GMS 200 Lecture Notes - Lecture 22: Forklift, Remittance, Cheque

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Omid Jadidi

Document Summary

661 from j & j"s e(cid:395)uip(cid:373)e(cid:374)t, for purchase of forklift truck to be used in warehouse, 662 for an investment into business, 000. 00. Sold 65 dvd players, costing . 00 each, to joe"s applia(cid:374)(cid:374)(cid:272)es fo(cid:396) (cid:1009). (cid:1004)(cid:1004); te(cid:396)(cid:373)s: (cid:1006)/(cid:1005)(cid:1004), net 30. Joe"s applia(cid:374)(cid:272)es fi(cid:374)ds (cid:1008)(cid:1004) dvd playe(cid:396)s to (cid:271)e faulty, a(cid:374)d (cid:396)etu(cid:396)(cid:374)s the(cid:373) to g-mart for full purchase price, total . 00, plus hst . 00. [40 x = . 00 (sales returns and allowances)] Joe"s applia(cid:374)(cid:272)es pays the a(cid:373)ou(cid:374)t due, afte(cid:396) all (cid:396)etu(cid:396)(cid:374)s have (cid:271)ee(cid:374) a(cid:272)(cid:272)ou(cid:374)ted fo(cid:396). They also receive 2% discount for early payment of amount due. [. 75 - = . 75 (amount owed without discount)] [. 75 - . 75 = (total amount due)] Received memorandum from bank, stating that . 00 had been deducted f(cid:396)o(cid:373) (cid:272)o(cid:373)pa(cid:374)y"s (cid:271)a(cid:374)k account, to pay for bank charges and loan interest. Cash receipts from previous two weeks, stating revenue from sales, 480.