The owner, Billy Bong, increased his capital by depositing R30 000, 00 directly into theReceived cash from R Roxy's in settlement of his debt as on 1 March; issued receipt no 002.riumad or service is sold for?set the pricesdeellers)Transactions for March 202002business's current bank account: receipt no. 001 was isued.06Cash sales of goods according to cash register roll, R3 200.00.13Received cash from L Lizzy for R3 530 00 in part settlement of the amount owed on1 March 2020; issued receipt no. 003.18Sold goods on credit to R Roxy, R16 830.00: issued invoice no. 654.23Received cash from R Roxy in settiement of all his debt to date, receipt no. 004.29Credit sales of goods to L Lizzy, R7 450,00: issued invoice no. 655.Debtors journal of Billabong Traders - March 2020DJ3DocDetalsFolSalesCost of salesNo

Debtors’ journal is the journal on which all the credit sales are entered into it. No, cash receipts…

Answered: 02 The owner, Billy Bong, increased his…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The accounts receivable balance on the records of of P38,000 were written off during the year as uncollectible. eud was P283,000. In going over the records, you found accounts reccivable REQUIRED: How much cash was received from the sale of the machine? during the year ended December 31, 2020. The accounts receivable at year- REQUIRED: How much cash was collected on credit sales during the year. Luneta Company of January 1, 2020. Credit sales were recorded at P1,060.000 P245,000 on durine p283.000. In going over the records, you found accounts reccivable PEOUIRED: How much cash was collected on credit sales during the year 2020 ? The manager of the Pansol Company is planning for the qaurter ending Narch 31, 2020, and wants to know how much cash must be paid for merchandise purchases. The inventory of merechandise is to be deereased by P46,000 during the quarter. Sales have been estimated at P360,000. The cost of saies is equal to 30% of sales. Accounts payable is expected to inerease…
Give me correct answer with explanation.vk
On 31st August 2021, Rossy Enterprise had a RM155,000 debit balance in Accounts Receivable and a RM6,200 credit balance in Allowance for Doubtful debt. During September 2021, Rossy made the following transactions:Sept 1 : Sales on account, RM590,000.Sept 10: Collection from receivables through online banking, RM627,000.Sept 20: Write-offs of uncollectible receivables, RM7,000.Sept 30: Bad debt was estimated at 3% of the month’s credit sales.Required:1) Journalize all September transactions using the allowance method. Post the entries to Accounts Receivable, Allowance for Doubtful Debt, and Bad Debt Expense. You need to balance off the ledgers and show their balances on 30th September 2021.2) Show the amount of net accounts receivable would Rossy report in its statement of financial position as at 30 September 2021. Is the amount being realistic? Give your reason.
Date Particulars Jan 1, 2020 Abdul commenced his business with Cash = OMR 35000 2 He deposited into bank current account = OMR. 20000 He sold goods to Hakkim on credit = OMR 1000 He paid Said by Cheque = OMR 1980 and receive discount = OMR 20 for 4 5 the goods purchased on credit He receive cheque from Hakkim 6 OMR 970 and allow him discount OMR 30 7 He makes sales for cash = OMR. 2800 Hakkim cheque deposited in to the bank = OMR 970 11 He purchased a motor car by cheque = OMR 7500 12 He purchased goods by cash = OMR. 2500 13 He withdraws from bank for office use = OMR. 750 Commission received = OMR 100 |Purchased furniture by Cheque for OMR 450 16 18 20 Withdraw from bank for personal use OMR 600 27 Sold goods to Mr. Haji for OMR 400 28 Received cheque from Mr Haji for OMR 375 in full settlement and deposited in to bank 30 Motor car repair expenses OMR 120 Required: Prepare triple column cash book with Discount, Cash and Bank Column
Use the following information for A-C On February 1, 2021, Blue Hour Company factored receivables with a a carrying amount of Php2,000,000 to Sweet Night Corporation. Blue Hour assess a finance charge of 3% of the receivables and retains 5% of the receivables. A. Determine the amount of loss on sale to be reported in the income statement of Blue Hour relative to this transaction for February. a. None b. Php60,000 c. Php100,000 d. Php160,000 B. Assume that Blue Hour factors the receivables on a recourse basis,. The recourse obligation has a fair value of Php30,000. The loss to be reported should be a. Php60,000 b. Php90,000 c. Php120,000 d. Php150,000 C. Assume that Blue Hour Company retained significant amount of risks and rewards of ownership on the factored financial asset, what amount of loss from factoring should the company recognize? a. None b. Php60,000 c. Php100,000 d. Php160,000
The following information has been taken from the accounting records of Xtra Company at December 31, 2021: Cash on hand (undeposited sales receipts) - P40,800 Certificate of time deposit with maturity of 3 months - P1,000,000 Customer's note receivable - P40,000 Reconciled balance in BDO checking account - (P14,000) Reconciled balance in PNB checking account - P374,000 Balance in ONB savings account - P342,400 Customer's postdated check - P54,000 Employee travel advances - P64,000 Cash in bond sinking fund - P48,000 Bond sinking fund investments - P323,600 Postage stamps - P17,200 What total amount should Xtra Company report as Cash at December 31, 2021?
During August 2024, Link Company recorded the following Sales of $84,200 ($77,000 on account: $7,200 for cash), Ignore Cost of Goods Sold Collections on account, $60,500. .Write-offs of uncollectible receivables, $1,820 • Recovery of receivable previously written off, $500. Debit Requirements 1. Journalize Link's transactions during August 2024, assuming Link uses the direct write-off method Credit 2 Requirement 1. Joumalize Link's transactions during August 2024, assuming Link uses the direct write-off method Sales of $54,200 ($77,000 on account: $7,200 for cash), Ignore Cost of Goods Sold (Record debifs first, then credits. Select the explanation on the last line of the journal entry table. Prepare a single compound journal entry) Date Accounts and Explanation Aug Journalize Link's transactions during August 2024, assuming Link uses the allowance method
QUESTION 3 Megah Berani Enterprise received monthly bank statement for the month of December 2021. The bank statement showed the following: MAYBANK BERHAD BANK STATEMENT AS AT 31 DECEMBER 2021 Cheque No. Date Particulars Debit Credit Balance RM RM RM 1 Dec Opening balance 75,000 4 Dec Credit transfer 6 Dec Cheque 8,800 83,800 123475 12,000 71,800 6 Dec Deposit BMB213492 34,000 105,800 7 Dec Deposit CIMB247022 43,000 148,800 16 Dec Deposit BIB121331 29,500 178,300 17 Dec Cheque return 18 Dec Cheque BIB121331 29,500 148,800 BSN249081 10,000 158,800 23 Dec Cheque 123477 45,000 113,800 29 Dec Standing order 16,000 97,800 30 Dec Cheque 123478 21,000 76,800 30 Dec Deposit 31 Dec Bank Charges BIB346483 6,000 82,800 250 82,550 31 Dec Dividend/interest 275 82,825 31 Dec Credit transfer 5,300 88,125 The cash book of Megah Berani Enterprise is as below; Cash Book (Bank Column) RM Date Details Date Dec. Details Dec 6 TNB- Electricity Chq. No. 123475 15 Kaktus Trading Chq. No. 123476 23 Salary &…
LOL Company assigned P 4,000,000 of accounts receivables as collateral for a P1,500,000 5%loan with a bank. The entity was also assessed by the bank a finance charge of 6% on thetransaction and is paid up front. What amount should be recorded as a gain or loss on thetransfer of accounts receivables? A. PO B. P240,000 loss C. P100.000 gain D. P150,000 gain
What is the december 31, 2021 net realizable value?
On January 1, 2021, the general ledger of Big Blest Fireworks includes the following account balances: Accounts Cash Debit Credit $ 23,300 48, e00 Accounts Receivable Allowance for Uncollectible Accounts $ 4, See Inventory Land 37,800 72,108 Accounts Payable Notes Payable (6%, due in 3 years) Comnon Stack 28,9ee 37,000 63, 0e0 Retained Earnings 39,0e0 Totals $172,400 $172,48e The $37,000 beginning balance of inventory consists of 370 units, eoch costing $100. During Janusry 2021, Big Blast Fireworks had the following inventory transections: January 3 Purchase 1,6e0 units for $168,80e on account ($18s cach). January 8 Purchase 1,78e units for $187,000 on account ($11e cach). January 12 Purchase 1,8e0 units for $287, B0e on account ($115 cach). January 15 Return 135 of the units purchased on 3anuary 12 because of defcects. January 19 sell 5,280 units on account for $788,eee. The cost of the units sold is deternined using a FIFO perpetual inventory systen. January 22 Receive $753, eee…
credit interest in the multiple-step statement will Add to the gross profit on sales Add to operating income Add to income after tax. Deduct from net sales. On October 1,2020 the company purchase a 12- month insurance policy for $1800 the transaction was record with an $1800 debit to prepaid insurance expense , the adjusting entry at 31, Dec, 2020 will be debit insurance expense for $600 and credit prepaid insurance expense for $600. debit prepaid insurance expense for $600,and credit cash for $600. debit insurance expense for $450, and credit prepaid insurance expense for $450. O debit prepaid insurance expense for $450, and credit cash for $450. the close entry for purchase discount is debit income summary, credit purchase discount. debit retained earning ,credit purchase discount, debit purchase discount, credit income summary. O no one of above.

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