Chp 10 : Trade receivables

Question 1

State the journal entry when business provide service fee on credit.

Answer 1

Question 2

Journal entry when credit customer return goods to business.

Answer 2

Question 3

Journal entry when credit customer return goods to business. Cost price of the goods is $100

Answer 3

Question 4

State the journal entry when cheque received $70 from credit customer, in FULL SETTLEMENT OF $100.

Answer 4

Question 5

State the journal entry when $70 cheque received from credit customer, in FULL SETTLEMENT OF $100 was DISHONOURED

Answer 5

Question 6

Discount allowed would ___________profit as it is an ___________

Answer 6

Reduce** profit as it is an **expense

Question 7

If discount allowed is NOT RECORED, profit would be ____________

Answer 7

OVERSTATED

Question 8

Business sold goods at list price of $100 with trade discount of 10% to Loh on credit. How much should be recorded?

Answer 8

90% x 100 = $90

Question 9

Business sold goods at list price of $100 with trade discount of 10% to Loh on credit. $90 would appear in the ____column of Trade receivable, Loh

Answer 9

Dr column

Question 10

Can you recall what are the usual items in a TRADE RECEIVABLE, Jay’s account? Retrieve from your memory now;)

Answer 10