7.4A Extract a trading and profit and loss account for the year ended 30 June 20X8 forG Graham. The trial balance as at 30 June 20X8 after his first year of trading was as follows:DrCrEquipment rentalInsurance940Lighting and heating expensesMotor expensesSalaries and wagesSales1,8041,9902,35048,580382,420Purchases245,950Sundry expensesLorryCreditorsDebtors62419,40023,40844,5164,600174,00011,34644,000FixturesShopCash at bankDrawingsCapital600,100194,272600, 100Stock at 30 June 20X8 was £29,304.(Keep your answer; it will be used later in Question 8.4A)

The trading account and profit and loss account are prepared to calculate the gross profit and net…

7.4A Extract a trading and profit and loss account for the year ended 30 June 20X8 for G Graham. The trial balance as at 30 June 20X8 after his first year of trading was as follows: Dr Cr Equipment rental Insurance 940 1,804 1,990 2,350 Lighting and heating expenses Motor expenses Salaries and wages Sales 48,580 382,420 Purchases 245,950 Sundry expenses Lorry Creditors 624 19,400 23,408 Debtors 44,516 4,600 Fixtures Shop Cash at bank 174,000 11,346 44,000 Drawings Capital 600,100 194,272 600,100 Stock at 30 June 20X8 was £29,304. (Keep your answer; it will be used later in Question 8.4A)

7.4A Extract a trading and profit and loss account for the year ended 30 June 20X8 for G Graham. The trial balance as at 30 June 20X8 after his first year of trading was as follows: Dr Cr Equipment rental Insurance 940 1,804 1,990 2,350 Lighting and heating expenses Motor expenses Salaries and wages Sales 48,580 382,420 Purchases 245,950 Sundry expenses Lorry Creditors 624 19,400 23,408 Debtors 44,516 4,600 Fixtures Shop Cash at bank 174,000 11,346 44,000 Drawings Capital 600,100 194,272 600,100 Stock at 30 June 20X8 was £29,304. (Keep your answer; it will be used later in Question 8.4A)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

General journal for coffee machine
16:58 PPP A N 15% Required Class Rep Prepare the trading and profit ahd loss accounts for the year ended 3ch 20X9 er with a balance sToday, 09:56 20.11 This question also relates to extended trial balances (see Exhibit 28.2) From the following trial balance of John Brown, store owner, prepare a trading account and profit and loss account for the year ended 31 December 20X7, and a balance sheet as at that date, taking into consideration the adjustments shown below: Trial Balance as at 31 December 20X7 Dr Sales Purchases Sales returns 400,000 350,000 5,000 Purchases returns Opening stock at 1 January 20X7 Provision for doubtful debts 6,200 100,000 800 Weges and salaries 30,000 Rates Telephone Shop fittings at cost Van at cost 6,000 1,000 40,000 30,000 9,800 200 Debtors and creditors Bad debts 7,000 Capital Bank balance Drawings 179,000 3,000 18,000 593,000 593,000 ) Closing stock at 31 December 20X7 £120,000. (i) Accrued wages £5,000. (U) Rates prepaid £500. (iv) The provision for…
The Accounts Recelvable account has a beglnning balance of $24.000 and the company des e $60,000 on account during the month. The ending balance was $18.000 How much did the company receive from customers during the montht O $6,000. O $66,000. O $102,000. O $54,000.
Chapter 7 • Trading and profit and loss accounts: an introduction 7.3A From the following trial balance of B Morse drawn up on conclusion of his first year in busi- ness, draw up a trading and profit and loss account for the year ended 31 December 20X8. A bal- ance sheet is not required. Trial Balance as at 31 December 20X8 Dr Cr General expenses 305 Business rates 2,400 Motor expenses 910 Salaries 39,560 1,240 121,040 Insurance Purchases Sales 235,812 Car 4,300 Creditors 11,200 Debtors 21,080 53,000 2,715 Premises Cash at bank Cash in hand Сapital Drawings 325 23,263 23,400 270,275 270,275 Stock at 31 December 20X8 was £14,486.
11 )
Question 6. A credit sale of $750 is made on 13 June, terms 2/7, n/30, on which a return of $50 is granted on 16 June. The customer paid the amount owing on 17 June. What amount will the customer pay? a) $700 b) $686 c) $685 d) $650
CHPT#8_4 Journal Entries for Credit Losses At the beginning of the year, Portal Company had the following accounts on its books: Accounts Receivable $140,000 Debit Allowance for Doubtful Accounts $8,000 Credit During the year, credit sales were: $1,173,000 and collections on account were: $1,175,000 The following transactions, among others, occurred during the year: Feb.17 Wrote off R. Lowell’s account, $4,000 May.28 Wrote off G. Boyd’s account, $3,400 Oct.13 Received $600 from G. Boyd, who is in bankruptcy proceedings, in final settlement of the account written off on May 28. This amount is not included in the $1,175,000 collections. Dec.15 Wrote off K. Marshall’s account. $1,600 Dec.31 In an adjusting entry, recorded the allowance for doubtful accounts at 0.9% of credit sales for the year. a. Prepare journal entries to record the credit sales, the collections on account, and the preceding transactions and adjustment.b. Show how…
Instructions 1 Record entry to write off the $15,000 receivable which is over 75 days outstanding 2 Calculate the desired credit balance in the Allowance for Doubtful Account using the chart above 3 Assuming prior to any adjusting entries the balance in the Allowance for Doubtful Accounts had a credit balance of $40,000, record the year ending adjusting entry for bad debts.
Journal entry worksheet The Krug Company collected $16,200 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months’ rent in advance and occupancy began November 1. Note: Enter debits before credits. Transaction General Journal Debit Credit a.
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…
None
5