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Accounting Question Help Please?
I would like to know how I should journalize this entry:
Credit invoice received from Sam's Trailors for a 10% price adjustment on
invoice #515, $1910
Please tell me what to debit/credit....purchase discounts, or purchase returns.
THANKS
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Answer / sajjad1
Dear you have to Pass this entry
Sam Trailer A/C 191 (dr)
Dicount on Purchse A/C 191 (Cr)
Dear there is no P/R its for asjustemt entry
If u cr the purchase Return then the closing stock will be
distrub.
| Is This Answer Correct ? | 0 Yes | 2 No |
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In Pricing the gallons of petrol sold,service station 'A' follows the first-in-first-out method,while service station'B'follows last-in-first-out method.On 1st January both has the same quantity in stock viz.6,000 gallons at Rs.26 per gallon.During the month,each station recieved additional supplies of 6,000 gallons at Rs.27.50 per gallon.Sales for each of these two stations,during the month,were 8,800 gallons at Rs.29 per gallon. Determine for each service station,profit earned during the month and value of the petrol in stock at close of the month.
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