Question Required 1- Recording theflowing-mentioned operations in the journaland transferring them to the ledger 2-Thebalance of the accounts in the ledgerYou have the following transaction data fora company: 1-On January 2, 2019, Mohamedstarted his commercial activity bydepositing 2million dinars into the fund 2-On 3/1/2019, he bought goods for 800,000dinars from Al-Faihaa Trading Company, onthe account 3-On 5/1/2019, goods were soldfor 500,000 dinars in cash 4-On 1/8/2019,half of the amount owed to Al-FayhaaTrading Company was paid 5-On01/10/2019, the rent for the company'sheadquarters was paid 250,000 dinars incash 6- He bought on the account acommodity in the amount of 500 thousanddinars from Al-Fayhaa Trading Company 7-On January 15, 2019, the salary of 200,000* dinars was paid in cashإضافة ملف

A journal entry is made to record the financial transaction in the books of accounts. T-account: The…

Answered: Question Required 1- Recording the…

Question Required 1- Recording the flowing-mentioned operations in the journal and transferring them to the ledger 2-The balance of the accounts in the ledger

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...

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Case From the following particulars of Al Zahra LLC for the year 2019, Al Zahra LLC. sold goods to General Trading Company on 1st Jan 2019 RO 20000, in that 25% of cash received immediately. The credit term was terms as 3/10 net 30, from the amount due on credit 50% was paid by General Trading Company on 18th January 2019 and the remaining amount was paid on 30th January, 2019. On 4th January, 2019, Goods sold to Mr. Ali on credit for RO 12000 was uncollectible because of his sudden death. Goods sold to Mr. Ahmed on credit on 5th March, 2019 for RO 6000 through credit card was received after one month ie: on 7th April, 2019, for that interest was @ 5%. Amount collected from current years sales was RO 150000 From the year 2019 Al Zahra LLC started to use Allowance Method for writing off the un collectables and the total credit sales during the year 2019 was RO 180000the estimated amount of allowance for uncollectible was @ 10% The actual uncollectible amount during the year 2019…
Deb secured a line of credit for her business and received the following statement of account for the month of February 2021. Date Transaction Deposit Withdrawal Balance Feb 1 Balance -450 Cheque 262 Deposit Feb 4 570 -1020 Feb 10 2250 1230 Cheque 263 Cheque 264 Feb 16 280 950 Feb 20 1090 -140 Feb 22 Cheque 265 100 -240 Feb 27 Cheque 266 160 -400 Feb 28 Daily interest of 1.5% p.a. is earned on all positive balances. Daily interest of 7% p.a. is charged on all negative (line of credit) balances. Overdraft interest of 18% p.a. is charged on daily amounts exceeding $1,000. Service charge of $5.00 is charged for each transaction causing an overdraft or adding to an overdraft. 1.) Determine the amount of interest earned. (a positive value) 2.) Determine the amount of interest charged on the line of credit. (a positive value) 3.) Determine the amount of interest charged on overdrafts. (a positive value) 4.) Determine the amount of service charges. (a positive value) 5.) Determine the account…
Required information [The following information applies to the questions displayed below.] On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $122,400 on December 31, 2022. The proceeds of the note were $116,400. c. 1. Record the journal entry to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2022. 2. Record the journal entry to show the effects of recording interest expense for the month of September. 3. Record the journal entry to show the effects of repaying the note on December 31, 2022. Complete this question by entering your answers in the tabs below. Required C1 Required C2 Required C3 Record the journal entry to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2022. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1
Problem 1: On December 31, 2019, the bookkeeper of Glare Company provided the following information. Accounts payable, including deposits and advances from customer of ₱250,000 1,250,000 Notes payable, including note payable to bank on December 31, 2021 of ₱500,000 1,500,000 Stock dividend payable 400,000 Credit balances in customers account 200,000 Serial bonds payable in semiannual installment of ₱500,000 5,000,000 Accrued interest on bonds payable 150,000 Contested BIR tax assessment-possible obligation 300,000 Unearned rent income 100,000 Required: Compute the total current liabilities on December 31, 2019. Please show your solution.
From the following particulars of Al Zahra LLC for the year 2019, a. Al Zahra LLC. sold goods to General Trading Company on 1st Jan 2019 RO 20000, in that 25% of cash received immediately. b. The credit term was terms as 3/10 net 30, from the amount due on credit 50% was paid by General Trading Company on 18th January 2019 and the remaining amount was paid on 30h January, 2019. c. On 4th January, 2019, Goods sold to Mr. Ali on credit for RO 12000 was uncollectible because of his sudden death. d. Goods sold to Mr. Ahmed on credit on 5th March, 2019 for RO 6000 through credit card was received after one month ie: on 7th April, 2019, for that interest was @ 5%. e. Amount collected from current years sales was RO 150000 f. From the year 2019 Al Zahra LLC started to use Allowance Method for writing off the un collectables and the total credit sales during the year 2019 was RO 180000the estimated amount of allowance for uncollectible was @ 10% g. The actual uncollectible amount during the…
Record in journal form the following transaction: Bought goods on credit for $4,500 from Andrew 23 December 2019, terms 10/10, n/30. Paid for them 31 December 2019.
Record the following transactions for Redeker Co. in the general journal.
The following are relevant information pertaining to the results of the business operations for Maisarah Islamic Window for the year 2020: Income from Operations2600000Expenses from Operations1180000Indirect Income (Fee Based)300000Indirect Expenses260000The above profit from operation is prior to the distribution of profit to mudharabah depositors. The agreed profit sharing ratio between the Bank and mudharabah depositors is 60:40 respectively.Required:Assuming that the Separate Investment Account Method SIAM is used, calculate the net profit/loss to the Islamic Bank (Before Tax and Zakat)
Song, Inc. (seller), engaged in the following transactions during January 2019: Song, Inc. DATE TRANSACTIONS 2019 Jan. 8 Received payment of $2,058 on account from Bowden Company in payment of Invoice 1885 dated December 30, 2018, less cash discount of $42. 10 Sold merchandise for $1,550 on account to Bowden Company, Invoice 1920, terms 2/10, n/30. 15 Issued Credit Memorandum 320 to Bowden Company for damaged merchandise totaling $200 that was returned; the goods were purchased on Invoice 1920, dated January 10. 19 Received payment from Bowden Company for Invoice 1920 of January 10, less the return of January 15 and less the cash discount. 30 Sold merchandise for $3,300 to Bowden Company, Invoice 1950; terms 2/10, n/30. Required: Journalize the transactions above in a general journal for Song, Inc. No Date General Journal Debit Credit 1 Jan 08, 2019 2 Jan 10, 2019…
Rosalie Couses the gross method to record sales made on credit. On June 10, 2019, it made sales of £100,000 with terms 2/10, n/30 to Finley Farms, Inc. On June 19, 2019, Rosalie received payment for 1/2 the amount due from Finley Farms. Rosalie’s fiscal year end is on June 30, 2019. What amount will be reported in the statement of financial position for the accounts receivable due from Finley Farms, Inc.?
Kindly answer in good accounting form. Also show journal entries. On January 01, 2020 Kitkat Company, Inc. establishes a branch in Buang.During the year, Kitkat Inc. transfers cash and merchandise to the branchworth P15,000 and P45,000 respectively. Freight was paid by the homeoffice worth P1,500 included in the cost of merchandise. The home officealso incurred P5,700 expenses of which 30 percent was allocated to thebranch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books
3. Krizia Corporation provided the following information on December 31, 2019. Accounts receivable, net of credit balances in customers' account of P25,000 Merchandise inventory, excluding goods of P50,000 received on December 31, 2019 but unrecorded as a purchase Gift certificates payable Serial bonds payable in semiannual installment of P345,800 700,980 12,500 P100,000 800,000 15,000 Rent received in advance Notes payable, including bank loan of P30,000 due on December 31, 2025 940,000 13,450 5,600 Notes receivable discounted Prepaid expenses Required: Compute the following: a. Total current liabilities b. Total long term liabilities