Foss entries, Prepore lodger acounts and also a trial belonce. యంe 2.5.21 Started business curth lo0000 Y.5 21 depessted G0000 Po book. 19-5 21 Saloofies Paid % cash 15000 17.5-21 rent Pard in cash lo000 24.5.21 Salaries Paid thaaugh chrque 8500 305-21 Bent Pard through chopue 1000 .
Q: Given the following data; TOTAL PURCHASES 150000 CASH PURCHASES 45000 PURCHASE RETURN S000 OPENING…
A: Creditors turnover ratio = net credit purchase * 2 / (Opening creditors + Closing creditors)
Q: operations for Delivery Service, the business had the ff. accounts: Accounts Receivable,Php 1200…
A: Introduction:- A current assets is an asset, which are expected to be consumed with in one year.…
Q: Paragraph The following is the trial balance of M/s Ngugi as on 31 March 2018; Particulars Dr. Cr.…
A: Adjusting entries of 31.03.2018 : 1. Closing stock of Sh.5800 Closing stock of Sh.5800 is credited…
Q: AGSESSIVENT POST EACH JOUENA L ENTEY T0 IR dOR RESPDDILIe LED GER (CRITE YOUR ANSUER S N SE PARATE…
A: T accounts are used for posting accounting journal transactions in order to classify them into…
Q: Consignment-out estimates in Anderson inc. Seen below. What journal entry would be prepared on…
A: Consignment is a type of arrangement in which a person sends goods to other person for the purpose…
Q: Sept. 1 Mr. Bean withdrew P1,000,000 from his personal savings acco it under the account of Bean Co.…
A: The journal entries are prepared to record day to day transactions of the business.
Q: Nelson Daganta formed the Liceo Signages on Oct. 1, 2019. He deposited P250,000 in GE Money Bank…
A: According to accounting equation, assets equal to sum of liabilities and equity.
Q: Total Liabses and SES 1529.500 ns balance sheet was prepared by Muskrats bookkeeper and obviously…
A: Classified Balance Sheet The purpose of preparing the classified balance sheet to know the actual…
Q: During June 2021, the business completed these transactions: June 1: Received cash of $6300 and…
A: Accounting Equation:- It is the statement where total assets are equal to the sum of total…
Q: Here Come Tue clownsl e the name Of tiending circue owned by Red Costello. me ledger accomts Of the…
A: The question is related to preparation of Balance Sheet as on 30 June 2001 from given balances
Q: You have been asked 31st Dec 2. to Prepare pinanciial ended aud ledgers 17 Mr kamau 9ccounrs or…
A: Accounting concepts are the rules, policies and guidelines that are used for accounting purpose in…
Q: 3. The following is the trial balance of Aroro Enterprise as at 31 August 2019 田 Debit (RM) Credit…
A: The financial statement indicates the performance and position of the corporation in the industry…
Q: From the following information, calculate Net Profit. Details Debit (RO) Credit (RO) 6500 Salary…
A: Net profit is calculated by deducting all the expenses from the gross profit and then adding all the…
Q: cash, Php7. n credit for Php2,60 erchandise sold Dec randum for the retur or Php600. hp200 for…
A: Accounts Receivable 5,000 Sales 5,000 Merchandise Inventory 720…
Q: June 2 Received $11,500 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January…
A: Journal entry: Journal is a book of prime entry or a book of original entry in which transactions…
Q: 08. Followings are the Balance Sheet and Receipts and Payments Account of Buddivardaka Library,…
A: Income and Expenditure account is based on accrual concept of accounting, which means all expenses…
Q: The April 2014 trensectivns ofBudget Driving Institute owned end managed by Crispin Rusales ure…
A: Journal entries are the primary reporting of the transactions in books of accounts so as to maintain…
Q: December 31, 20x6, JANE granted the following people franchises that ANNA BETY id (down payment)…
A: Total revenue to be recognized by jane on Dec 31, 2006
Q: The torleaing trial balance kas ben draen uptrom a boclkrhop Trial balance as at 31 DOC 2028 Cr Dr…
A:
Q: Prepaid Insurance Land 15,8e 158,e Accaunts Payable Deferred Revene $ 8,70e 7,e 153,8e Comon Stock…
A:
Q: yor. Zakania Staying at chennai geceives pin .as basic Salery by termos oj on E-lernover ackiv ed by…
A: House Rent Allowance (HRA) - It is component of salary component paid by the employer to its…
Q: Multiple-Step Incor On March 31, 20Y4 wholesaler, are as f Accumulated Deprecia Administrative Exp…
A: Multistep income statement is prepared for calculation of net income by segregation of operating…
Q: double entry accounting write the appropriate journel entries in the books of account of wondabyne…
A: The double-entry accounting concept means when one transaction affects two accounts. It means one…
Q: 0B olfice Supplies trade in all office supplies The foll oming transaction took place on 4 Maich…
A: Cash payment journal - Used for all cash payments Each entry includes a credit to cash & has…
Q: of the transactions of Duder Company dm aethod. $16,000, terns 2/10, ru30. $36,000, terns 2/10,…
A: Journal entries (JE) refers to recording of the transactions into the books of accounts or books of…
Q: vollol es worde ad bluo V.0S 1ecloto0no nollisog inlonsn en Date Details nolaune niinuooos The…
A: According to accounting equation, Assets = Liabilities + owners' equity
Q: Debit Credit Account Tittle Acc No Cosh in Bank Accants Receivalle Urused Laundry Supplies Prepad…
A: At the end of the accounting period, the closing entries are used to close the temporary accounts.…
Q: Groro Co. Bills a client $62,000 for services provided and agrees to accept the following 3 items as…
A: While passing a journal entry, it is to remember the three golden rules of accounting a) For real…
Q: MONTH June DATE AMOUNT ($) 200 $ $ 350 33,600 30,000 36,000 65 4,200 25,000 85 1,000 320 1,000 1,400…
A: In the context of the given question, we are required to prepare the journal entry. Journal entry:…
Q: EJ0.11 (LO1,3) (Entries for Equie. Aconisitions) Geddes Enginnering CorForation Purchased conve Yor…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: . Cash Discount 1. An invoice for Php 70 250 dated March 25, terms 5/10, 2/30, n/60, is paid in full…
A: The question is based on the concept of Financial Accounting. As per the Bartleby guidelines we are…
Q: EXPLANAHON JR DEBIT CREDIT - THE BUSINESS ACQUIRED DEFICE FQUIPMTENT AND FURMITHIRE WORTH P251000…
A: 5) Journal Entry : Page : 2 Date Account Title PR Debit Credit Dec 12,2018 Equipment 106…
Q: From the following information, pass necessary journal entries in the books of Mr. X for August,…
A: The question is related to Journal entries for the month of August 2021.
Q: 8. Assume the fiscal year-end is December 31, 2019. Prepare an income statement, statement of…
A:
Q: Bought delivery van P850,000 terms 20% down and the balance payable in one year. Required: 1.…
A: General journal: It is the initial step to record all the transactions in a general journal before…
Q: Simon got an invoice dated on May 2nd with an amount of $2,150.00 and the terms are 4/15, n/30 ROG.…
A: 4/15, n/30 means if the invoice is paid within 15 days a discount of 4% will be given otherwise full…
Q: s. Cai Monel owned a business named CAI'S GENERAL MERCHANDISE and had the following ansactions for…
A: Perpetual inventory system: Perpetual inventory system is one of the method that evaluates the…
Q: a Ose the data to prepare a Standard Presentation of the Balance of Payments #0 Show how vou…
A: Balance of payment, It is also known as international payment, these are the transaction between one…
Q: 2019 Rs Business startid with Cauh Purchased goods for cash Sold goods to Swali Purchaned fan…
A: Steps in Journalising Step 1 - Work out the accounts that are affected by a transaction. Step 2 -…
Q: Particular P.R Debit Credit Date 85000000 March 4 Ca sh in Bank E. Copper, CapitalL Initial…
A:
Q: Dec. " pene Lee Ly had Cash Dec. 1 Derecitn tpe Aum Depeciation merts x P tacter t paymerts tepene…
A: The entries have been prepared below.
Q: 3. The following is the trial balance of Aroro Enterprise as at 31 August 2019 Particulars Debit…
A: 1. Statement of P&L is a kind of financial statement which is prepared taken with all expenses,…
Q: A trader provides the followny rnformationin Fe bruary 2017. Fèh 1: Balarce of a cash saso 2:Paid…
A: Ledger accounts in the accounting are based on the journal entries made as per double entry system.…
Q: B Moore's Trial Balance as at 30 September 2021 Particulars DR £ CR £ Cash at Bank £45000…
A: Income statement will include only revenue items and the difference between income and expense…
Q: Accounts Recei vable. Prepare Journal Entries Allowance for Doubliful Accaunts Transactions 9000 31…
A: Accounts receivable are funds due by purchasers that have yet to pay for purchases to a seller. They…
Q: Indicate the tramsaction price for this situation and when revenue will be recognized Groupo sells…
A: Revenue recognition When the payment for goods sold are due upon delivery, the transaction price…
Step by step
Solved in 4 steps with 6 images
- Pachel corpolatian re Ports the per teining vecevicable Days Past Due 3-60 followinginfamethon to iti accounts cuNent 1-30 ever90 $2500 1200. $2000 Jhe companys cradit depaltment Plovided the following statement estima ter vegarding the pocent of occounts enfc ted to eventuallyy be writtenoff form. each category current veceveiNable receivables -30 days past due listed aboue aut standing rELENables 31-ho days past due 16 feceivables 6L-G0 days Pajt due receivable Cuer 20 days due. 90 Recold the company's uncollectible account afsuming it hal expense fredit balance for in its llawance Deuhtful accounts pror to the necessaty maling endjustment.OkyOTcw/a/MjUwNDEyNDM20TEx/details Particulars Credit (RM) 48,400 Debit (RM) Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases retums Wages and salaries Discounts allowed Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 200 300 700 2,400 950 350 10,000 3,000 20,000 Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank TOTAL 330 14,800 102.050 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year…Here name Of Come Tue clownsl ie the tiending circue owned by Red Costello. me ledges accomts Of the Jume 30, 20of are listed here in alphabetical order business at preparing a balamce charge in Assets sheet Efects of a Accounts Payable 26,100 Nates payable 180000- Accounts Receivable 450 Notes Peceivable 9500 prope f Equipment 89580 Red costello capital Calaries payable Animals 189060 cages "24630 337230 cash 9750 Costumes 31S00 Tents E Toucks 63000 wagons l05840
- On November 1, 2022, the account balances of Blue Spruce Corp. were as follows. No. Debits No. Credits 101 Cash $2,880 154 Accumulated Depreciation-Equipment $2,400 112 Accounts Receivable 5,100 201 Accounts Payable 3,120 126 Supplies 2,160 209 Unearned Service Revenue 1,440 153 Equipment 14,400 212 Salaries and Wages Payable 840 311 Common Stock 12,000 320 Retained Earnings 4,740 $24,540 $24,540 During November, the following summary transactions were completed. Nov. 8 Paid $2,040 for salaries due employees, of which $840 is for October salarles. 10 Received $4.096 cash from customers on account. 12 Received $3,720 cash for services performed in November. 15 Purchased equipment on account $2,400. 17 Purchased supplies on account $840. 20 Paid creditors on account $3,240. 22 Paid November rent $480. 25 Paid salaries $2,040. 27 Performed services on account and billed customers $2,280 for these services. 29 Recelved $720 from customers for future service.Help Save & Exit Submit TB MC Qu. O7-145 (Algo) Winkler Company borrows... Winkler Company borrows $87,000 and pledges its receivables as security. The journal entry to record this transaction would be: Multiple Choice ok Debit Cash of $87,000 and credit Accounts Receivable $87,000. nces Debit Cash of $87,000 and credit Accounts Payable $87,000. Debit Notes Receivable $87,000 and credit Accounts Receivable $87,000. Debit Cash $87,000 and credit Notes Payable $87,00. < Prev 12 of 20 Next A tv MacBook Air 80 DII F3 F4 F5 F6 F8 F7 23 24 2 7 W E の * 00 < coMUMassD Logor X E Quicklaunch - x K. myCourses Da: X Se Univ of Mass - X Ceng g In | Federa x ducation.com Saved mework View transaction list Journal entry worksheet 1 3 4 8 9 10 Provided $57,971 in service to customers during the year, with $21,658 on account and the rest received in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 0 日 search
- Print Item From the data below for Wong Company, prepare the closing entries for the year ended December 31. Cash dividends $47,000 Sales 982,600 Sales returns and allowances 3,960 Interest revenue 10,521 Factory overhead (debit) 210,620 Factory overhead (credit) 210,620 Cost of goods sold 726,820 Wages expense 130,745 Supplies expense 9,900 Depreciation expense-office equipment 6,900 Utilities expense 5,840 Bad debt expense 1,680 Advertising expense 11,120 Interest expense 9,860 Income tax expense 32,050 If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT(To record cash purchase of premiums) Cash Sales Revenue (To record cash sales) Cash Premium Expense Inventory of Premiums (To record redemption of codes) (To adjust unearned revenue) Save for Later 3840000 000 0 Attempts: 1 of 3 used Submit Answer Examus - cdn.student.uae.examus.net/?rldbqn=1&sessi... ACCT101_FEX_2021_2_Male A company purchased merchandise on credit with terms Ac Payable if the company pays SR485 cash on this account within ten days? e18 3/15, n/3O. How much will be debited to 33 - 34 abe18ce33 b. Accounts Payable should be credited in а. 485 113:22 9 కోల С. 470.45 95abe18ce 33 d. 500 95abe18ce 95abe18ce33 95aber8ce33 95abe18ce33 95abe18ce33 95abe18ce33 MacBook Pro F3 888 F4 FS E 5 F7 67 7 V T. 8 A 9 Y 6. U 11 9.
- Saved e Quiz: Accounting for Current Liabi... A Required information Knowledge Check 01 The records of Pippins, Incorporated, included the following information: Net sales 475,000 Gross margin Interest expense Income tax expense Net income 000'0 000'0 Compute the times interest earned ratio, rounded to the nearest decimal. O 4.8 O 6.4 O7.4 O 20.0 *********** II F3 F5 F6 F8 F4 #3oft WE ivable/Notes Payable X b JOURNAL ENTRIES (NOTE ISSUEL X + moodle.cw.edu/mod/quiz/attempt.php?attempt3=56737&cmid%3733537 Graphics has the following notes payable transactions. Record these transactions in eneral journal. July 5lssued a $3,500 note to Roma Ceramic Inc. The 10%, 60-day note is in full payment of an account payable. 9Borrowed $5,000 from the bank sighing a 6%, 90-day note. 11Paid $500 cash and issued a $2,000, 8% 30-day note to Design Center in payment of an account payable. Aug. 5Borrowed $3,600 for 30 days from the bank on a non-interest-bearing note. The discount rate is 10%. Sept. 3Paid the principal and interest due on the $3,500 note to Roma Ceramic Inc. Oct. 3Paid the interest due on the $5,000 note to the bank and renewed the principal for 30 days at 7%. GENERAL JOURNAL Page 1 Post Date Description Ref. Debit Credit because we are The Colle 10mdio playyasThe Bramble Company received $820 on account frana cto The transaction was eneously recorded as a detto Cashf $280 and a cradit to Accounts Payable of 5280 The correcting entry is O Accounts Payable Cav Accounts Receivable Accounts Payable Cash Acourts Receivable Accounts Payable Cah Accounts Payable Accounts Receivable 820 140 200 540 290 200 1300 820 240