What is the journal entry for the following transaction?

Purchased equipment on credit

What is the journal entry for the following transaction?

Took out cash for personal expenses

What is the double entry when a business start with a cash float from cash at bank?

Summit Glazing operates an imprest petty cash system. The imprest amount is £150.00. At the end of the period the totals of the expense columns in the petty cash book were as follows:

£

Stationery 23.12

Sundries 6.74

Postage 12.90

Travel 28.50

RequirementsHow much cash is required to restore the imprest amount?

GSC Co operates an imprest petty cash system. The imprest amount is £125.00. At the end of the period the totals of the expense columns in the petty cash book were as follows:

£

Stationery 12.51

Sundries 7.21

Postage 6.12

Travel 32.60

Requirements : How much cash is required to restore the imprest amount?

What transaction is represented by the entries: Debit Rent, Credit Payables?

Crimson plc paid an invoice from a credit supplier and took advantage of the early settlement discount offered. 

When the invoice was received and recorded, Crimson plc did not expect to take the discount.

Requirement : The journal entry to record the payment of the invoice is:

A debit balance of £3,000 brought down on America Ltd’s account in Brazil Ltd’s accounting records means that Brazil Ltd owes America Ltd £3,000.

Select one:

Finnie has normal credit terms of 30 days but offers a prompt payment discount of 5% to customers if they settle invoices within 10 days. 

At 19 April, Finnie sold goods totalling £500 to Rabia. Rabia normally takes advantage of the prompt payment discount offered. 

At 22 April, Finnie sold goods to Shu totalling £340. Shu normally takes a full 30 days to settle their invoices.

Requirement : What is amount should be recordedin the ledger accounts of Finnie assuming that Rabia pays within 10 days

Finnie has normal credit terms of 30 days but offers a prompt payment discount of 5% to customers if they settle invoices within 10 days. 

At 19 April, Finnie sold goods totalling £500 to Rabia. Rabia normally takes advantage of the prompt payment discount offered. 

At 22 April, Finnie sold goods to Shu totalling £340. Shu normally takes a full 30 days to settle their invoices.

Requirement : What is amount should be recorded in the ledger accounts of Finnie assuming that Shu pays after 30 days as expected

Soft Supplies Co recently purchased from Hard Imports Co 10 printers originally priced at £200 each.

A 10% trade discount was negotiated together with a 5% early settlement discount if payment is made within 14 days. It is expected that advantage of the early settlement discount will be taken.

Requirement : Calculate the total of the early settlement discount.

Blake is a VAT registered trader whose sales and purchases carry VAT at the standard rate of 20%.

Blake sells a customer goods on credit for £4,800 exclusive of VAT.

Requirement : What is the double entry to record this?

A business which is registered for VAT received the following invoice from one of its VAT registered suppliers:

Invoice: 7035

Date: 20 December 20X0

£

Goods: 100 @

£10  1,000

Less trade discount -50

950

Assume the business is not expected to make the payment within 14 days and the VAT rate is 20%.RequirementWhat amount of VAT should have been charged on the invoice?

Blake is a VAT registered trader whose sales and purchases carry VAT at the standard rate of 20%.

Blake sells a customer goods on credit for £4,800 inclusive of VAT.

Requirement : What is the double entry to record this?