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    russ1368's Avatar
    russ1368 Posts: 1, Reputation: 1
    New Member

    Nov 11, 2009, 05:23 PM
    I need the answers to these questions
    We established a trading company. Sponsor gave us $100,000.

    What is the correct entry for the book?

    1) July 1:
    Sales dept. placed Purchase order to Japan for 100 units of Navigation system.
    Unit Price was $400 per unit.

    2) July 15:
    Sales dept. received Invoice from Japan. Invoice amount was $40,000 but goods were still on the water.
    At this moment, what is the correct entry for the book?

    3) July 31:
    Invoice due date is on July 31. Goods were still on the water but we paid on due.
    What is the correct entry for the book?

    4) August 15:
    Goods arrived in our warehouse, but only 50 units were received.
    At this moment, what is the correct entry for the book?

    Still missing 50 units. What is the correct action?

    5) August 20:
    Finally rest of the goods arrived. What is the correct entry for the book?

    What is the important point at this moment?

    6) August 31:
    We received order from Customer in Mexico. 100 units and unit price is at $500.
    We shipped on same date and issued sales invoice.

    At this moment, what is the correct entry for the book?

    In the result of this transaction, what happens on Balance Sheet and Profit and Loss?

    7) September 30:
    The customer in Mexico paid but amount was $49,900.
    In the result of investigation, we found that bank charge had been deducted.

    In the case of we owe bank charge, what is the correct entry?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,302, Reputation: 7692

    Nov 11, 2009, 07:38 PM

    I deleted your first post. And I am closing this one.

    1. you keep posting in the "forum help" area, not the education, not the finance area, but where you ask for help with how to use the site.

    2. you want someone to give you answers, we don't do homework here, we will advice you on your answers, so tell us what you think the answers are and we will help you with it.

    Against this question is closed

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