Podcast
Questions and Answers
What was the total amount paid for May rent on May 1st?
What is the consequence of the payment terms '2/10, n/30' for the transaction on May 3?
What additional costs were incurred on May 4 for the purchase made on May 3?
What was the Cost of Goods Sold (COGS) for the sale to Khaerudin on May 6?
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How much was received in cash from Harun on May 10?
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What was the amount paid for salaries to sales staff on May 28?
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What was the value of goods purchased on credit from Budiman on May 19?
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What was the consequence of returning damaged goods on May 24?
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Study Notes
May Transactions
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May 1: Paid May rent for Rp5,000,000.
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May 3: Purchased goods on credit from Martin, terms 2/10, n/30, FOB shipping point, for Rp36,000,000.
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May 4: Paid shipping costs for May 3 purchase, Rp600,000.
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May 6: Sold goods on credit to Khaerudin, terms 2/10, n/30, FOB shipping point, for Rp68,500,000, with cost of goods sold of Rp41,000,000.
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May 7: Received cash of Rp22,300,000 from Harun for overdue account.
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May 10: Sold goods for cash (Rp54,000,000) with cost of goods sold of Rp32,000,000.
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May 13: Paid for goods purchased on May 3.
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May 15: Paid Rp11,000,000 for advertising expenses (up to the end of May).
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May 16: Received cash from sales on May 6.
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May 19: Purchased goods for cash, Rp18,700,000.
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May 19: Purchased goods on credit from Budiman.
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May 20: Paid Rp33,450,000 to Budiman for outstanding due from prior sales; returned goods from prior sales for Rp13,230,000 to Khaerudin, associated with return costs and COGS.
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May 20: Sold goods on credit to Crisna, terms 1/10, n/30, FOB shipping point.
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May 21: Paid Rp2,300,000 for shipping costs for the sale to Crisna (May 20).
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May 21: Received cash of Rp42,900,000 from Gito for overdue accounts.
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May 21: Purchased goods on credit from Otto, terms 1/10, n/30, FOB destination, for Rp88,000,000.
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May 24: Returned damaged goods purchased on May 21 for Rp5,000,000, receiving credit for the return.
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May 26: Returned cash to a customer who made a cash purchase, Rp7,500,000, with costs of goods sold from the returned item being Rp4,800,000.
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May 28: Paid sales staff and office staff. Sales staff Rp56,000,000; Office staff Rp29,000,000.
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May 29: Purchased inventory for cash (Rp2,400,000).
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May 30: Sold goods to Tasya on credit, terms 2/10, n/30 FOB shipping point, for Rp78,750,000; COGS is Rp47,000,000.
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May 30: Received cash from sales for May 20, including delivery costs.
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May 31: Paid the balance due on purchases made on May 21, less any returns made on May 24.
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Description
This quiz covers various financial transactions occurred in May, including rent payments, purchases on credit, and sales transactions. Students will analyze how these transactions affect cash flow and accounts receivable. Test your understanding of accounting principles and transaction recording.
