G Hunt must be charged R1 827 interest on his overdue account.A credit note issued to ! Khune for goods returned was erroneously3.33.4entered in the account of C Gale in the debtors' ledger.3.5The sales returns journal was undercast by R900.A receipt issued to H Bolt for a payment on account of R37 800 was3.6recorded in the cash receipts journal but was not posted to his account inthe debtors' ledger.Required:Use the above information provided to prepare the following:2.1The correct Debtors Control Account properly balanced for May 2021.2.2Reconciliation of the debtors list with the debtors control account for themonth ended 31 May 2021. Sport Enterprises have individual accounts for their debtors in a debtors subsidiary ledgerand have a debtors control account in the general ledger. The balance of the debtorscontrol account at 1 May 2021 is R169 200. The following information was provided for themonth ending 31 May 2021: NB: Insert the amount of R4 500 for the credit note inadditional amount 3.41. Journals provided the following totals for relevant transactions:For the month ended 31 May 2021:Sales journal: Dehtors column762 000Sales returns journal6 300Cash receipts journal: Debtors column586 8002 100General Journal: Interest charged on overdue debtors' accountsGeneral Journal: Debtors balances written off as irrecoverable2 7002. The debtors ledger clerk submitted the following:List of debtors balances as at 31 May 2021 – debit balancesC Gale31 500Н Bot132 300G Hunt182 700I Khune18 900R Nadal9 0003. Additional information to be taken.into.account (not included in the above):3.1No entry has been made for a credit sale of goods to C Gale for R 5 400.3.2R Nadal's account must be written off as irrecoverable.

The question is based on the concept of Financial Accounting

Answered: G Hunt must be charged R1 827 interest…

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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Describe the transaction recorded. Cash 593.60 Sales Tax Payable 44.80 Sales 560.00 Credit CardExpense 11.20 (Select all your answers.) Sold merchandise for cash, plus sales tax. Purchased goods plus freight. Company deposited cash from the sale. Customer paid by bank credit card. Discount charged by bank to the seller. Interest credited by the bank.
24.4X On 31 October 2017 the cash book of N. Orange showed a balance at bank of $570. An examination of his records located the following errors. li) Orange paid to R. Jones $175 by cheque on 15 October. This cheque was entered in the cash book as $195. (ii) Bank charges not recorded in the cash book amounted to $25. (iii) A cheque dated 19 October, value $150, payable to T. Jack was not paid by the bank until 5 November. i not credit ire insura consider nce with the (iv) Orange on 23 October received from W. Green a cheque, value $125. This cheque was dishonoured on 29 October. No entry for the statementh dishonour has been made in the cash book. (v) On 31 October a cheque, value $200, received from F. Brown was banked; however, the bank statement was not credited until 1 November. nt s You are required to: (a) make the necessary entries in the cash book in order to show the revised cash book balance at 31 October 2017; (b) , reconciy nce. (b) prepare a statement reconciling the…
Nugget discovered that cheque 735 written in March for $767 and cleared the bank was recorded in their books as $676
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Accompanying a bank statement for Borden Company is a credit memo for $24,360 representing the principal ($24,000) and interest ($360) on a note that had been collected by the bank. The company had been notified by the bank at the time of the collection but had made no entries. Journalize the entry that should be made by the company to bring the accounting records up to date. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank
While performing its monthly bank reconciliation, XYZ Inc. discovered that it recorded a cash receipt from a customer for an incorrect amount. The company debited “Cash” and credited “Sales Revenue” for $920 instead of $290. On its bank reconciliation, how should the company adjust for this error? Add $630 to the company (book) side. Subtract $630 from the company (book) side. Add $630 to the bank side. Subtract $630 from the bank side.
Which of the following items will not appear on the Books side of the reconciliation? A a non-sufficient funds check of $75 was returned to the bank and deduct it from the bank balance. Be a deposit was in transit in not yet deposited in the bank. See the bank charge a service fee of $20 on the bank statement. D the bank collected in notes receivable of $1000 for the business
Organic Food Company's Cash account shows a $7,400 debit balance and its bank statement shows $6,490 on deposit at the close of business on August 31. a. August 31 cash receipts of $3,140 were placed in the bank's night depository after banking hours and were not recorded on the August 31 bank statement. Deduct b. The bank statement shows a $310 NSF check from a customer; the company has not yet recorded this NSF check. c. Outstanding checks as of August 31 total $3,020. d. In reviewing the bank statement, an $270 check written by Organic Fruits was mistakenly drawn against Organic Food's account. e. The August 31 bank statement lists $210 in bank service charges; the company has not yet recorded the cost of these services. Prepare a bank reconciliation using the above information. Bank statement balance i Add: Adjusted bank balance ORGANIC FOOD COMPANY Bank Reconciliation August 31 $ 0 0 Book balance Add: Deduct: 0 0 Adjusted book balance $ 0 0 0 0
Jk. 199.
You are the accounts assistant in a small company called Autonomy Ltd. The company had the following transactions during June 2021: | Credit sales Receipts from trade receivables Discounts allowed |Sales returns Bad debts written off Contras between sales and purchase ledgers Balance of trade receivables at 1 June 2021 26,595 23,250 650 1,525 1,650 1,000 6,950 Required: a) Construct the sales ledger control account of Autonomy Ltd from the above details. Show clearly the balance carried down at 30 June 2021. b) Explain the purpose of a sales ledger control account.
Which of the following is true of a petty cash voucher? a.It must be issued once in a month by a bank. b.It must explain the purpose of the payment. c.It must only be used to account for payments of more than $5. d.It must be signed only by the person who authorized the payment.

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