28.8 The following trial balance was extracted from the books of R Giggs at the close of businesson 28 February 20X7.DrCrfPurchases and sales92,8004,100324157,165Cash at bankCash in handCapital account 1 March 20X6DrawingsOffice furniture11,40017,1002,9003,40031,400RentWages and salariesDiscountsDebtors and creditors82016012,3164,1205,245Stock 1 March 20X6Provision for doubtful debts 1 March 20X6405Delivery vanVan running costsBad debts written off3,750615730174,375174,375Notes:(a) Stock 28 February 20X7 £2,400.(b) Wages and salaries accrued at 28 February 20X7 £340.(c) Rent prepaid at 28 February 20X7 £230.(d) Van running costs owing at 28 February 20X7 £72.(e) Increase the provision for doubtful debts by £91.(f) Provide for depreciation as follows: Office furniture f380; Delivery van £1,250.Required:Draw up the trading and profit and loss account for the year ending 28 February 20X7 togetherwith a balance sheet as on 28 February 20X7.

Financial statements are prepared to depict the profitability and financial position of company at…

28.8 The following trial balance was extracted from the books of R Giggs at the close of business on 28 February 20X7. Dr Cr Purchases and sales 92,800 4,100 324 157,165 Cash at bank Cash in hand Capital account 1 March 20X6 Drawings Office furniture 11,400 17,100 2,900 3,400 31,400 820 12,316 4,120 Rent Wages and salaries Discounts Debtors and creditors 160 5,245 Stock 1 March 20X6 Provision for doubtful debts 1 March 20X6 405 Delivery van 3,750

28.8 The following trial balance was extracted from the books of R Giggs at the close of business on 28 February 20X7. Dr Cr Purchases and sales 92,800 4,100 324 157,165 Cash at bank Cash in hand Capital account 1 March 20X6 Drawings Office furniture 11,400 17,100 2,900 3,400 31,400 820 12,316 4,120 Rent Wages and salaries Discounts Debtors and creditors 160 5,245 Stock 1 March 20X6 Provision for doubtful debts 1 March 20X6 405 Delivery van 3,750

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 trial balance of Pacilio Security Services, Incorporated as of January 1, Year 8, had the following normal balances: $93,708 100 22,540 1,334 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. Cash Petty cash Accounts receivable Allowance for doubtful accounts Supplies Prepaid rent Merchandise inventory (18@ $285) 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. Land Salaries payable Common stock Retained earnings During Year 8, Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 7. 2. Purchased equipment and a van for a lump sum of $36,000 cash on January 2, Year 8. The equipment was appraised for $10,000 and the van was appraised for $30,000. Requirement 3. Paid $9,000 on May 1, Year 8, for one year's office rent in advance. 4. Purchased $300 of supplies on account 5. Purchased 120 alarm systems at a cost of $280 each. Pald cash for the purchase. 6. After numerous attempts to collect from customers, wrote off $2,350 of uncollectible accounts…
Consider the following account balances of Evan McGruder, Incorporated, as of December 31, Year 3: Accounts Payable $ 113,420 Retained Earnings $ 56,000 Equipment 422,900 Notes Payable, due Year 5 344,500 Common Stock 206,500 Accounts Receivable 203,800 Income Tax Payable 4,030 Cash 97,750 Required:Prepare a classified balance sheet at December 31, Year 3.
Hills Company's June 30 bank statement and the June ledger account for cash BANK STATEMENT Checks Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 June 1 June June 30 Debit Balance Deposits Balance E5-5 (Static) Part 1 $ 19,100 Cash (A) 6,800 19,000 6,400 Deposits $ 18,000 Credit 19,400 Checks written Other $ 30 June Balance $ 7,200 25,200 6,100 6,070 6,070 Required: 1. Prepare a bank reconciliation A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $700. Some of the checks that cleared in June were written prior to June. No deposits in transit were noted in May, but a deposit is in transit at the end of June
The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journals for October had been posted, the cash account had a balance of $8,998. a. Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495. b. Deposits in transit not recorded by bank, $778. c. Bank debit memo for service charges, $40. d. Bank credit memo for note collected by bank, $23,985 plus $885 interest. e. Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer. f. Checks outstanding, $1,860. Record the appropriate journal entries that would be necessary for Jeffrey Co. Record the entry that increases cash first. If an amount box does not require an entry, leave it blank.
1 Find the new balance, assuming that the bank charges 2-% per month on the unpaid balance. 2 Previous New Balance Payment Purchases $592.88 $81.26 A. $575.61 B. $572.61 C. $576.51 O D. $574.41 $50.00
The August bank statement and cash T-account for Martha Company follow: BANK STATEMENT Date Checks Deposits Other Balance August 1 $ 13,170 August 2 $ 100 13,070 August 3 $ 9,000 22,070 August 4 200 21,870 August 5 150 21,720 August 9 490 21,230 August 10 110 21,120 August 15 3,000 24,120 August 21 200 23,920 August 24 14,900 9,020 August 25 5,500 14,520 August 30 600 13,920 August 30 Interest earned $ 20 13,940 August 31 Service charge 10 13,930 Cash (A) Debit Credit August 1 Balance 13,170 Deposits Checks written August 2 9,000 100 August 1 August 12 3,000 200 August 2 August 24 5,500 150 August 3 August 31 4,000 110 August 4 490 August 5 190 August 15 250 August 17 600 August 18 200 August 19 14,900 August 23 August 31 Balance 17,480 No deposits were in transit and no checks were…
23. Prepare closing entries rom the following end-of period spreadsheet. Austin Entergrises Fadof Peried Spreadsheet For the Year Eaded December JI Adnted Trial Balance Credit Income Statement Debt Balance Sheet Deb 26.500 7000 Account Titie Crede Debit Crede 26,500 7,000 1,000 18300 Cash Accounts Receivable Supplies Equipment Accumalated Depr 18.500 5.000 5.000 Accoures Payabie Wages Payable Common Stock Retained arnings Dividends Eees Earmed Wages Eapense Rest Esgeme Depreciation Eapense Toals Net omeLo) 11,000 100 6.000 2.000 1000 1,000 6.000 2.000 2.000 2,000 59.500 59.500 19,000 7.000 3.00 19000 7000 3.300 .500 .500 29,500 20.0 59.500 5.000 25,000 20.000
answer in text form please (without image), Note: .Every entry should have narration please