Question 14 of 36 Fill in the blanks: The accountant was tasked to reconstruct the books of Refresh Co. after a virus attacked their accounting system. The following information were available. HINT: An increase in the balances represents the ending balance while a decrease represents the beginning balance. Payments made to suppliers P 70,000 Decrease in accounts payable. 8,000 Increase in inventory 16,000 Compute for the: 1). Net purchases 2) Cost of goods sold.

Question 14 of 36 Fill in the blanks: The accountant was tasked to reconstruct the books of Refresh Co. after a virus attacked their accounting system. The following information were available. HINT: An increase in the balances represents the ending balance while a decrease represents the beginning balance. Payments made to suppliers P 70,000 Decrease in accounts payable. 8,000 Increase in inventory 16,000 Compute for the: 1). Net purchases 2) Cost of goods sold.

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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The following Purchases Ledger Control Account PLCA was prepared for the year: Bal b/d 45,000 Bank 285,000 Credit Purchases * ? 145,000 Return outwards 12,500 Discount received 24,000 Bal c/d 78,500 297,500 297,500 It was suspected that there are some errors in the preparation of the PLCA, although the numerical values are correct except for the credit purchases. What would be the amount for credit purchases if the PLCA was to be written up correctly? 355,000 360,000 450,000 517,000
14 Use the following information to answer next five (5) questions: You are auditing the accounts receivable and the related allowance for bad debts account of AACA Company. The following data are available: General Ledger Accounts Receivable 2022 Dec. 31 381,600 Allowance for Bad Debts 2022 2022 Jul. 31 GJ Write-off 7,200 Jan. 1 Balance 9,000 Dec. 31 GJ - Provision 21,600 Summary of Aging Schedule The summary of the subsidiary ledger balances as of December 31, 2022, is shown below: Debit balances Under one month P 162,000 One to six months 165,600 Over six months 68,400 P 396,000 Credit balances Mark Co. P 3,600 OK; additional billing in Jan. 2023 Lady Co. 6,300 Should have been credited to…
US Kimmel, Financial Accounting, 8e Helo I System Announcements CALCULATOR PRINTER VERSION 4BACK NEXT Multiple Choice Question 187 Pharoah Company had net credit sales during the year of $1407600 and cost of goods sold of $424000. The balance in accounts receivable at the beginning of the year was $115200 and at the end of the year was $190800. What was the accounts receivable turnover? О 6.00 7.90 О 1.20 O 9.20 Click if you would like to Show Work for this question: Open Show Work Question Attempts: 0 of 1 used SAVE FOR LATER SUBMIT ANSWER
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Question 6 Caruana Ltd uses control accounts for its purchases and sales ledgers which it balances at the end of each month. At 1 November 2020, the balances of the control accounts were: Purchases ledger Sales ledger Debit (€) Credit (€) 22,200 450 250 32,600 The following transactions took place during November 2020: € 65,500 99,600 Credit Purchases Credit Sales Cash received from trade receivables Cash paid to trade payables Bad debts written off Sales returns Purchases returns Discount allowed Discount received Dishonoured cheques Purchases ledger credits transferred to sales ledger 54,200 53,800 3,200 1,800 950 2,200 1,750 200 350 At 30 November 2020, there were debit balance in the purchases ledger of €550 and credit balance in the sales ledger of €300. Required: From the information presented above prepare for the month of November 2020: a. The Sales Ledger Control Account. b. The Purchases Ledger Control Account.
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CHPT#8_5 At December 31, the Azuza Company had a balance of $754,000 in its Accounts Receivable account and a credit balance of $9,000 in the Allowance for Doubtful Accounts account. The company aged its accounts as follows: Current $608,000 0–60 days past due 88,000 61–180 days past due 40,000 Over 180 days past due 18,000 $754,000 In the past, the company has experienced credit losses as follows: one percent of current balances, five percent of balances 0–60 days past due, 20 percent of balances 61–180 days past due, and 40 percent of balances over six months past due. The company bases its allowance for doubtful accounts on an aging analysis of accounts receivable.Requireda. Prepare the adjusting entry to record the allowance for doubtful accounts for the year. b. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear on the December 31 balance sheet.
Subject-accounting
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