Required:Prepare the post adjustment trial balance of Musketeer Traders on 30 September 2019. FolioDebit(R)Credit(R)Statement of financial position sectionСapital400 000Drawings5 500Land and Buildings450 000Motor Vehicles225 000Accumulated depreciation: Vehicles65 000Financial Asset: Fixed deposit : JP107 000HouseBank3 200Debtors control48 220Trading Inventory24 640Mortgage Loan210 520Creditors Control33 980Nominal Accounts SectionSales1 200 000Sales Returns18 800Cost of Sales800 340Rent Income45 000Interest Income4 600Service Income8 700Rent Expense66 700© The Independent Institute of Education (Pty) Ltd 2020Page 3 of 14202020FolioDebit(R)Credit(R)Credit Losses3 500Wages and Salaries102 380Cleaning Materials6 300Office consumables5 400Interest on mortgage loan2 500Electricity11 250Rates and services4 870Fuel12 300Advertising50 700Telephone25 6001971 0001 971 000 Additional information and adjustments as at 30 September 2019:1.The stock take revealed the following items on hand:- Trading Inventory – R 11 000Office consumables – R 3402.Depreciation must be provided for on vehicles at 25% per annum according to thestraight-line method. No vehicles were bought or sold during the year.3.The following adjustments must be made to enforce the accrual concept:Wages and salaries payable – R 6 000-Telephone prepaid for October 2019 – R 1 300Rent income received in advance – R 3 500- Accrued interest on fixed deposit – R 5 3504.Create an allowance for credit losses to the amount of R 870.Required:Prepare the post adjustment trial balance of Musketeer Traders on 30 September 2019.

Trail balance: The statement which shows closing balance of all the ledger account is stated as…

Answered: Prepare the post adjustment trial…

Business

Accounting

Prepare the post adjustment trial balance of Musketeer Traders on 30 September 2019.

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

Adjusting journal entry for: On November 1st, 2018, FTS purchased a certificate of deposit from First National Bank for $25,000. The deposit earns interest of 2.0% annually and has a maturity end date of 11/1/2020. Interest earned is received annually on November 1st of each year.
Adjusting entry: On 1 December 2019, Count-On-Us Pty Ltd invested $50,000 in a term deposit at Commonwealth Bank. Interest is received after one year and the interest rate is 6% p.a. Instructions: Record the adjusting entry for the year ending 30 June 2020 by selecting the correct accounts and amounts that are debited and credited.
What would all the journal entries for 2021 fiscal year (Ended December 31) be?
rescue sequences llc purchased inventory by issuing a $45,000, 10%, 60-day note on october 1, 2019. what amount of interest expense should be recorded for 2019?
Prepare the journal entries, with appropriate journal entry descriptions, for 2020, including any required year-end adjusting entries.The company prepares annual adjusting entries.
Give the entry in January 2026, when the 37,500-gallon shipment is received, assuming that the situation given in (b2) above existed at December 31, 2025, and that the market price in January 2026 was $3.35 per gallon. Prepare the journal entry for when the materials are received in January 2026. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 2026 Inventory Estimated Liability on Purchase Commitments Accounts Payable Debit 125625 13125 Credit 138750
Annual Leave provision balance is to be $11,000 at 30/6/2022. The opening balance was $5,000 at 1/7/2021 and the payments to employees during the financial year ended 30/6/2022 were $4,500. Does this need to be reversed on a balance day adjustment GJ. If so how would Ireverse it