Capital: S Snow Vehicles at cost Accumulated depreciation: Vehicles. Sales Commission income. Advertising expenses.. Telephone and internet expenses. Trading inventory. Stationery expenses. Insurance expense Fuel and vehicle repairs. Cast of sales. Salaries and wages Rental expense. Drawings: S Snow Settlement discount granted.. Bank. Creditors control Freight on sales. Debtors control Debit Credit 202 400 281 000 112 400 199 300 6 600 3 600 2 160 25 300 1 4 8 0 2 520 21 202 56 400 55 520 27 000 43 200 2 500 15 000 54 978 1 200 37 596 575 678 575 678 2. Additional information: 2.1 2.2 3. 1. 2. 3. 4. Alpine Traders records trading inventory related transactions according to the perpetual inventory system. A sales return of undamaged trading inventory to the amount of R450 on 30 June 2023, pertaining to a previous credit sales transaction, was not recorded. The cost price of the sales retum amounted to R300. A trade debtor, H Laya was declared insolvent Only R160, comprising 5% of his debt at Alpine Traders, was received from the insolvency administrator. The receipt of the cash was correctly recorded. The outstanding amount on his account must still be written off. Year-end adjustments have to be recorded in respect of the following: The unrecorded advertising expenses, payable for June 2023, R400. Wages prepaid for July 2023, R560. (The payment was debited to the salaries and wages account, and the bank account was credited.) The unrecorded commission income (outstanding/receivable for June 2022), R750. Depreciation on the vehicles for the financial year, R28 100.
Capital: S Snow Vehicles at cost Accumulated depreciation: Vehicles. Sales Commission income. Advertising expenses.. Telephone and internet expenses. Trading inventory. Stationery expenses. Insurance expense Fuel and vehicle repairs. Cast of sales. Salaries and wages Rental expense. Drawings: S Snow Settlement discount granted.. Bank. Creditors control Freight on sales. Debtors control Debit Credit 202 400 281 000 112 400 199 300 6 600 3 600 2 160 25 300 1 4 8 0 2 520 21 202 56 400 55 520 27 000 43 200 2 500 15 000 54 978 1 200 37 596 575 678 575 678 2. Additional information: 2.1 2.2 3. 1. 2. 3. 4. Alpine Traders records trading inventory related transactions according to the perpetual inventory system. A sales return of undamaged trading inventory to the amount of R450 on 30 June 2023, pertaining to a previous credit sales transaction, was not recorded. The cost price of the sales retum amounted to R300. A trade debtor, H Laya was declared insolvent Only R160, comprising 5% of his debt at Alpine Traders, was received from the insolvency administrator. The receipt of the cash was correctly recorded. The outstanding amount on his account must still be written off. Year-end adjustments have to be recorded in respect of the following: The unrecorded advertising expenses, payable for June 2023, R400. Wages prepaid for July 2023, R560. (The payment was debited to the salaries and wages account, and the bank account was credited.) The unrecorded commission income (outstanding/receivable for June 2022), R750. Depreciation on the vehicles for the financial year, R28 100.
Financial Accounting Intro Concepts Meth/Uses
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ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter16: Statement Of Cash Flows: Another Look
Section: Chapter Questions
Problem 18P
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Transcribed Image Text:Capital: S Snow
Vehicles at cost
Accumulated depreciation: Vehicles.
Sales
Commission income.
Advertising expenses..
Telephone and internet expenses.
Trading inventory.
Stationery expenses.
Insurance expense
Fuel and vehicle repairs.
Cast of sales.
Salaries and wages
Rental expense.
Drawings: S Snow
Settlement discount granted..
Bank.
Creditors control
Freight on sales.
Debtors control
Debit
Credit
202
400
281 000
112 400
199 300
6 600
3 600
2 160
25
300
1
4
8
0
2 520
21 202
56 400
55 520
27 000
43 200
2 500
15 000
54 978
1 200
37 596
575 678
575 678
2. Additional information:
2.1
2.2
3.
1.
2.
3.
4.
Alpine Traders records trading inventory related transactions according to the perpetual inventory system. A
sales return of undamaged trading inventory to the amount of R450 on 30 June 2023, pertaining to a
previous credit sales transaction, was not recorded. The cost price of the sales retum amounted to R300.
A trade debtor, H Laya was declared insolvent Only R160, comprising 5% of his debt at Alpine Traders, was
received from the insolvency administrator. The receipt of the cash was correctly recorded. The outstanding
amount on his account must still be written off.
Year-end adjustments have to be recorded in respect of the following:
The unrecorded advertising expenses, payable for June 2023, R400.
Wages prepaid for July 2023, R560. (The payment was debited to the salaries and wages account, and
the bank account was credited.)
The unrecorded commission income (outstanding/receivable for June 2022), R750.
Depreciation on the vehicles for the financial year, R28 100.
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