Jabulani Jomo, a sole trader, owns Jomo Entreprises. The entity is a general dealer which uses the Perpetual Inventory System and is not a Registered VAT Vendor. (i.e. ignore VAT) Jomo Entreprises marks up all their goods at a constant mark-up of 15% on cost. Ledger Account balances, amongst others, on 1 May 2019: Bank (favourable) R42 655 Debtors Control R312 000 The Debtors List consists of: Nancy Jones R55 000; Katlego Dlamini R127 000 and Brandon van der Merwe R130 000 Credit Losses R23 560 Sales R457 500 Transactions, amongst others, for May 2019: Receipt R76 was issued to Katlego Dlamini who paid R55 000 in full settlement of the amount he owed as at 1 April 2019, R58 000. A prompt settlement discount was granted and JV77 was completed. 3 Cash sales according to the cash register roll amounted to R424 925. The tenant, Susie Snyman, paid her rent directly into the entity's current bank account, R17 000. NEED Bank returned Katlego Dlamini's cheque (see 1 May 2019) marked R/D. 8 Sold goods on credit to Nancy Jones R37 490 (Cost Price R32 600). Credit Invoices C735 was issued. Sold goods on credit to Brandon van der Merwe R25 599 (Cost Price R22 260). Credit 00

Jabulani Jomo, a sole trader, owns Jomo Entreprises. The entity is a general dealer which uses the Perpetual Inventory System and is not a Registered VAT Vendor. (i.e. ignore VAT) Jomo Entreprises marks up all their goods at a constant mark-up of 15% on cost. Ledger Account balances, amongst others, on 1 May 2019: Bank (favourable) R42 655 Debtors Control R312 000 The Debtors List consists of: Nancy Jones R55 000; Katlego Dlamini R127 000 and Brandon van der Merwe R130 000 Credit Losses R23 560 Sales R457 500 Transactions, amongst others, for May 2019: Receipt R76 was issued to Katlego Dlamini who paid R55 000 in full settlement of the amount he owed as at 1 April 2019, R58 000. A prompt settlement discount was granted and JV77 was completed. 3 Cash sales according to the cash register roll amounted to R424 925. The tenant, Susie Snyman, paid her rent directly into the entity's current bank account, R17 000. NEED Bank returned Katlego Dlamini's cheque (see 1 May 2019) marked R/D. 8 Sold goods on credit to Nancy Jones R37 490 (Cost Price R32 600). Credit Invoices C735 was issued. Sold goods on credit to Brandon van der Merwe R25 599 (Cost Price R22 260). Credit 00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Bramble Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred. Made Bramble credit card sales totaling $25,800. (There were no balances prior to January 15.) Made Visa credit card sales (service charge fee 2%) totaling $5,800. Collected $12,000 on Bramble credit card sales. Added finance charges of 1.5% to Bramble credit card account balances. Jan. 15 20 Feb. 10 15 Journalize the transactions for Bramble Stores. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date Jan 15 Jan. 20 Cash Debit Credit M Ç T 9 M Q Me Mu VI 65 Ac Q 59 Ace
Answer all of the following questions 1. On October 1, 2019, O Company establishes a petty cash fund by issuing a check for RO 500 to the petty cash fund. On October 31, 2019, the following paid petty cash receipts for replenishment of the petty cash fund were provided when there is RO 94 cash in the fund:Freight-Out RO 72Supplies Expense 102Entertainment of Clients 110Postage Expense 51InstructionsPrepare the journal entries required to establish the petty cash fund on October 1 and the replenishment of the fund on October 31.
Calculate the cash discount and the net amount due the transaction (in $). Amount ofInvoice Terms ofSale CashDiscount NetAmount Due $15,660.00 2/10, n/45 $ $
show the balance shet presentation of the receivable accounts at july 31.
Use the information in the attachment to prepare journal entries without explanations for the following transactions involving notes payable for Gomez Company, whose fiscal year ends June 30.
First using cash accounting, and then accrual accounting, discuss what the balances of each account will be on May 31, 2019 at Hippie Hospital for the financial period below, taking into consideration the transactions listed. Then, discuss why/how you arrived at your answer for each ending account balance. Beginning account balances for May 2019: Assets = $1,400,000 Liabilities = $500,000 Net Assets = $890,900 Revenue = $25,000 Expenses = $15,900 Transaction #1 (May 4, 2019) - the hospital signed a purchase order for a $2,500 supply purchase, which will be delivered/completed in mid-June. Transaction #2 (May 15, 2019) - the hospital provided $15,000 in patient care services and billed patients' insurance plans. Transaction #3 (May 25, 2019) - the hospital took out a loan for $4,000 to meet future, unexpected payroll obligations.
Prepare the journal journies for a,b,c,d,e,& f please & thank you. Also prepare journal entries to record the first subsequent cash transaction in January of the next year for parts c and e thank you!
Tony's favorite memories of his childhood were the times he spent with his dad at camp. Tony was daydreaming of those days a bit as he and Suzie jogged along a nature trail and came across a wonderful piece of property for sale. He turned to Suzie and said, "I've always wanted to start a camp where families could get away and spend some quality time together. If we just had the money, I know this would be the perfect place." On November 1, 2025, Great Adventures purchased the land by issuing a $580,000, 6%, 8-year installment note to the seller. Payments of $7,622 are required at the end of each month over the life of the 8-year loan. Each monthly payment of $7,622 includes both interest expense and principal payments (i.e., reduction of the loan amount). Late that night, Tony exclaimed, "We now have land for our new camp; this has to be the best news ever!" Suzie said, "There's something else I need to tell you. I'm expecting!" Required: 1. Complete the first three rows of an…
Good day , please answer the following question for homework from my textbook : Taking into account all the errors/omissions noted above, prepare the corrected Creditors Control account for the month of June 2021. Balance the account. All information and format has been attached, May god bless you abundantly
Prepare journal entries to record the first subsequent cash transaction in 2020 for parts C and E. See attachment
Prepare all of Blossom's journal entries for 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
How I have to do the entry for June 30 2021