5.6A Enter the following transactions in personal accounts only. Bring down the balances at theend of the month. After completing this, state which of the balances represent debtors and whichrepresent creditors.2020May1 Credit sales F. Black £620; G. Smith £84; L. Sime £1,200; J. Teel £608.2Credit purchases from P. Best £190; 1. Donovan £63; G. Lime £210; T. Still £360.Credit sales to G. Smith £322; L. Sime £448.89Credit purchases from I. Donovan £215; T. Still £164.10 Goods returned to us by L. Sime £62; J. Teel £164.Cash paid to us by J. Teel £444.12We returned goods to P. Best £25; T. Still £21.1519212831We received cheques from L. Sime £180; F. Black £620.We sold goods on time to F. Black £180; G. Smith £860.We paid by cheque the following: P. Best £165; T. Still £100; G. Lime £180.We returned goods to T. Still £40.

T-account - The condensed form of a ledger is referred to as T-account. The left-hand side of this…

5.6A Enter the following transactions in personal accounts only. Bring down the balances at the end of the month. After completing this, state which of the balances represent debtors and which epresent creditors. 2020 May 1 Credit sales F. Black £620; G. Smith £84; L. Sime £1,200; J. Teel £608. 2 Credit purchases from P. Best £190; 1. Donovan £63; G. Lime £210; T. Still £360. Credit sales to G. Smith £322; L. Sime £448. Credit purchases from I. Donovan £215; T. Still £164. Goods returned to us by L. Sime £62; J. Teel £164. Cash paid to us by J. Teel £444. 8 9 10 12 15 19 21 28 31 We returned goods to P. Best £25; T. Still £21. We received cheques from L. Sime £180; F. Black £620. We sold goods on time to F. Black £180; G. Smith £860. We paid by cheque the following: P. Best £165; T. Still £100; G. Lime £180. We returned goods to T. Still £40.

5.6A Enter the following transactions in personal accounts only. Bring down the balances at the end of the month. After completing this, state which of the balances represent debtors and which epresent creditors. 2020 May 1 Credit sales F. Black £620; G. Smith £84; L. Sime £1,200; J. Teel £608. 2 Credit purchases from P. Best £190; 1. Donovan £63; G. Lime £210; T. Still £360. Credit sales to G. Smith £322; L. Sime £448. Credit purchases from I. Donovan £215; T. Still £164. Goods returned to us by L. Sime £62; J. Teel £164. Cash paid to us by J. Teel £444. 8 9 10 12 15 19 21 28 31 We returned goods to P. Best £25; T. Still £21. We received cheques from L. Sime £180; F. Black £620. We sold goods on time to F. Black £180; G. Smith £860. We paid by cheque the following: P. Best £165; T. Still £100; G. Lime £180. We returned goods to T. Still £40.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Determine the missing information for the following line of credit for the month of March. Date…

Q: ABC Co.'s July bank statement shows a $5,450 cheque received from customer Ms. Mary Opal for…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: Lee receives an invoice from Office Depot dated November 2nd, 2018 for $630 with terms 6/6, 3/15,…

A: Term 6/6, 3/15 means that the buyer is allowed 6% discount if the payment is made within 6 days and…

Q: Consider the following transactions for BorrowIP Corporation. March 1 Paid interest due on note…

A: Journal Entries Date Particulars Debit Credit March 1 Interest Payable…

Q: 5) Chapter 11 Inc. entered into the following transactions relating to notes payable: Sept. 1…

A: Note payable is a liability that an entity has to pay off within a specified span. It can be current…

Q: PA10.) Prepare jourmal entries to record the following transactions. Create a T-account for Interest…

A: Interest expenses are those that are incurred on the borrowing made by the companies at a fixed rate…

Q: Given the following transaction of entrepreneur ark, what journal entries would you make as its…

A: The journal entries are prepared to record the daily transactions of the business.

Q: Received a $8,600, 12%, 1-year note from Andrea Foley as full payment on her account. Nov. 1…

A: Financial transactions are recorded in the form of journal entry.

Q: On June 1, Monty Corp. Ltd. borrows $61,500 from Acme Bank on a 6-month, $61,500, 8% note. The note…

A: Bonds are considered a financial instrument used to raise finance for the organization. It is also…

Q: On September 1, 2022, Hare Today pet-supply store Co. borrowed $9,000 from Gone Tomorrow Bank,…

A: A journal entry is the act of keeping or producing records of any transaction, economic or…

Q: 2020 a. July 1 b. December 31 2021 c. July 1 d. July 1 Loaned $62,000 to employees of the company…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: 4. AB company receives $10,000 for a 6 month, 8% note on 11/1/20. Prepare the journal entry for the…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: Here is Deon's credit card statement for the month of November. Date Transaction November 1…

A: As in case of preparing table from credit card statement the amount of purchases increases the…

Q: Following are transactions of Leduc Company: 2023 Dec.11 Accepted a $16,000, 6%, 60-day note dated…

A: Journal entry records the accounting transactions of a business in a journal book. All the business…

Q: Please select the correct journal entry for it O Dr Dr Dr Dr Cr Cr Cr Interest expenses (p&l)…

A: The adjustment entries are prepared to adjust the revenue and expense of the current period. The…

Q: Following are transactions of The Barnett Company: 2023 Dec. 16 Dec. 31 Dec. 31 Accepted a $22,900,…

A: It is the act of recording financial transactions in the books maintained for accounting…

Q: General Ledger Accounts Receivable 7,e00 ???? Dec. 31/19 Balance 158,500 Jan. 4/20 Collections in…

A: Accounts receivable: This note is issued in case of normal purchase of goods and services on credit.…

Q: ries for

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Question

5.6A Enter the following transactions in personal accounts only. Bring down the balances at the
end of the month. After completing this, state which of the balances represent debtors and which
represent creditors.
2020
May
1 Credit sales F. Black £620; G. Smith £84; L. Sime £1,200; J. Teel £608.
2
Credit purchases from P. Best £190; 1. Donovan £63; G. Lime £210; T. Still £360.
Credit sales to G. Smith £322; L. Sime £448.
8
9
Credit purchases from I. Donovan £215; T. Still £164.
10 Goods returned to us by L. Sime £62; J. Teel £164.
Cash paid to us by J. Teel £444.
12
We returned goods to P. Best £25; T. Still £21.
15
19
21
28
31
We received cheques from L. Sime £180; F. Black £620.
We sold goods on time to F. Black £180; G. Smith £860.
We paid by cheque the following: P. Best £165; T. Still £100; G. Lime £180.
We returned goods to T. Still £40.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Concept introduction on T Account

VIEW

Step 2: Preparation of T- Accounts

VIEW

Solution

VIEW

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

On October 1, 2023 PT. Leci borrowed $500,000 from Pineapple Bank by signing a 10-month, 6% note. If on December 31 PT. Leci makes adjusting entries, then on August 1, 2024 what is the amount of interest expense recorded by PT. Lychee when paying off the notes? a. 17.500 b. 21 000 c. 9.000 d. 30.000 e. 7.500
hi how do we record this in MYOB. Please help me Transactions from early January 2021 2 Obtained a loan of $14,000 from Uncle Oliver (a family relative of Beatrice Reed) at a simple interest rate of 10% per year, Cheque No. 145, ID #CR000001. The principal and interest on the loan are payable in six months time. 3 Received Cheque No. 227 from Pikea for the full amount outstanding on their account, ID #CR000002. 4 Issued Cheque No. 4098 for $10,065 to Mega Tech in payment of Purchase #303 (Supplier Inv#230). 4 Purchased 9 units MePod multimedia players from Pony at $979 each (includes 10% GST), Purchase #306, Supplier Inv#328. Issued Cheque No. 4099 for $3,900 to this supplier for this particular invoice at the time of the purchase. 4 Issued Cheque No. 4100 for $1,320 (includes 10% GST) to Discount Office Supplies for the cash purchase of office supplies. 6 Sold the following items on credit to Jerry Technology, Invoice #3284: 3 units BG90 plasma televisions for…
16. Jim Havey receives an invoice amounting to $2916 with cash terms of 3/10 prox. and dated June 7. If a partial payment of $1666 is made on July 8, find (a) the credit given for the partial payment and (b) the balance due on the invoice. [7.4]
! Required information [The following information applies to the questions displayed below.] Claire Corporation is planning to issue bonds with a face value of $160,000 and a coupon rate of 8 percent. The bonds mature in two years and pay interest quarterly every March 31, June 30, September 30, and December 31. All of the bonds were sold on January 1 of this year. Claire uses the effective-interest amortization method and also uses a discount account. Assume an annual market rate of interest of 12 percent.(FV of $1. PV of $1, FVA of $1, and PVA of $1) Note: Use appropriate factor(s) from the tables provided. Show Transcribed Text < Journal entry worksheet Note: Enter debits before credits. Record the issuance of the bonds on January 1. Date January 01 Record entry J General Journal Clear entry c Debit Credit View general journal
Do a journal entry based on this transections, round interest amounts to the nearest dollar,
Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…
9. Which of the following is recorded upon receipt of a payment on April 7, 2021, by a customer who pays a $900 invoice dated March 3, 2021, with terms 2/10, n/60? A. Debit Sales Discounts $18. B. Credit Purchase Discounts $18. C. Credit Accounts Receivable $882. D. Debit Cash $900.
Requirements 1. Journalize the transactions in the Johnson Pharmacies general journal. Round to the nearest dollar. Explanations required. 2. Prepare the liabilities section of the balance sheet for Johnson Pharmacies on March 1, 2019 after all the journal entries are recorded.
a. If the note is issued with a 45-day term, journalize the entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the issuance of the note.