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Homework answers / question archive / Exercise 1- Long Essay Questions (30 points-5 points per function listed and explained) List and explain the 6 functions performed by Wholesalers

Exercise 1- Long Essay Questions (30 points-5 points per function listed and explained) List and explain the 6 functions performed by Wholesalers

Accounting

Exercise 1- Long Essay Questions (30 points-5 points per function listed and explained) List and explain the 6 functions performed by Wholesalers. Exercise 2- Short essay questions (30 points- 15 points each)

First Question: The following transactions incurred in business banks main branch is Amman: 6 Marks) 1. In 1/4/2006 transfer JD 5000 to aqaba in request of its customer (Moon Corporation) to beneficiary (Sun Corporation), JD 15 commission, JD 3 postal expense. 2. in 24/2006 The bank received $ 1500 transfer from Chiao bank to beneficiary (Amel Corporation) $: buy = 0.718, $: Sell=0.720,2% commission 3. Issue $ 800 Bank's check or request of its customer Talalu $: Buy = 0.708, S: Sell = 0.710, 1% commission JD 2 Postal expenses, all paid in cash, to beneficiary Salem in American bank. 4. Issues JD 3000 Bank's check on request of its customer Waleed to beneficiary Khaled Company, use central bank, JD 25 Commission, 5 JD Postal expense. 5. The Bank purchased travelers checks by $ 2000 after deducting 2% a commission, these checks drawn on Dalas bank (S Prices as in transaction 2). 6. The Bank Sold Travelers checks by 500 to its customer Mohammad draw on London bank all amounts recorded or customers account, 3% commission JD 2 Postal expense, (price still the same). Require: Record enters and show computation in tidy manner.

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