Question

Given the following information: Accounts Receivable at 1 July 2017    30,000 Accounts Receivable at 30...

Given the following information:

Accounts Receivable at 1 July 2017    30,000
Accounts Receivable at 30 June 2018 27,000
Receipts on account for the year to 30 June 2018 98,000

Calculate Credit Sales for the year to 30 June 2018:

Do not use any punctuation or symbols in the answer.

Answer:

Part B

Select the most appropriate account to be debited for the following transactions.

Note that an account may be used more than once or not at all.

Paid for supplies bought on credit

Answer 1 Choose...Supplies on Hand   Accounts Payable   Cash At Bank   Equipment    Accounts Receivable   Inventory   Sales Revenue   Salaries Expense

Receipt of interest

Answer 2Choose...Supplies on Hand   Accounts Payable   Cash At Bank   Equipment   Accounts Receivable   Inventory   Sales Revenue   Salaries Expense

Purchase of equipment on credit

Answer 3   Choose...Supplies on Hand   Accounts Payable   Cash At Bank   Equipment   Accounts Receivable   Inventory Sales  Revenue     Salaries Expense

Services performed on account

Answer 4   Choose...Supplies on HandAccounts    PayableCash At BankEquipmentAccounts Receivab   leInventory   Sales Revenue   Salaries Expense

Receipt of cash on account

Answer 5 Choose...Supplies on Hand Accounts Payable Cash At Bank Equipment Accounts Receivable Inventory Sales Revenue Salaries Expense

Payment of Salaries

Answer 6 Choose...Supplies on Hand Accounts Payable Cash At BankE quipmentAccounts Receivable Inventory Sales Revenue Salaries Expense

Purchase of stock for cash

Answer 7 Choose...Supplies on Hand Accounts Payable Cash At Bank Equipment Accounts Receivable Inventory Sales Revenue Salaries Expense

Homework Answers

Answer #1

Credit Sales for the year to 30 June 2018 = $95000

Explanation;

Credit Sales for the year to 30 June 2018 will be calculated as follow;

Accounts Receivable at 30 June 2018

$27000

Add: Receipts on account for the year to 30 June 2018

$98000

Less: Accounts Receivable at 1 July 2017

($30000)

Credit Sales for the year to 30 June 2018

$95000

Part – B;

Transactions

Account to be debited

1

Paid for supplies bought on credit

Accounts Payable

2

Receipt of interest

Cash At Bank

3

Purchase of equipment on credit

Equipment  

4

Services performed on account

Accounts Receivable

5

Receipt of cash on account

Cash At Bank

6

Payment of Salaries

Salaries Expense

7

Purchase of stock for cash

Inventory

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