Q.2.2 Prepare the individual account of L. Simpson in the debtors ledger of TowelTalk for February 2021. (Round off to the nearest rand) The following information was taken from the books of Towel Talk for January and February 2021:List of balances in the Debtors Ledger of Towel Talk as at 31 January 2021:DebtorFolAmountL SimpsonD1R12 000Marvel LtdD2R13 900R GreenD3R9 600Home Centre LtdD4R2 300D PatelD5R16 500R54 300Debtors Journal of Towel Talk - February 2021DOC NO DATEDETAILSFOL DEBTORSOUTPUTSALESCONTROLVATINV2032Marvel LtdD217 25022 25015 000INV2048.Home Centre LtdD424 1503 15021 000INV20512L. SimpsonD12 8753752 500INV20618D. PatelD59 7751 2758 500INV20722R. GreenD31 093143950INV20824L. SimpsonD15 1756754 500INV20928D. PatelD52 3003002 00062 6188 16854 450Debtors Allowances Journal of Towel Talk - February 2021DOC NODATEDETAILSFOL DEBTORSINPUT VAT SALESCONTROLRETURNS|CN454Marvel LtdD22 8753752 500CN4613L. SimpsonD157575500CN4723R. GreenD3230302004 5007 700CN4825L. SimpsonD15 1756758 8551 155Cashbook Receipts of Towel Talk - February 2021DOCDATEDETAILSFOLBANKDEBTORSOUTPUTSALESSUNDRIESNOCONTROLVATAMOUNTFOLDETAILSCR3331B. Pitt20 7002 70018 000CR334 73 7954953 300ServicesН.HomerRenderedDR2814L.D18 0008 000SimpsonCR33519Cash27 6003 60024 000DR2923D. PatelD524 96124 961DR3026L.D15 9855 985Simpson91 04138 9466 79542 0003 300

Working notes - L.Simpson : Particulars Date Sales VAT Total Balance as at 31 January 2021 Feb…

Answered: Q.2.2 Prepare the individual account of…

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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L. How much interest income should be reported on December 31, 2020 with regards to the note from Company B? 2-2 Notes Receivables The trial balance for BLUE Corporation prepared at December 31, 2020 showed a balance of P4,000,000 for Notes Receivables broken as follows: Notes receivable from Company A Notes receivable from Company B 3,000,000 1,000,000 Total 4,000,000 Additional information: The notes receivable from Company A is a three-year non- interest bearing note, with face value of P3,000,000. The note was received in exchange for a piece of land sold by BLUE on May 1, 2020. The land was carried in the books at the date of sale at P2,600,000. The difference between the face amount of the note and the carrying value of the land was credited to gain on sale of land. The market interest rate for a note of this type is 10%. The notes receivable from Company B bears interest at 10%. The note was received from sale of goods in the normal course of business. The note is dated October…
On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $121,500 on December 31, 2022. The proceeds of the note were $116,100. Use the horizontal model to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2022. Indicate the financial statement effect. Use the horizontal model to show the effects of recording interest expense for the month of September. Indicate the financial statement effect. Use the horizontal model to show the effects of repaying the note on December 31, 2022. Indicate the financial statement effect.
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On October 1, 2023 PT. Leci borrowed $500,000 from Pineapple Bank by signing a 10-month, 6% note. If on December 31 PT. Leci makes adjusting entries, then on August 1, 2024 what is the amount of interest expense recorded by PT. Lychee when paying off the notes? a. 17.500 b. 21 000 c. 9.000 d. 30.000 e. 7.500
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hi how do we record this in MYOB. Please help me Transactions from early January 2021 2 Obtained a loan of $14,000 from Uncle Oliver (a family relative of Beatrice Reed) at a simple interest rate of 10% per year, Cheque No. 145, ID #CR000001. The principal and interest on the loan are payable in six months time. 3 Received Cheque No. 227 from Pikea for the full amount outstanding on their account, ID #CR000002. 4 Issued Cheque No. 4098 for $10,065 to Mega Tech in payment of Purchase #303 (Supplier Inv#230). 4 Purchased 9 units MePod multimedia players from Pony at $979 each (includes 10% GST), Purchase #306, Supplier Inv#328. Issued Cheque No. 4099 for $3,900 to this supplier for this particular invoice at the time of the purchase. 4 Issued Cheque No. 4100 for $1,320 (includes 10% GST) to Discount Office Supplies for the cash purchase of office supplies. 6 Sold the following items on credit to Jerry Technology, Invoice #3284: 3 units BG90 plasma televisions for…
eBook Show Me How Proceeds from Notes Payable On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 60-day note with a face amount of $39,600. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%. b. Determine the proceeds of the note, assuming the note is discounted at 6%. Check My Work Email Instructor Save and Exit Previous Submit Assignme
Date Transaction description Obtained a loan of $41,000 from Earth Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2021 and the principal of the loan is to be repaid on June 1, 2024. Paid the full amount owing to Sport Borders, Check No. 603. Payment fell within discount period. Paid the full amount owing to J. J. Spud, Check No. 604. Payment fell within discount period. Made cash sales of $4,184 during the first 3 days of the month. 2 3 Purchased 6 Downhill Snowboards from Good Sports for $180 each, terms 2/10, n/30. Sold 6 Tony Eagle Mark 3 Freestyle Skateboards to Balls 'n All for $204 each, Invoice No. 501. Purchased 5 Freestyle Snowboards with cash for $170 each, Check No. 605. Purchased 5 Pipe Dream surfboards from Sports 'R Us for $150 each, terms net 30. 4 4. 7 After completing this practice set page, you should know how to record basic transactions in the journals provided below and understand the posting process in the…
Part 2 Now assume that on December 31, 2023, Sheridan enters into the following transactions related to the company's receivables: 1. 2. Sheridan sells the note receivable to Prairie Bank for $60,000 cash plus accrued interest. Given the creditworthiness of Sheridan's customer, the bank accepts the note without recourse and assesses a finance charge of 3.10%. Prairie Bank will collect the note directly from the customer. Sheridan factors some accounts receivable at the end of the year. Accounts totalling $35,000 are transferred to Skysong, Inc., with recourse. Skysong retains 5% of the balances and assesses a finance charge of 4% on the transfer. Skysong will collect the receivables from Sheridan's customers. The fair value of the recourse obligation is $4,700. Prepare the journal entry to record the transfer of the note receivable to Prairie Bank. (Round answers to O decimal places, e.g. 8,971. Credit account titles are automatically indented when the amount is entered. Do not indent…

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