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Smith Co has the following transactions:1 Purchase of goods on credit from T Rader: $4502 Return of goods purchased on credit last month to T Rouble: $700

What are the correct ledger entries to ?

A

Dr Purchases $450 Dr Purchase Returns $700

Cr Cash $450 Cr Trade Payables $700

B

Dr Purchases $450 Dr Trade Payables $700

Cr Purchase Returns $1,150

C

Dr Purchases $450 Dr Trade Payables $250

Cr Purchase Returns $700

D

Dr Purchase Returns $700 Dr Purchases $450

Cr Trade Payables $1,150

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Chapter5Ledgeraccountsanddoubleentry

W1 $380 x 100 = $323Dr Purchases $450

Dr Trade Payables $250Cr Purchase Returns $700The purchase of goods on credit is recorded as Dr Purchases, Cr Trade payables $450. The return of goods which were purchased on credit is recorded as Dr Trade Payables, Cr Purchase Returns, combining both entries gives the answer above.

多做几道

Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal

use?

A

The fair presentation concept

B

The accruals concept

C

The going concern concept

D

The business entity concept

Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal

use?

A

The fair presentation concept

B

The accruals concept

C

The going concern concept

D

The business entity concept

According to the IASB's Conceptual Framework for Financial Reporting, which TWO of the following are part of faithful

representation?1 It is neutral2 It is relevant3 It is presented fairly4 It is free from material error

A

1 and 2

B

2 and 3

C

1 and 4

D

3 and4

Which of the following accounting concepts means that similar items should receive a similar accounting treatment?

A

Going concern

B

Accruals

C

Matching

D

Consistency

Listed below are some characteristics of financial information.1 Relevance2 Consistency3 Faithful representation4 Accuracy

Which of these are qualitative characteristics of financial information according to the IASB's Conceptual Framework for

Financial Reporting?

A

1 and 2 only

B

2 and 4 only

C

3 and 4 only

D

1 and 3 only

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