S AVE NO Balance; Sales A/e Cr. ? 34,000; Furniture A/e Dr. ? 5,000; Sundry Expenses Ale Dr. 20Bank A/e Dr. t 5,000; Drawings Ae Dr. 1.000; Discount Ale Cr. 100; Nitesh's Ale No Balance CartvE DE.A Dr. t 80.00A/e Dr. ? 200; Rent Ale Dr. 1,500: Salary Ale Dr. t 3,000.IP.Posting of Opening Entry8 The following balances existed in the books of Bansal Traders as on 31st March, 2016:Assets : Cash ? 10,500, Cash at Bank? 15,000, Beema Bharti 3,500, Seema 7 1,800.Liabilities : Baby ? 3,800, Capital ? 27,000.Transactions during the month of March were as follows:2016April 3Sold goods for Cash8,000TIof Tria4.Sold goods on credit to Beema Bharti3,0004,0003,2001,8801207Goods purchased on credit from Baby11Cash deposited into BankCash paid to Babyaccour16and ercash Ehas aof itsShe allowed diacountCash received from Seema191,5002,0002,50070026Received cheque from Beema Bharti and deposited it inta. BankPurehased Furniture for CashCash withdrawn from Bank for Office use302930Salaries paid1,000to theJournalise the above transactions, post them in Ledger and balance the account.[Ans. Balance in Accounts : Furniture A/c (Dr.) ? 2,500; Cash Ale (Dr.) ? 12,120; Beema Bharti Ale (Dr.) 7 4,500;Seema A/e (Dr.) 300; Bank A/e (Dr.) ? 19,500; Baby Ale (Cr.) 5,800; Capital Ale (Cr.) 27,000; Balanceof Purchases A/e ? 4,000; Sales ? 11,000; Discount Received A/e ? 120; Salaries Ale? 1,000)accouparticof ledtotal

Journal entries recording is termed as initial step of accounting process. Then, entries are posted…

Posting of Opening Entry The following balances existed in the books of Bansal Traders as on 31st March, 2016: Assets: Cash 10,500, Cash at Bank 15,000, Beema Bharti 3,500, Seema ? 1800. Liabilities : Baby 3,800, Capital 27,000. Transactions during the month of March were as follows: 2016 April 3 Sold goods for Cash 6.00 3,000 4,000 3,200 1,880 120 1,500 2,000 2,500 700 1,000 4. Sold goods on eredit to Beema Bharti 7. Goods purchaled on credit from Baby 11 Cash deposited into Bank 16 Cash paid to Baby She allowed diacount 19 Cash received from Seema 26 Received cheque from Beema Bharti and depomited it into Bank 29 Purehased Furniture for Cash 30 Cash withdrawn from Bank for Office use 30 Salaries paid Journalise the above transactions, post them in Ledger and balance the account. (Ans. Balance in Accounts : Purniture Ale (Dr.)? 2.500; Cash Ale (Dr.) 12,120; Beema Bharti Ale (Dr.) 4,500, Seema Ale (Dr.) 300; Bank Ale (Dr.) 19,500, Baby Ale (Cr.) 2 5,800; Capital Ale (Cr.) 27,000; Balance of Purchases Aet 4,000; Sales ? 11,000, Discount Received Ale ? 120; Salaries Aler 1,000)

Posting of Opening Entry The following balances existed in the books of Bansal Traders as on 31st March, 2016: Assets: Cash 10,500, Cash at Bank 15,000, Beema Bharti 3,500, Seema ? 1800. Liabilities : Baby 3,800, Capital 27,000. Transactions during the month of March were as follows: 2016 April 3 Sold goods for Cash 6.00 3,000 4,000 3,200 1,880 120 1,500 2,000 2,500 700 1,000 4. Sold goods on eredit to Beema Bharti 7. Goods purchaled on credit from Baby 11 Cash deposited into Bank 16 Cash paid to Baby She allowed diacount 19 Cash received from Seema 26 Received cheque from Beema Bharti and depomited it into Bank 29 Purehased Furniture for Cash 30 Cash withdrawn from Bank for Office use 30 Salaries paid Journalise the above transactions, post them in Ledger and balance the account. (Ans. Balance in Accounts : Purniture Ale (Dr.)? 2.500; Cash Ale (Dr.) 12,120; Beema Bharti Ale (Dr.) 4,500, Seema Ale (Dr.) 300; Bank Ale (Dr.) 19,500, Baby Ale (Cr.) 2 5,800; Capital Ale (Cr.) 27,000; Balance of Purchases Aet 4,000; Sales ? 11,000, Discount Received Ale ? 120; Salaries Aler 1,000)

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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Ablema has provided you with the following bank statement and bank account details in respect of the month ended 31 January 2018. Statement date - 31 January, 2018. Account No 1452800 Date Particulars Debit Credit Balance GH¢ GH¢ GH¢ 01-Jan-18 Balance forward 67,580 Cr 06-Jan-18 Cheque 597 120 67,460 Cr 06-Jan-18 Direct debit 2,020 65,440 Cr 12-Jan-18 Credit transfer 4,660 70,100 Cr 13-Jan-18 Cheque 600 1,420 68,680 Cr 14-Jan-18 Cheque 601 12,028 56,652 Cr 16-Jan-18 Lodgement 9,000 65,652 Cr 19-Jan-18 Cheque 599 18,004 47,648 Cr 23-Jan-18 Bank charges for December 2017 422 47,226 Cr 25-Jan-18 Quarterly interest received 62 47,288 Cr 27-Jan-18 Dishonoured cheque 1,600 45,688 Cr 27-Jan-18 Cheque 598 26,090 19,598 Cr 30-Jan-18 Cheque 603 5,048 14,550 Cr 31-Jan-18 Lodgement 14,500 29,050 Cr 31-Jan-18 Standing order: rent first quarter 2018 27,000 2,050 Cr The books and records of Ablema show the followings transactions through the bank account for the month of January 2018: Date Receipts…
Instructions The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 2017 Dec 2018 Feb 7 Received from Unitarian Clothing & Bags Co., on account, a $30,000, 60-day, 6% note dated December 7 Recorded an adjusting entry for accrued interest on the note of December 7. Recorded the closing entry for interest revenue. DATE 31 31 5 Received payment of note and interest from Unitarian Clothing & Bags Co. Joumalize the entries to record the transactions. If no entry is required, simply skip to the next transaction Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY
Marx Corporation has accounts receivable of $96,000 at March 31, 2018. An analysis of the accounts shows these amounts. Balance, March 31 Month of Sale 2018 2017 March (current) $65,900 $76,200 February (1 – 30 days past due) 12,900 7,900 December and January (31 – 90 days past due) 10,100 2,100 (over 90 days past due) 7,100 1,200 $96,000 $87,400 Credit terms are 2/10, n/30. At March 31, 2018, there is an unadjusted $2,300 credit balance in Allowance for Doubtful Accounts. The company uses the percentage of receivables by age category for estimating uncollectible accounts Marx’s estimates of bad debts are as shown below. Age of Accounts Estimated PercentageUncollectible Current 3% 1–30 days past due 6% 31–90 days past due 30% Over 90 days past due 50% Prepare the adjusting entry at March 31, 2018, to record bad debts expense.
The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. 1 Purchased merchandise on account from Kirkwood Co., $225,000, terms n/30. 31 Issued a 30-day, 8% note for $225,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. 1 Borrowed $600,000 from Triple Creek Bank, issuing a 45-day, 6% note. Jul. 1 Purchased tools by issuing a $50,000, 60-day note to Poulin Co., which discounted the note at the rate of 6%. 16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 7% note for $600,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. Dec. 1 Purchased equipment from Greenwood Co. for $280,000, paying $80,000 cash and issuing a series of ten 9% notes for…
[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. 1 Purchased merchandise on account from Kirkwood Co., $175,000, terms n/30. 31 Issued a 30-day, 6% note for $175,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. 1 Borrowed $400,000 from Triple Creek Bank, issuing a 45-day, 5% note. Jul. 1 Purchased tools by issuing a $45,000, 60-day note to Poulin Co., which discounted the note at the rate of 7%. 16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 6% note for $400,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. Dec. 1 Purchased equipment from Greenwood Co. for $260,000, paying $40,000 cash and issuing a series of ten 9% notes for…
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Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). April 2 April 3 (a) April 3 (b) April 4 April 5 April 6 April 9 April 11 April 12 April 13 (a) April 13 (b) April 14 April 16 (a) April 16 (b) April 17 April 18. April 20 (a) April 20 (b) April 23 (a) April 23 (b) April 25 April 26 April 27 (a) April 27 (b) April 30 (a) April 30 (b) Purchased $14,700 of merchandise on credit from Noth Company, terms 2/10, n/60. Sold merchandise on credit to Page Alistair, Invoice Number 760, for $8,000 (cost is $7,000). Purchased $1,490 of office supplies on credit from Custer, Incorporated, terms n/30. Issued Check Number 587 to World View for advertising expense of $904. Sold merchandise on credit to Paula Kohr, Invoice Number 761, for $15,000 (cost is $13,500). Returned $90 of office supplies purchased on April 3 to Custer, Incorporated. Wiset reduces accounts payable by that amount. Purchased $12,225 of store equipment on…
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The Rivers Company reports the following data relative to accounts receivable. The terms of sale are net 30 days. (check the attached photo) Requirement: (A) Compute the accounts receivable turnover and (B) the collection period.