Concepts...
P Q TR MR MC TC PROFIT 2000 0 0 2000 -2000 1900 1 1900 1900...
P
Q
TR
MR
MC
TC
PROFIT
2000
0
0
2000
-2000
1900
1
1900
1900
600
2600
-700
1800
2
3600
1700
400
3000
600
1700
3
5100
1500
100
3100
2000
1600
4
6400
1300
100
3200
3200
1500
5
7500
1100
300
3500
4000
1400
6
8400
900
600
4100
4300
1300
7
9100
700
900
5000
4100
1200
8
9600
500
1200
6200
3400
1100
9
9900
300
1600
7800
2100
1000
10
10000
100
2000...
1. Caspian Sea Drinks is considering buying the J-Mix 2000. It will allow them to make...
1. Caspian Sea Drinks is considering buying the J-Mix 2000. It
will allow them to make and sell more product. The machine cost
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the profitability index for the J-Mix 2000?
Round to 3 decimal places
1.Caspian Sea Drinks is considering buying the J-Mix 2000. It will allow them to make and...
1.Caspian Sea Drinks is considering buying the J-Mix 2000. It
will allow them to make and sell more product. The machine cost
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the net present value of the J-Mix 2000?
2.Caspian Sea Drinks is considering buying the J-Mix 2000. It
will allow them to make and sell more product. The machine cost
$1.72 million and create...
1. Caspian Sea Drinks is considering buying the J-Mix 2000. It will allow them to make...
1. Caspian Sea Drinks is considering buying the J-Mix 2000. It
will allow them to make and sell more product. The machine cost
$1.57 million and create incremental cash flows of $642,347.00 each
year for the next five years. The cost of capital is 10.44%. What
is the net present value of the J-Mix 2000?
2. Caspian Sea Drinks is considering buying the J-Mix 2000. It
will allow them to make and sell more product. The machine cost
$2.00 million...
Mr. Carter is the manager of Simmons Farm and Seed Company, a wholesaler of fertilizer, seed,...
Mr. Carter is the manager of Simmons Farm and Seed Company, a
wholesaler of fertilizer, seed, and other farm supplies. The
company has been successful in recent years primarily because of
great customer service— flexible credit terms, customized orders
(quantities, seed mix, etc.), and on-time delivery, among others.
Global Agricultural Products, Inc., Simmons' parent corporation,
has informed Mr. Carter that his budgeted net income for the coming
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