5.5 Evergreen company financial year-end is December 31. Beginning balance: Debit balance of 131: 33.000 (Customer Brox) Credit balance of 2293: 1.000 During the year of Y, the following transactions related to receivables and cash occurred: (Unit: 1000 VND) 1.Sold merchandise to Lennox Company for 11.000 (including 10% VAT) on credit. 2.Sold merchandise to Maddox Company for 88.000 (including 10% VAT) for cash in bank 3.Received 50% of the invoice on 28 Feb from Lennox via bank transfer 4.Withdrawn 1.000 from bank checking account for cash on hand. 5.Used cash on hand to pay for electricity expenses : 2.200 (including 10% VAT) 6.Buy goods of 10.000(excluding 10% VAT) on account. 7.Fully paid for goods of transaction 6 by bank checking account 8.Advanced to an employee for purchases of material: 2.000 9.0fferred to Maddox 10% discount on selling amount in transaction 2 due to fault in the color of merchandise. 10.At the year end, estimated that 1% of trade receivables might not be collected. Required: a/Prepare the journal entries for these transaction. b/Present the information related to receivables in the statement of financial postion.
5.5 Evergreen company financial year-end is December 31. Beginning balance: Debit balance of 131: 33.000 (Customer Brox) Credit balance of 2293: 1.000 During the year of Y, the following transactions related to receivables and cash occurred: (Unit: 1000 VND) 1.Sold merchandise to Lennox Company for 11.000 (including 10% VAT) on credit. 2.Sold merchandise to Maddox Company for 88.000 (including 10% VAT) for cash in bank 3.Received 50% of the invoice on 28 Feb from Lennox via bank transfer 4.Withdrawn 1.000 from bank checking account for cash on hand. 5.Used cash on hand to pay for electricity expenses : 2.200 (including 10% VAT) 6.Buy goods of 10.000(excluding 10% VAT) on account. 7.Fully paid for goods of transaction 6 by bank checking account 8.Advanced to an employee for purchases of material: 2.000 9.0fferred to Maddox 10% discount on selling amount in transaction 2 due to fault in the color of merchandise. 10.At the year end, estimated that 1% of trade receivables might not be collected. Required: a/Prepare the journal entries for these transaction. b/Present the information related to receivables in the statement of financial postion.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:5.5 Evergreen company financial year-end is December 31.
Beginning balance:
Debit balance of 131: 33.000 (Customer Brox)
Credit balance of 2293: 1.000
During the year of Y, the following transactions related to receivables and cash occurred: (Unit: 1000 VND)
1.Sold merchandise to Lennox Company for 11.000 (including 10% VAT) on credit.
2.Sold merchandise to Maddox Company for 88.000 (including 10% VAT) for cash in bank
3.Received 50% of the invoice on 28 Feb from Lennox via bank transfer
4.Withdrawn 1.000 from bank checking account for cash on hand.
5.Used cash on hand to pay for electricity expenses : 2.200 (including 10% VAT)
6.Buy goods of 10.000(excluding 10% VAT) on account.
7.Fully paid for goods of transaction 6 by bank checking account
8.Advanced to an employee for purchases of material: 2.000
9.0fferred to Maddox 10% discount on selling amount in transaction 2 due to fault in the color of
merchandise.
10.At the year end, estimated that 1% of trade receivables might not be collected.
Required: a/Prepare the journal entries for these transaction.
b/Present the information related to receivables in the statement of financial postion.
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