MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWING TRANSACTIONS… 1)Merchandise acquired cost is 114.000 +10 % VAT .Freight In was 6.000 TL +10% VAT Paid by the vendor. Purchase is completed by endorsing a check. 2)Machinary is purchased for 326.000 TL + %10 VAT , Note is endorced for purchase . Transportation and Installations invoice is 94.000 TL + %10 VAT half paid by check balance is on account. . 3) Merchandise sold for 64.000 USD ( rate 7.05 TL/ USD) + 10% VAT received note for sale. VAT paid cash . Cost of good Sold is 235.000 TL 4) Bank Credit Memorandum states that , 95.000 TL issued check is collected from the Bank. 5) 24 month rent contract, Starting 1st April 2020 is signed for 384.000 TL. Prepayment is made by half check and half note issued, 6) 25.000 USD is paid ( cash ) by the customer for USD Merchandise sale . Rate is 7.15 TL/USD. 7) Customer transferred 85 .000 TL to the Bank, to close the open account 8 ) Customer ordered to purchase 270.000 TL + %10 VAT Merchandise . Customer issued 95.000 advance check for the order . 9) Land is Purchased for 2.850.000 TL + %10 VAT from X Company and Bank transfer is made to X company. Real Estate Service Invoice is 80.000 + %10 VAT.Half check is issued and balance is on account. Property tax is 70.000 TL , paid cash. 10) Order is delivered to customer .Customer closed the balance by issuing half check , half on account. .Cost of Goods Sold is 116.000 TL. 11. 15.000 USD is paid by the customer for USD Merchandise Sale. Rate is 7.10 TL/USD 12) Customer returned 26.000 TL + 10% VAT merchandise . Cost of Goods Sold is 8.400 TL. Check is issued for returned merchandise and TL cash is paid for VAT. 13 ) At the end of the month USD Rate is 6,95 TL/ USD . 14) Order is given to vendor , for purchasing 160.000 TL + %10 VAT . issued a check for 90.000 TL as an advance payment . 15) Order is received and balance is on account. Freight in paid 9.500 TL + %10 VAT .
MAKE THE NECCESSARY
TRANSACTIONS…
1)Merchandise acquired cost is 114.000 +10 % VAT .Freight In was 6.000 TL
+10% VAT Paid by the vendor. Purchase is completed by endorsing a check.
2)Machinary is purchased for 326.000 TL + %10 VAT , Note is endorced for
purchase . Transportation and Installations invoice is 94.000 TL + %10 VAT half
paid by check balance is on account. .
3) Merchandise sold for 64.000 USD ( rate 7.05 TL/ USD) + 10% VAT
received note for sale. VAT paid cash . Cost of good Sold is 235.000 TL
4) Bank Credit Memorandum states that , 95.000 TL issued check is
collected from the Bank.
5) 24 month rent contract, Starting 1st April 2020 is signed for
384.000 TL. Prepayment is made by half check and half note issued,
6) 25.000 USD is paid ( cash ) by the customer for USD Merchandise sale .
Rate is 7.15 TL/USD.
7) Customer transferred 85 .000 TL to the Bank, to close the open
account
8 ) Customer ordered to purchase 270.000 TL + %10 VAT Merchandise .
Customer issued 95.000 advance check for the order .
9) Land is Purchased for 2.850.000 TL + %10 VAT from X Company and
Bank transfer is made to X company. Real Estate Service Invoice is 80.000 + %10
VAT.Half check is issued and balance is on account. Property tax is 70.000 TL ,
paid cash.
10) Order is delivered to customer .Customer closed the balance by
issuing half check , half on account. .Cost of Goods Sold is 116.000 TL.
11. 15.000 USD is paid by the customer for USD Merchandise Sale. Rate
is 7.10 TL/USD
12) Customer returned 26.000 TL + 10% VAT merchandise . Cost of
Goods Sold is 8.400 TL. Check is issued for returned merchandise and TL cash is
paid for VAT.
13 ) At the end of the month USD Rate is 6,95 TL/ USD .
14) Order is given to vendor , for purchasing 160.000 TL + %10 VAT .
issued a check for 90.000 TL as an advance payment .
15) Order is received and balance is on account. Freight in paid
9.500 TL + %10 VAT .
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