Enter the information below from the chart of accounts and schedules as an Opening Entry into the General Journal and post the relevant information to the General Ledger Accounts 090 Bank 8295 091 Petty Cash 150 610 Accounts Receivable Control 11913 611 Allowance for Bad and Doubtful Debts 1193 111 Inventory 14300 113 Stationery on Hand 80 115 Prepaid Insurance 3600 116 Prepaid Rent 6000 140 Equipment 12800 141 Acc. Depreciation – Equipment 3552 150 Warehouse 90000 151 Accumulated Depreciation – Warehouse 14000 160 Delivery Vehicle 45000 161 Acc. Depreciation – Delivery Vehicle 3375 800 Accounts Payable Control 22330 205 Accrued Advertising 1320 210 Internet and Telephone Expenses Payable 726 220 Accrued Wages Expense 1150 299 Bank Loan (5-year) 95000 820 GST (947) 900 Capital – Chris P Baykon 50439 Additional Notes Schedule of Accounts Receivable as at 1 January 2021 Acc. No. 61001 Delicious Deserts 3,410 61003 Help Those in Need 1,650 61005 School Snackers 495 61007 Hotels Divided 6,358 11,913 Schedule of Accounts Payable as at 1 January 2021 80001 Prepared for Good 3,300 80003 Ingredients Plus 13,750 80005 Flavour and Thensome 5,280 22,330 You will need to enter this information into the appropriate subsidiary ledger accounts.
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Enter the information below from the chart of accounts and schedules as an Opening Entry into the General Journal and post the relevant information to the General Ledger Accounts
|
090 |
Bank |
8295 |
|
091 |
Petty Cash |
150 |
|
610 |
|
11913 |
|
611 |
Allowance for Bad and Doubtful Debts |
1193 |
|
111 |
Inventory |
14300 |
|
113 |
Stationery on Hand |
80 |
|
115 |
Prepaid Insurance |
3600 |
|
116 |
Prepaid Rent |
6000 |
|
140 |
Equipment |
12800 |
|
141 |
Acc. |
3552 |
|
150 |
Warehouse |
90000 |
|
151 |
|
14000 |
|
160 |
Delivery Vehicle |
45000 |
|
161 |
Acc. Depreciation – Delivery Vehicle |
3375 |
|
800 |
Accounts Payable Control |
22330 |
|
205 |
Accrued Advertising |
1320 |
|
210 |
Internet and Telephone Expenses Payable |
726 |
|
220 |
Accrued Wages Expense |
1150 |
|
299 |
Bank Loan (5-year) |
95000 |
|
820 |
GST |
(947) |
|
900 |
Capital – Chris P Baykon |
50439 |
Additional Notes
Schedule of Accounts Receivable
as at 1 January 2021
Acc. No.
61001 Delicious Deserts 3,410
61003 Help Those in Need 1,650
61005 School Snackers 495
61007 Hotels Divided 6,358
11,913
Schedule of Accounts Payable
as at 1 January 2021
80001 Prepared for Good 3,300
80003 Ingredients Plus 13,750
80005 Flavour and Thensome 5,280
22,330
You will need to enter this information into the appropriate subsidiary ledger accounts.
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