Practice exam_S22023

Journal adjusting entry for Office supplies on hand at 30 Sept is $6,050 incl. GST.

Q L. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended 31 December, 2020 and Balance Sheet as on that date:   Cr. (Rs.)   Dr. (Rs.)   10,000   46,000   1,50,200   3,400   22,660   600   38,600   840   1,640   280   3,300   4,000   200 29,000   Drawings   Stack on 01/01/2019   Purchases and Purchases Returns   Cash in Hand   Bank Balance   Freehold Premises   Trade Expenses Printing, stationery and Advertising   Professional Charges   Commission Received   Investments as on 1" Jan. @ 10% Interest on above   Sundry Debtors and Creditors Wages   Salaries Capital   Income Tax Discount allowed and received   Sales Returns and Sales   Bills Receivable /Bills Payable   Office furniture   Rent, Rates and Insurance Bad Debts Provisions   Total Adjustments:   36,000   25,000   14,000   1,14,000   1,600   6,300   550 3.200   4,600   2,08,950   10,000   3,050   4,000   670 3.71,320   3,71,320   (a) Provide for wages Rs. 5,000.   (b) Write Off 5%…

Required information Exercise 7-15A (Algo) Comprehensive single-cycle problem LO 7-1, 7-5, [The following information applies to the questions displayed below.] The following post-closing list of accounts was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31, Year 2: Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings $ 5,060 17,245 2,295 24,980 10,130 21,000 13,860 Transactions for Year 3 1. Acquired an additional $9,100 cash from the issue of common stock. 2. Purchased $60,100 of inventory on account. 3. Sold inventory that cost $62,300 for $96,600. Sales were made on account. 4. The company wrote off $1,450 of uncollectible accounts. 5. On September 1, LGS loaned $10,500 to Eden Company. The note had an 8 percent interest rate and a one-year term. 6. Paid $15,740 cash for operating expenses. 7. The company collected $84,960 cash from accounts receivable. 8. A cash payment of $50,610 was paid on…

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Knowledge Check 01 Coolidge Company owes $1,000 for merchandise inventory purchased from Ross Company during April. The amount owed is now past-due. On June 15, Coolidge meets with Ross and convinces Ross to accept $400 cash and a 30-day, 10 percent, $600 note payable to replace the account payable. Prepare the June 15 journal entry for Coolidge entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. No 1 3 Date Jun 15 Accounts payable Cash Notes payable X Answer is not complete. General Journal Debit 1,000 600 x Credit 400

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HOW MUCH IS TEH NET INCOME a. 53, 925b. 63, 975c. 48, 925d. 58, 925

Question 1   Prepare a Trade Receivables Control Account and a Trade Payables Control Account from the following totals extracted from the books of Kedai Mega for a financial year.       RM January 1 Sales ledger debit balances   43,048   Purchase ledger credit balances   36,400 December 31 Sales Journal 563,120   Purchases Journal 383,600   Returns Inwards Journal     3,736   Returns Outwards Journal     2,528   Cheques received from customers 462,660   Cheques paid to suppliers 400,400   Discount allowed     2,860   Discount received     3,672   Bad debts     1,540   Dishonoured cheques        160   Discount allowed withdrawn          16

PROBLEM December 31 balances for selected accounts of the Carley Company are presented below: Accounts receivables        $500 Sales                                 2,000 Interest revenue                  600 Dividends distributed         300 Allowance for doubtful       100 accounts Salaries expense                 800 Depreciation expense         400 Unearned rent                     200   Required: Prepare whatever closing entries are appropriate for the accounts above.

On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Debit Credit $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock Retained Earnings 2,000 29,000 55,000 40,000 31,100 $161,800 Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. January January 6 Purchase additional inventory on account, $152,000. January 15 The comapany sales for the first half of the month total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as…

B3

Chapter 5 Exercises i Saved 49 Required information Part 4 of 7 (The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit 1 $ 26,100 14,700 Cash points Accounts Receivable Allowance for Uncollectible Accounts $ 3,000 Supplies Notes Receivable (6, due in 2 years) Land Skipped 3,600 15,000 80,000 Accounts Payable Conmon Stock Retained Earnings 7,900 95,000 33,500 eBook Totals $139,400 $139,400 Print During January 2021, the following transactions occur: 2 Provide services to customers for cash, $46,100. 6 Provide services to customers on account, $83,400. January January January 15 write off accounts receivable as uncollectible, $2,500. January 20 Pay cash for salaries, $32, 500. January 22 Receive cash on accounts receivable, $81,000. January 25 Pay cash on accounts payable, $6,600. January 30 Pay cash for utilities during January, $14,800. References…

Lucky House Ltd                       Trial Balance             As at 30 September 2020   Account                      Debit(£)       Credit(£)Cash at Bank                5,850Capital Account                                 15,000Machine                            8,100Raw Materials                  2,655Stationery                           250Accounts Payable                                6,545Rent                                     950Business Insurance             38Prepayments                     1,362Sales Income                                       17,550Cost of Goods Sold         11,345Accounts Receivable        4,500Drawings                            4,000Telephone                                45Depreciation                          135Accumulated Depreciation                     135            Total                                 39,230       39,230 Prepare a statement of cash flow ?

Lucky House Ltd                       Trial Balance             As at 30 September 2020   Account                      Debit(£)       Credit(£)Cash at Bank                5,850Capital Account                                 15,000Machine                            8,100Raw Materials                  2,655Stationery                           250Accounts Payable                                6,545Rent                                     950Business Insurance             38Prepayments                     1,362Sales Income                                       17,550Cost of Goods Sold         11,345Accounts Receivable        4,500Drawings                            4,000Telephone                                45Depreciation                          135Accumulated Depreciation                     135            Total                                 39,230       39,230                                                           Prepare a Statement of Profit & Loss and Statement of…

9. What double entry is required to close off the following bank account at the end of the accounting period? BANK GHC 300 Purchases 200 Wages and Salaries 38,200 Drawings GHC Opening balance b/f Sales Receivables 12,000 18,500 1,000 300 Debit Side Closing balance c/f GHC6,900. Opening balance b/f GHC6,900 Closing balance c/f GHC7,200. Opening balance b/f GHC7,200. Credit Side Opening balance b/f GHC6,900 Closing balance c/f GHC6,900 Opening balance b/f GHC7,200 Closing balance c/f GHC7,200 A. C. D.

5:12 ul 5G ACC111-Student Te... customer accounts Dec. 31 Estimated uncollectible accounts as $4,500 (1%% of sales). CHAPTER SEVEN/ Cash and Receivables First US Edition Required: 1. Prepare journal entries to record the above transactions. 2. Assume that management is considering a switch to the balance sheet method of calculating the allowance for doubtful accounts. Under this method, the allowance at the end of 2021 is estimated > to be $2,000. Comment on the discrepancy between the two methods of estimating allowance for doubtful accounts. CP 7-5 Impulse Inc. had the following unadjusted account balances at December 31, 2019, its year-end. Account Balances Debit Credit Accounts Receivable $125,000 $ 3,000 Allowance for Doubtful Accounts Sales 750,000 Impulse estimates its uncollectible accounts as five per cent of its December 31 accounts receivable balance. Required: 1. Calculate the amount of estimated uncollectible accounts that will appear on Impulse's balance sheet at December…

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Practice help b

Brief Exercise 7-06 The cash register tape for Larkspur Industries reported sales of $10,169.80.Record the journal entry that would be necessary for each of the following situations. (a) Sales per cash register tape exceeds cash on hand by $75.11. (b) Cash on hand exceeds cash reported by cash register tape by $41.90. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Transactions Account Titles and Explanation Debit Credit (a) enter an account title   enter a debit amount rounded to 2 decimal places   enter a credit amount rounded to 2 decimal places     enter an account title   enter a debit amount rounded to 2 decimal places   enter a credit amount rounded to 2 decimal places     enter an account title   enter a debit amount rounded to 2 decimal places   enter a credit amount rounded to 2 decimal places           (b) enter…