ainol tovt KK Trading is a registered VAT vendor and makes use of the periodic inventor Time left 1:59:36 The following information relates to K Mathi, one of the creditors of KK Trading. K Mathi's balance as per the trade payables ledger as at 30 June 2024 was R3 540. The following information had not been considered in correcting of the trade payables ledger: An invoice of R620 (VAT exclusive) in respect of goods purchased from K Mathi was erroneously omitted from the purchases journal. Required: Prepare the corrected account of the creditor in the trade payables ledger

ainol tovt KK Trading is a registered VAT vendor and makes use of the periodic inventor Time left 1:59:36 The following information relates to K Mathi, one of the creditors of KK Trading. K Mathi's balance as per the trade payables ledger as at 30 June 2024 was R3 540. The following information had not been considered in correcting of the trade payables ledger: An invoice of R620 (VAT exclusive) in respect of goods purchased from K Mathi was erroneously omitted from the purchases journal. Required: Prepare the corrected account of the creditor in the trade payables ledger

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 18E: Errors During the course of your examination of the financial statements of Burnett Co., a new...

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On 31 March 2023 , Polokwane Traders received a statement from Messina Traders, acreditor. The balance in the creditors ledger of Polokwane Traders was R12 667 (credit).The statement received from Messina Traders showed a debit of R 21 083.The following discrepancies were discovered:• Purchases returns of R 833 had been debited in the creditors’ ledger of PolokwaneTraders. The statement from Messina Traders showed no such records.• Cheque number C1OO, dated March 2023, amounting R 10 250 was debited inthe creditors ledger of Polokwane Traders but did not appear in the statement received from Messina Traders.• Invoice number IV 187 dated March 2023, amounting to R 4 750, was enteredincorrectly into the statement received from Messina Traders as R 6 250.• Invoice number IV 200 dated March 2023 amounting to R 4 167 was credited in the creditors ledger of Polokwane Traders but did not appear in the statement ofMessina Traders. Required:Show how the above errors can be corrected in the…
At what net realizable value should the accounts receivable – trade be carried as of December 31? Please include solutions. Thank you!
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:
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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
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UNICHITAchpugi 33 Bridgeport Corp. is a medium-sized corporation specializing in quarrying stone for building construction. The company has long dominated the market, at one time achieving a 70% market penetration. During prosperous years, the company's profits, coupled with a conservative dividend policy, resulted in funds available for outside investment. Over the years, Bridgeport has had a policy of investing idle cash in equity securities. In particular, Bridgeport has made periodic investments in the company's principal vendor of mining equipment, Norton Industries. Although the firm currently owns 12% of the outstanding common stock of Norton Industries, Bridgeport does not have significant influence over the operations of Norton Industries. Cheryl Thomas has recently joined Bridgeport as assistant controller, and her first assignment is to prepare the December 31, 2025 year-end adjusting entries for the accounts that are valued by the "fair value" rule for financial reporting…
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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?
Flounder Corp. is a medium-sized corporation specializing in quarrying stone for building construction. The company has long dominated the market, at one time achieving a 70% market penetration. During prosperous years, the company's profits, coupled with a conservative dividend policy, resulted in funds available for outside investment. Over the years, Flounder has had a policy of investing idle cash in equity securities. In particular, Flounder has made periodic investments in the company's principal vendor of mining equipment, Norton Industries. Although the firm currently owns 12% of the outstanding common stock of Norton Industries, Flounder does not have significant influence over the operations of Norton Industries. Cheryl Thomas has recently joined Flounder as assistant controller, and her first assignment is to prepare the December 31, 2025 year-end adjusting entries for the accounts that are valued by the "fair value" rule for financial reporting purposes. Thomas has gathered…
TB MC Qu. 07-94 (Algo) Gideon Company uses... Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,300 uncollectible account of its customer, A. Hopkins. The entry or entries Gideon makes to record the write off of the account on May 3 is: Multiple Choice Account Title Debit Credit Accounts Receivable-A. Hopkins Allowance for Doubtful Accounts 2,300 2,300 Account Title Allowance for Doubtful Accounts Debit Credit 2,300 Bad debts expense 2,300 Account Title Debit Credit Accounts Receivable-A. Hopkins 2,300 ( Prev 14 of 20 Next > MAR 15 tv MacBook Air DD F2 F4 F5 F6 F7 F8 F9 # %24 & 2 3 8. W R T Y D F G H J K