Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 4 jane sold goods to johnno for $4400 inc

QUESTION 4 Jane sold goods to Johnno for $4400 including GST. Johnno paid his account...

90.2K

Verified Solution

Question

Accounting

image

QUESTION 4 Jane sold goods to Johnno for $4400 including GST. Johnno paid his account within the discount period and received a settlement discount of 5%. Using the gross method, which of the following is the correct entry in Jane's books to record Johnno's payment? DR Cash $4180; DR Discount allowed $200; DRGST payable $20: CR Accounts receivable $4400 DR Cash $4200; DR Discount allowed $200; CR Accounts receivable $4400 DR Cash $4180: DR Discount allowed $220: DR GST payable $20: CR Accounts receivable $4420 DR Cash $4180; DR Discount allowed $220; CR Accounts receivable $4400

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

a. Find three rational numbers between 3/4 and 0. 75 overbar b. Find three rational numbers between...

Basic Math
Q

Blue-eyed Mary is a small wildflower whose petals may have one of three colors: blue, pink,...

Biology
Q

How do you think John Watson's scandal would be addressed today? Do you think that Watson...

Psychology
Q

Please name 5 examples of indirect stereotyping. Use the following example to understand how each indirect...

Psychology
Q

All things equal, which would be superior: variable or absorption costing? If you were take away the...

Accounting
Q

27 Which structure below is appropriate for glycine at neutral pH A H3NCH2C00 C H2NCH2COO...

Biology
Q

Help Save & Exit 3 On December 1. Milton Company borrowed...

Accounting
Q

Problem 3-37 (Algorithmic) (LO. 3, 7) Taylor, age 14, is claimed as a dependent by...

Accounting
Q

RecRoom Equipment Company received an $8,000, six-month, 6 percent note to settle an $8,000 unpaid...

Accounting
Q

3. Purrfect Pets had beginning and ending balances, respectively, in its retained earnings account of...

Accounting
Q

which is a country code top-level domain?a. .fr b. .int c. .mil d. .aero

Accounting
Q

The Evanec Company's next expected dividend, D1, is $2.97; its growth rate is 4%; and...

Finance