Accounting and Finance

prime cost, $20 000

cost of production, $50 000

cost of similar goods bought from another supplier, $55 000

price at which goods were transferred from the factory to the warehouse, $60 000

A check of $420 received from a customer was debited to his account

Discounts allowed, $420, was debited twice in the Discounts Allowed Account

Goods costing $420 taken by the owner of the business for own use were credited to his Drawings Account

Rent received, $420, was credited twice in the Rent Receivable Account

$3.3 million

$3.5 million

$5.3 million

$7.0 million

$1 358

$1 400

$1 552

$1 600

Credit note

Debit note

Invoice

Statement of account

legal costs for the purchase of property

purchase of a new computer for re-sale

renewing the electrical wiring in the office

repairs to plant and machinery

$100 greater for G

$100 greater for H

$500 greater for G

$500 greater for H

at net book value

at net realisable value

at replacement cost

at scrap value

Purchases journal

General journal

Accounts receivable subsidiary ledger

Accounts payable subsidiary ledger

Assets

Expense

Owner’s drawings

All of the above