The following errors and omissions were discovered after the above was drawn up:1) The opening balance is R800 less than it should be.2) The debtors' column in the cash receipts journal was overcast by R2 000.3) Goods returned by B. Afleck valued at R300 were not processed.4) Credit sales of R 4 800 made to J. Peter was incorrectly posted to the account of D. Carter.15) A cheque for R2 400 received from A. Paul in payment of his account was incorrectly entered in the cash receiptsjournal as R4 200.6) No entry has been made for a cheque for R2 340 that was returned by the bank marked "R/D – insufficient funds".The cheque was previously received from debtor C. Walken in settlement of a debt of R 2 600. The account mustalso be written off as C. Walken cannot be traced. QUESTION 1The following debtor control account and debtors list were prepared by the owner of Siyadula Traders. The owner isunsure if he has correctly prepared it.REQUIRED:Jse the following information to prepare the correct account and list:Debtors control account for January 2021Debtors list at 31 January 2021.General LedgerDEBTORS CONTROL ACCOUNTJan 01Balanceb/d54 300Jan 31Bank and discountCRJ536 200Sales ReturnsSRJ6 200SalesSJ62 110Balance c/d37 81098 31098 310Feb 01Balanceb/d37 810Debtors List as at 31 January 2021DebitCreditB. Afleck12 525M. Damon19 085J. Peter18 100A. Paul9 200D. Carter17 90076 810

Debtors list as on 31-01-2021 B.affeck 12525 M Damon 19085 J.Peter 18100 A.paul 9200…

Answered: QUESTION 1 The following debtor control…

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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Question 12 of 20 Which one of the following statements is NOT true? A. Details from the purchases journal are posted to the debtors ledger. B. Details from the sales journal are posted to the debtors ledger. C. When subsidiary journals for a month have been completed, the joumal columns are added up and the totals are posted to the general ledger. D. The combined totals of the individual accounts contained in the debtors ledger must balance with the balance of the debtors contral account in the general ledger.
A -1 Prepared by Reviewed by William, Inc. Bank Confirmation - General Account December 31, 2022 Balance per Bank at December 31, 2022 $20,200.22 * Deposit in Transit - per A-1-2 2,000.00 # Outstanding Checks - per A-1-3 (5,200.00) Other - Note Collected by Bank (10,000.00) ^ Bank Service Charge (9.50) Balance per Books at December 31, 2022 $8,990.72 * f f Column footed. ^ Amount agrees to amount recorded as a deposit on the bank statement and description agrees with receipt enclosed with 12/31/22 bank statement. This note is the Kristopher note receivable that was recorded as a receipt by the client in the cash receipts journal on January 3, 2023. The receivable was appropriately credited and properly reflected in the January cash receipts journal. No adjustment needed as bank and books simply record this in different periods. #Agreed to December 31,…
Instructions: Calculate the following Reconciliation for Hancock, Reid, & Carson for the period ending March 31, 2021. Prepare the March bank reconciliation statement on the blank statement provided for Hancock, Reid, & Carson Ltd. according to the following information: • Royal Bank of Canada statement says the current balance is $17,864.12. • There was an NSF cheque #1706 from Peter Bartrum in the amount of $1,870.54. There are bank service charges of $60.00; there are overdraft interest charges of $86.90; there is a preauthorized loan payment charge of $617.44; the bank paid Hancock, Reid & Carson Ltd. $204.12 interest on a revolving T-bill investment, and there is a charge of $54.00 for the annual rental of a safety deposit box. Upon comparing the bank statement to the company's cheque register, you noted that the final balance in the cheque register was $16,627.01 and that cheques #588 for $198.27, #592 for $i,846.40, #596 for $374.80 and #599 for $1,320.40 are outstanding. You…
Attached is some information about DGA Groceries. Use this information to prepare a bank reconciliation for April 30, 2020. Bank of Edmonton Downtown Edmonton, Alberta, Canada Bank Statement Period: Apr 1 - 30, 2020 Client Name DCA Groceries Account Number 7800-7802364 Description Deposit Withdrawal Date Balance Balance Forward 1-Apr-20 15,032.00 Cheque#7801010 200.00 1-Apr-20 14,832.00 EFT 2,900.00 1-Apr-20 17,732.00 Cheque Deposit 1,800.00 2-Apr-20 19,532.00 Cheque Deposit 800.00 3-Apr-20 20,332.00 Cheque#7801012 1,500.00 3-Apr-20 18,832.00 Cheque#7801013 1,912.00 3-Apr-20 16,920.00 Checque Deposit 13,200.00 3-Apr-20 30,120.00 Cheque#7801014 110.00 6-Apr-20 30,010.00 Cash Withdrawal 100.00 7-Apr-20 29,910.00 Cash Deposit 1,275.00…
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