IFA Discount and Carriage

Categorize

Options (8)

Given for bulk purchase

Given for early payment

Given at the time of purchase, both cash and credit

Given at the time of payment for credit purchase

The amount of discount stated in invoice

The term of discount stated in the invoice

Not recorded in journal

Recorded in journal as discount received by the buyer and discount allowed by the seller

Organize these options into the right categories

Trade discount

Cash discount

Dropdown

According to MD Prima Enterprise,

this invoice is a ​ ​

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which is used for ​

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that will be recorded in ​

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Dropdown

According to MD Prima Enterprise,

the ledger entries for the credit sales are:

Sales a/c​ ​

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Fakulti Perakaunan a/c ​

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​

Discount allowed a/c ​

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Dropdown

According to MD Prima Enterprise,

this invoice is a ​

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which is used for ​

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that will be recorded in ​

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Dropdown

According to MD Prima,

the ledger entries for the credit purchase are:

Debit ​

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Credit ​

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Multiple Select

Which of the following is/are true?

The credit term 7/15 net 30 means ...

• MD Prima need to pay the full amount due $2,262.50 within 30 days from the invoice date i.e. by 9th Feb 20X1

• 7% discount will be given if MD Prima made payment within 15 days after invoice date i.e. by 25th Jan 20X1

• 15% discount will be given if MD Prima made payment within 7 days after invoice date i.e. by 17th Jan 20X1

• MD Prima can pay the full amount due $2,262.50 after 30 days from the invoice date i.e. after 9th Feb 20X1

Dropdown

According to MD Prima,

the ledger entries for the following transaction are:

Officemate a/c ​

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Bank a/c ​

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Discount received a/c ​

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Discount allowed a/c ​ ​

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Categorize

Options (6)

Delivery charges incurred while purchasing goods

Delivery charges incurred while selling goods

Included as cost of goods purchased

Included as operating expense

Paid by buyer

Paid by seller

Organize these options into the right categories

Carriage outward

Carriage inward

Dropdown

"Paid delivery charges by cash to deliver goods sold to Lim Trading"



The ledger entries are:

Debit ​

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Credit ​

Select answer

Dropdown

"Paid delivery charges by cash to deliver goods bought from Sen Dai Bhd"

The ledger entries are:

Debit ​

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Credit ​

Select answer