ainol tovtKK Trading is a registered VATvendor and makes use of theperiodic inventor Time left 1:59:36The following informationrelates to K Mathi, one of thecreditors of KK Trading.K Mathi's balance as per thetrade payables ledger as at 30June 2024 was R3 540.The following information hadnot been considered incorrecting of the trade payablesledger:An invoice of R620 (VATexclusive) in respect of goodspurchased from K Mathi waserroneously omitted from thepurchases journal.Required:Prepare the corrected account ofthe creditor in the trade payablesledger

Step 1:the answer is : Step 2:To prepare the corrected account of the creditor in the trade payables…

Answered: ainol tovt KK Trading is a registered…

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter22: Providing And Obtaining Credit

Section: Chapter Questions

Problem 2Q

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9. The adjusting journal entry to adjust the allowance for doubtful accounts as of December 31, 2020 will include a debit to doubtful accounts expense of:
27.The ABC Co disclosed the following data at Dec 31, 20X1:Account known to be worthless, P37,500Advance payment to creditors on purchase orders P50,000Customers accounts (credit balance due to returns), P5,000Advances to employees, P34,000Trade receivable, P169,000Other non trade receivables, P4,000The amount of receivables at Dec 31, 20X1 is: 173,000 252,000 257,000 289,500
Assume that Rahma LLC sold OMR 2000 goods to Al Karama LLC on credit. After sales, based on the financial position of the purchaser, Rahma LLC anticipated OMR 400 as uncollectable accounts receivables. From the following given options, identify journal entry for writing off OMR400 balance as uncollectible on December 31st by following direct write-off method. a. Dr Bad debt expenses A/c OMR 400 and Cr Allowance for doubtful accounts OMR 400 b. Dr Bad debt expenses A/C MR 400 and Cr Accounts receivables A/C OMR 400. C. None of the given options d. Dr Accounts receivables A/C OMR 400 and Cr Bad debt expenses A/C OMR 400
The following debtors control account and debtors list prepared by the inexperienced bookkeeper ofBips Traders. A number of errors and omissions were discovered after an investigation was done.
A edugen.wileyplus.com W WileyPLUS Bb Return to Blackboard US US Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Commun Help | System Announcements Problem 9-01A a-d (Video) At December 31, 2019, Ayayai Co. reported the following information on its balance sheet. Accounts receivable $965,100 Less: Allowance for doubtful accounts 79,700 During 2020, the company had the following transactions related to receivables. 1. Sales on account $3,692,700 2. Sales returns and allowances 49,600 3. Collections of accounts receivable 2,817,800 4. Write-offs of accounts receivable deemed uncollectible 89,600 5. Recovery of bad debts previously written off as uncollectible 27,350 Your answer is correct. Aceur me thatne neh diecouınte w ers Prepare the journal entries to record onch of tho0o fuo trnnanotiono
Dd.22.
The following information was taken from the books of Buttercup Dealers at 28 February 2020 before any adjustments or closing entries had been made. Credit losses recovered R1 950.00 Trade debtors (1 March 2019) R78 175.00 Allowance for credit losses R3 512.50 Credit sales R101 250.00 Cash sales R31 875.00 An amount of R425 must be written off as irrecoverable. The allowance for credit losses must be adjusted to 5% of outstanding debtors. Which one of the following amounts represents the net amount in respect of debtors to be disclosed in the statement of financial position of Buttercup Ltd at 28 February 2020?
Please answer the two questions, not just one.
Emily is a sole trader. Emily’s payables ledger control account shows a balance of $24,903 which does not agree with the payables ledger. She has found three errors: A purchase invoice has been entered into the purchase day book as $594 rather than $495 The purchase day book has been undercast by $200 Discounts received of $150 from credit suppliers have not been entered in the control account What is the corrected payables ledger control account balance?
08:24 C uie Instructions. On 28 February 2019, the debtors control account in the General Ledger of Lesego Fashions showed a debit balance of R8 735, while the debtors list in the Debtors ledger showed a total of R5 584. The errors and omissions described below were found on 28 February 2019. Required: Indicate in the table provided below, how the errors and omissions should be corrected in order to reconcile the control account balance with debtor's list total. No. General Ledger Debtors ledger Debtors list Debtors control Dr (+) Cr (-) Dr (+) Cr (-) 3. The balance on the account of a debtor, R150, was brought down incorrectly as R15. 4. The amount on an invoice issued to A Shokane was miscalculated. The account should be R62 and not R72. 5. Payments to creditors as per the Cash Payment Journal were debited to debtors control account, R3 960. 6. The debtors' journal was undercast and posted accordingly. The total should have been R4 710, and not R4 170. 7. A credit note for R51 was…
Which of the following accounts is not one of the accounts transferred to the credit of the 690 period profit or loss account?A) 646 Exchange profitsB) 610 Returns from salesC) 600 Domestic salesD) 647 Rediscount interest incomeE) 644 Provisions with no subject
In addition to this, please post to the allowance these 2022 events: Allowance for Doubtful Accounts 2021 12/31 Bal 7900 12/31 37015 12/31 Bal 44915 2022 DATE? ??? 5/1 ??? As well as: Journalize the adjusting entry for bad debts at December 31, 2022, assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $1,200 and the aging schedule indicates that total estimated bad debts will be $34,500. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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