Debit Building $500,000, Credit Cash $100,000, Credit Receivable $400,000

Debit Building $500,000, Credit Loan Payable $500,000

Debit Building $500,000, Credit Cash $400,000, Credit Loan Payable $100,000

Debit Building $400,000, Credit Cash $100,000, Credit Loan Payable $400,000

Equity increases; Liabilities increase

Assets increase; Liabilities decrease

Assets increase; Liabilities increase

Assets decrease; Liabilities increase

Land held for resale in the ordinary course of business.

Investments expected to be held for long term.

Intellectual property rights.

Equipment to be used in operations.

N$1,000 each month

N$3,000 each month

N$1,500 each month

N$0 each month

A reduction in the invoice amount granted to customers for prompt payment.

A reduction in the list price/invoice price of goods or services provided to customers.

A refund offered to customers for future purchases.

A discount granted to customers after the sale for a specific reason.

Income earned but not yet received.

Expenses that have been incurred but not yet paid.

Expenses that have been paid in advance.

Income received in advance of earning.

Income earned but not yet received.

Income received in advance of earning.

Expenses paid in advance.

Expenses incurred but not yet paid.

Dr Bank (SoFP) N$4 370;  Dr Allowance for Settlement discount (SoFP) N$200; Dr VAT input (SoFP) N$30; Cr Account receivable (SoFP)  N$4 600.  

Dr Bank (SoFP) N$4 370;  Dr Revenue - IFRS 15 (P/L) N$190; Dr VAT input (SoFP) N$40; Cr Account receivable (SoFP)  N$4 600.  

Dr Bank (SoFP) N$4 370;  Dr Allowance for Settlement discount (SoFP) N$190; Dr VAT input (SoFP) N$40; Cr Account receivable (SoFP)  N$4 600.  

Dr Bank (SoFP) N$4 370;  Dr Revenue - IFRS 15 (P/L) N$200; Dr VAT input (SoFP) N$30; Cr Account receivable (SoFP)  N$4 600.  

When the goods are dispatched to the customer.

When the invoice is raised to the customer/control has passed to the customer.

When the payment is received from the customer.

When the goods are ordered.