Question 2Simone Gabby owns and operates Simone's Shoes, a small business that prepares reports on amonthly basis.The Cash Journals for August 2019 appear as follows.Cash Receipts Journal (summary)Disc.AccountsDateDetailsRec.BankSalesSundriesGSTЕxp.Receivable31/08Totals13 7831547 7005 670567Cash Payments Journal (summary)Disc.АсcountsDateDetailsChq.BankInventoryWagesSundriesGSTRev.Payable31/08Totals18 030442 2003 0002 7309 547597The items in the Sundries column include:Advertising$540Drawings$5 000Freight Inwards$440Freight Outwards$190GST Settlement$927Interest Expense$150Loan – ANZ Bank$500Rent$1 800a. Prepare the Net Cash Flow from Operations extract from the Cash Flow Statement for the monthending 31 August 2019.b. Explain how Simone’s Shoes’ Income Statement for the month ended 31 August 2019 reported aNet Profit yet the Cash Flow Statement reported a Net Decrease in Cash for the same period.

The following computations are done to be recorded in the books of Simone Gabby. Formula Sheet:…

Answered: Question 2 Simone Gabby owns and…

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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1 2 3 A co 4 567 8 9 10 11 DATE GENERAL JOURNAL DESCRIPTION 20-- May 16 Accounts Payable-Sunshine Suppliers Cash in Bank Check 111 20 Cash in Bank 23 Advertising Expense Cash in Bank Check 112 Accounts Rec.-Tim McGraw, Inc. Receipt 54 POST. REF. DEBIT 79500 52500 65.00 PAGE CREDIT 3 79500 52 500 6500 IN 2 3 4 5 6 7 co loo 9 10 11 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.
Questions: The following is a summary of Jane’s bank account for the year ended 31 December 2021: $ $ Balance 1.January .2002 4,100 Payments to creditors for goods 67,360 Receipts from debtors 91,190 Rent 3,950 Balance 31Dec.2002 6,300 Insurance 1,470 Sundry expenses 610 Drawings 28,200 101,590 101,590 All of the…
31.1.2020 XYZ Company withdrawn Cash RO. 4500 from the bank. Which of the following is the correct journal entry of the transaction? Select one: a. Accounts Debit Credit (RO) Date (RO) 31.1.2020 Cash 4500 Bank 4500 b. Date Accounts Debit Credit (RO) 31.1.2020 Drawings 4500 (RO) Cash 4500 С. Accounts Debit Credit (RO) Date (RO) 31.1.2020Withdrawal 4500 Bank 4500
QUESTION 1 The summary of the bank column in the cash book of APINO Ltd. for the month ended October 31, 2020 is presented to you below; CASH BOOK Bal. b/d 11,000 Total Payments 54,000 Receipts 79,000 Bal. c/d 36,000 90,000 90,000 When the bank statement of the company was received on 31st October 2020, it showed a balance which differed from that of the cash book. Your investigation of the accounting records for the period reveals the following information. Bank charges of GH¢320 appear in the bank statement on 30th October 2020 but have not been recorded in the cash book. Cheques from a customer Papa Kay totaling GH¢2,890 entered in the cash book on 29th October, 2020 were credited by the bank on 2nd November, 2020. A cheque for GH¢ 1,000 entered in the cash book was yet to be submitted for payment by the payee. A cheque for GH¢12, 900 drawn by APINO Ltd. To pay for a new item of plant had been mistakenly entered…
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QUESTION 1 You are provided with information relating to Umdoni Stores. The following information appeared in the Bank Reconciliation Statement of Umdoni Stores on 30 September 20.19: Balance per bank statement R5 000 Debit 1. The Cash Book showed a credit balance of R5 956 while the bank statement reflected a favourable balance of R4 794 on Balance per Cash Book R6 500 credit 31 October 20.19. Outstanding deposit dated 30 September 20.19 R20 500 On comparing the September bank Reconciliation statement, the October bank statement and the Cash Book for October, the following was noted: To reconcile the balance of the Cashbook with the balance of the Bank statement on 31 October, the Credit balance of R5 965 will be shown as follows: Credit side of Bank account as R5 956 Will not be shown in the Bank account or Bank reconciliation Debit side of Bank account as R5 956 Debit column of Bank reconciliation as R5 956 Credit column of Bank Reconciliation as R5 956
Purchases and Cash Payments Journals Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of $535, which consists of $340 due Labradore Inc. and $195 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: Sept. 4. Purchased pet supplies from Best Friend Supplies Inc. on account, $230. Sept. 6. Issued Check No. 345 to Labradore Inc. in payment of account, $340. Sept. 13. Purchased pet supplies from Poodle Pals Inc. on account, $660. Sept. 18. Issued Check No. 346 to Meow Mart Inc. in payment of account, $195. Sept. 19. Purchased office equipment from Office Helper Inc. on account, $2,245. Sept. 23. Issued Check No. 347 to Best Friend Supplies Inc. in payment of account from purchase made on September 4. Sept. 27. Purchased pet supplies from Meow Mart Inc. on account, $350. Sept. 30. Issued Check No. 348 to Jennings Inc. for cleaning expenses, $50. Happy…
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Journalizing Cash Payments Lakeview Industries uses a cash payments journal. Prepare a cash payments journal using the same format and account titles as illustrated in the chapter. Record the following payments for merchandise purchased: Sept. 5 Issued Check No. 318 to Clausen Corp. for merchandise purchased August 28, $6,500, terms 2/10, n/30. Payment is made within the discount period. 12 Issued Check No. 319 to McGonigle Co. for merchandise purchased September 2, $8,000, terms 1/10, n/30. A credit memo had previously been received from McGonigle Co. for merchandise returned, $500. Payment is made within the discount period after deduction for the return dated September 8. 19 Issued Check No. 320 to Elite Systems for merchandise purchased August 19, $3,500, terms n/30. 27 Issued Check No. 321 to Glenn Falls for merchandise purchased September 17, $6,500, terms 2/10, n/30. Payment is made within the discount period. If an amount box does not require an entry, leave it…
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