Particulars Debit (RM) Credit (RM) Inventory on 1 October 20X2 2,368 Carriage outwards 200 Carriage inwards 310 Returns inwards and outwards 248 322 Purchases 10,874 Sales 19,600 Salaries and wages 3,862 Advertisement 211 Rent 304 Insurance 78 Repairs of motor vehicle 164 Office expenses 216 Travel expenses 166 General expenses 314 Premises 35,555 Fixtures and fittings 2,800 Trade receivables and payables 3,896 1,231 Fixed deposit at BIMB 8,000 Cash In hand 482 Cash at bank 1,210 Drawings 1,200 Capital 36,000 Loạn from MBF Finance 15.000

Particulars Debit (RM) Credit (RM) Inventory on 1 October 20X2 2,368 Carriage outwards 200 Carriage inwards 310 Returns inwards and outwards 248 322 Purchases 10,874 Sales 19,600 Salaries and wages 3,862 Advertisement 211 Rent 304 Insurance 78 Repairs of motor vehicle 164 Office expenses 216 Travel expenses 166 General expenses 314 Premises 35,555 Fixtures and fittings 2,800 Trade receivables and payables 3,896 1,231 Fixed deposit at BIMB 8,000 Cash In hand 482 Cash at bank 1,210 Drawings 1,200 Capital 36,000 Loạn from MBF Finance 15.000

Name: 3. From the following trial balance of Reenawares Trading, prepare it
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Description: 3. From the following trial balance of Reenawares Trading, prepare its statement ofprofit or loss for the year ended 30 September 20X3 and a statement of financialposition as at that date.Trial Balance as at 30 September 20X3ParticularsDebit (RM)Cre

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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FILL THE MISSING ENTRIES. USE PERIODIC INVENTORY SYSTEM Date Debit Credit 2015 01-Dec Cash 230,000 Merchandise inventory 75,000 HC Capital 305,000 03-Dec Accounts payable 2,500 Cash 2,500 04-Dec 05-Dec 06-Dec 07-Dec 09-Dec Merchandise inventory 1,300 Input VAT 156 Cash 1,456 10-Dec Cash 20,350 Sales discount 370 Accounts receivable 20,720 12-Dec Accounts payable 28,000 Merchandise inventory 500 Cash 27,500 13-Dec Merchandise inventory 13,800 Input VAT 1,656 Cash 15,456 14-Dec Office equipment 50,000…
ADJUSTMENTS a.-b. Merchandise inventory on December 31, 20X1, is $13,321 c. During 20X1, the firm had net credit sales of $45,000; the firm estimates that 0.5 percent of these sales will result in uncollectible accounts. d. On December 31, 20X1, an inventory of the supplies showed that items costing $325 were on hand. e. On October 1, 20X1, the firm signed a six-month advertising contract for $1,080 with a local newspaper and paid the full amount in advance. f. On January 2, 20X0, the firm purchased store equipment for $8,700. At that time, the equipment was estimated to have a useful life of five years and a salvage value of $700. g. On January 2, 20X0, the firm purchased office equipment for $2,200. At that time, the equipment was estimated to have a useful life of five years and a salvage value of $300. h. On December 31, 20X1, the firm owed salaries of $1,930 that will not be paid until 20X2 i. On December 31, 20X1, the firm owed the employer's social security tax (assume 6.2…
2.15) Find the average daily balance (new purchases included) Payment End of Day Balance Dates 11/1-11/2 11/3 11/4-11/11 11/12 11/13-11/30 Average $125.00 Purchase $65.00 X Number of Days $145.00 X $210.00 X $210.00 x $85.00 x $85.00 X Total → 2 1 1 18 30 Sum of Balances $290.00 $210.00 $1,680.00 $85.00 $1,530
s
Date Explanation F Debit Credit JULY 1 CASH 250,000 MERCHANDISE INVENTORY 60,000 HENRY SY CAPITAL 310,000 2 DADA STORE 19,936 SALES 17,800 VAT PAYABLE 2,136 3 CASH 31,920 SALES 28,500 VAT PAYABLE 3,420 4 SALES RETURN AND ALLOWANCES 780 ACCOUNTS RECEIVABLE 780 5 TELEPHONE EXPENSE 550 UTILITIES PAYABLE 550 10 BANK 49500 INTEREST EXPENSE 500 BANK LOAN 50000 11 UTILITIES PAYABLE 550 BANK 550 13 TABLES AND CHAIRS A/C 35000 VAT PAID 4200 BANK 3920 PRIME FURNITURE HOUSE A/C 35280 14 MERCHANDISE (GOODS) 60000 VAT PAID 7200 BANK 13440…
2.17) Find the average daily balance (new purchases included) Payment End of Day Balance Dates 12/1-12/9 12/10 12/11-12/17 12/18 12/19-12/31 Average $840.00 Purchase $230.00 X Number of Days $975.00 x $1,205.00 x $1,205.00 x $365.00 X $365.00 x Total → 9 1 7 1 13. 31 Sum of Balances
268. Subject : - Accounting
Inventory purchased on credit in the periodic system, select one?
26 ces Required information [The following information applies to the questions displayed below] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory. Prepaid expenses Plant assets, net Total assets Current Year $ 30,401 92,653 113,068 9,790 285,290 $ 531,208 1 Year Ago $ 37,001 66,035 85,566 9,809 259,527 $457,938 $ 133,593 97,870 162,500 137,245 $ 531,200 Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity For both the current year and one year ago, compute the following ratios: 2 Years Ago $ 37,413 48,906 53,137 3,994 227,050 $370,500 $ 76,618 104,272 163,500 113,548 $ 457,938 $ 49,884 81,062 161,500 76,054 $ 370,500 1. Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable?…
GENERAL JOURNAL DR CR JULY 1 CASH 250,000 MERCHANDISE INVENTORY 60,000 HENRY SY CAPITAL 310,000 2 DADA STORE 19,936 SALES 17,800 VAT PAYABLE 2,136 3 CASH 31,920 SALES 28,500 VAT PAYABLE 3,420 4 SALES RETURN AND ALLOWANCES 780 ACCOUNTS RECEIVABLE 780 5 TELEPHONE EXPENSE 550 UTILITIES PAYABLE 550 10 BANK 49500 INTEREST EXPENSE 500 BANK LOAN 50000 11 TELEPHONE EXPENSE 550 BANK 550 13 TABLES AND CHAIRS A/C 35000 VAT PAID 4200 BANK 3920 PRIME FURNITURE HOUSE A/C 35280 14 MERCHANDISE (GOODS) 60000 VAT PAID 7200 BANK 13440…
question 5 A record of transactions for the month of January was as follows: Purchases Sales Jan 1 (balance) 500 @ $5.00 Jan 3 200 @ $7.00 10 1,300 @ $5.60 18 1,000 @ 8.50 25 800 @ $6.00 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory and cost of goods sold for FIFO, LIFO and moving average.
JOURNAL TRANSACTION: Sold $45,500 in inventory to a customer for $68,250 on account, 2/10, n/30. Transaction for $68,250: