Adjustment: Using the trial balance prepared above, adjust the trial balance figures based on the additional information given here: The owner has used $100 cash of the business fund for his personal use. This transaction has not been recorded yet. 1. A telephone bill of $600 that was paid by cash has not been recorded yet. 2. The owner has purchased another second-hand motor vehicle that cost him $12,000 which he paid in cash. This amount has not been recorded in any accounts. 3. Show your working: Example:

Adjustment: Using the trial balance prepared above, adjust the trial balance figures based on the additional information given here: The owner has used $100 cash of the business fund for his personal use. This transaction has not been recorded yet. 1. A telephone bill of $600 that was paid by cash has not been recorded yet. 2. The owner has purchased another second-hand motor vehicle that cost him $12,000 which he paid in cash. This amount has not been recorded in any accounts. 3. Show your working: Example:

Name: (b)This is the trial balanceDebitCreditInventory as at 1 October 2020
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Description: (b)This is the trial balanceDebitCreditInventory as at 1 October 2020Telephone expenseCommission received11,00028,00030,000Return Outwards53,00050,200PurchasesDiscount Received10,000Sales160,0008,000Returns InwardsShop lot: at costElectricity expens

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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Please help me do question 2a
The following information pertains to Moon designing Company. Cash balance per bank, July 31, $8,000. July bank service charge not recorded by the depositor $37. Cash balance per books, July 31, $8,021. Deposits in transit, July 31, $1,500. Bank collected $900 note for Moon in July, plus interest $36, less fee $20. The collection has not been recorded by Moon, and no interest has been accrued. Outstanding checks, July 31, $600. Required Prepare a bank reconciliation at July 31. Journalize the adjusting entries at July 31 on the books of Moon designing Company.
On 30th June, 2015, D’s Cash Book showed that he had an overdraft of $ 300 on his Current Account at the bank. On checking the Cash Book with the bank statement you find the following: (a) Cheques drawn amounting to $ 500 had been entered in the Cash Book but had not been Presented; (b) Cheques received, amounting to $ 400, had been entered in the Cash Book but had not been credited by the bank ; (c) On instructions from D the bank had transferred interest, $ 60, from his deposit account to his current account recording the transfer on 5th July 2015. This amount had, however, been credited in the Cash Book as on 30th June, 2015. (d) Bank charges, $ 35, shown in the Bank statement had not been entered in the Cash Book; (e) The payment side of the Cash Book had been undercast by $ 10 ; (f) Dividends amounting to $ 200 had been paid direct to the Bank and not entered in the Cash Book ; (g) A cheque of $ 50 drawn on deposit account had been shown in…
a. covered transaction b. possible suspicious transaction c. confidential transaction d. immoral transaction e. illegal transaction
Debbie Dean issued a check to Betty Brown payable to the order of Cathy Cain and Betty Brown. Betty indorsed the check, “Payable to Elizabeth East, (signed) Betty Brown.” What rights, if any, does Elizabeth acquire in the check?
Haresh
atel Service Company does make a few sales on account but is mostly a cash business. Consequently, it uses the direct write-off method to account for uncollectible accounts. During Year 1, Patel Service Company earned $37,700 of cash revenue and $9,425 of revenue on account. Cash operating expenses were $26,624. After numerous attempts to collect a $265 account receivable from Sam Stephens, the account was determined to be uncollectible in Year 1. Required: Show the effects of (1) cash revenue, (2) revenue on account, (3) cash expenses, and (4) write off of the uncollectible account on the financial statements using a horizontal statements model. In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Use "NC" for net change in cash. Leave blank to indicate that an element is not affected by the event. What amount of net income did Patel Service Company report on the Year 1 income statement?…
Hanna works as a teller a bank. One of Hanna's clients, an out of province student, started to consistently deposit large amounts of cash in the form of $5, $10, and $20 Bills. Hanna asked her client the source of these funds. The client said, it is from her parents. Should Hanna report this transaction? If you select A, What are the penalties for not reporting this transaction?
ABC Equipment(ABC) employs Hilda as its office manager. ABC regularly uses a facsimile rubber stamp to issue its checks and stores the stamp in the President of the company's unlocked office desk. Hilda, as well as several other officers of the company regularly use the stamp. Hilda writes an unauthorized check payable to Robert Gamble(Gamble) for $500.00 using the rubber stamp. She actually owes Gamble $5,000.00 as a gambling debt. Gamble alters the check changing the dollar amount to $5,000.00 and deposits the check in his account at First Fraud Bank(FFB). ABC's bank The Blind Side Trust Company(BST) does not notice the alteration and pays the $5,000 check to the credit of FFB, who in turn credits Gamble's account $5,000.00. Gamble withdraws the $5,000.00 in cash goes to the Racino and prompltly loses all the money, leaves town, and is nowhere to be found. ABC gets monthly bank statements, but does not notice the unauthorized check until it re-examines its books and all of…
The accountant at Fidel Trading has received the November 2010 bank statement. She immediately investigates the difference between the bank account balance of the cash book and the balance of the bank statement. The accountant has found the following discrepancies: i. A cheque for $3,000 received from a debtor was deposited at the bank but no journal entry was made to record the transaction in the cash book. ii. The repayment of a mortgage is made on behalf of POWERS TEAM WORK the business by the bank on the authority of a standing order. The payment of $18,000 for the month of November 2010 was not recorded in the cash book. iii. A $36,900 deposit made to the bank on November 30, 2010, did not appear on the bank statement. iv. A cheque for $67,000 which was paid to a creditor was incorrectly recorded in the cash book as $76,000. V. Bank charges of $2,400 appeared on the bank statement only. vi. The direct transfer of $10,000 from Fidel's bank to the bank of the supplier was not…
A. Amina Importers Sdn. Bhd. is involved with importation of canned products and general trading. The Statement of Financial Position prepared by the accounts clerk is as follows: Amina Importers Sdn. Bhd. Statement of Financial Position as at 31 December 2020 RM RM RM Cost Accumulated Net Book Depreciation Value Non-current assets Premises 500,000 (100,000) 400,000 Fixtures and fittings 300,000 (50,000) (50,000) 250,000 Motor vehicles 192,000 142,000 792,000 Current Assets Inventory 200,000 160,000 Accounts receivables Bank 130,000 490,000 1,282,000 Owner's Equity Сapital 800,000 Add: Net profit 123,000 Less: Drawings |(21,000) 902,000 Non-current Liabilities Loan from Progressive Bank Berhad 278,000 Current Liabilities Accounts payable Accrued expenses 82,000 20,000 102,000 1,282,000