Acct MC

Which of the following transactions should not recorded in the accounting records

of a trading company?

(1)purchase of a diamond for the owner's wife by a company's cheque

(2)receipt of free sample from suppliers

(3)return of damaged goods from a customer and the customer would no longer be

required to settle the purchasing price

(4)packing goods before delivery which are previously ordered by a customer

A.(1) and (3) only

B.(1) and (4) only

C.(2) and (3) only

D.(2) and (4) only

Please circle the answer and briefly explain.

1 個解答

評分
  • 5 年 前
    最佳解答

    The answer for this MC IS D (2) and (4) only

    Explanation:

    (1) Purchase of a diamond for the owner's wife by a company's cheque

    Debit(Dr) Purchase XXXX

    Credit(Cr) Bank XXXX

    (2) Receipt of free sample from suppliers

    No double entry needed because free sample is free of charge and

    no money is involved in the transaction.

    (3) Return of damaged goods from a customer and the customer would

    no longer be required to settle the purchasing price

    The entry before returning the damaged goods

    Dr Accounts Receivable XXXX

    Cr Sales Revenue XXXX

    The entry after returning the damaged goods

    Dr Sales Return / Return Inward XXXX

    Cr Accounts Receivable XXXX

    (4) Packing goods before delivery which are previously ordered by a customer

    No double entry is needed because the goods are still not delivered to the

    customer and also no money is involved in this transaction.

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