4G12:07 PM ARequiredCalculate the depreciation and accumulated depreciation for 2019 and 2020.Rouhow all vour workinTake-Home Te...earest RaQuestion 3(Marks: 30)The following pre adjustment trial balance appeared in the beeks of Central Perk Furniture Storeat the end of their financial year. IGNORE VAT.Pre-adjustment trial balance of Central Perk Furniture Store for the year ended 31 March 2020.Fol.Debit (R)Credit (R)Statement of financial position sectionCapitalB1500 000.00DrawingsB225 000.00Land and buildingsB3865 000.00VehiclesB4220 987.00EquipmentB5156 760.00Accumulated depreciation: EquipmentB654 320.00(1 April 2019)Accumulated Depreciation: VehiclesB722 580.00(1 April 2019)BankB822 430.00Debtors ControlB935 600.00Allowance for Credit Losses- 1April 2019B101 780.25Petty CashB111 378.98Trading inventory (1 April 2019)B1227 865.43Mortgage LoanB13287 650.00Creditors ControlB1431 420.00SARS(UIF/SDL/PAYE)B1523 290.65O The Independent Institute of Education (Pty) Ltd 2020Page S of 7202020Fol.Debit (R)Credit (RNominal accounts sectionSalesN11167 371.07Sales ReturnsPurchasesN225 340.87N3520 389.76Purchases returnsN476 540.32Service IncomeN510 987.45Rent Income63 200.00N6Interest on debtors accountsN75 320.48Credit losses recoveredN82 478.90Telephone and faxCredit LossesN917 430.22N109 650.55Office refreshmentsN116 540.76Cleaning materialsStationeryN125 340 98N134 498.27Railage InwardsN141 976.54InsuranceN1550 600.00Electricity12 356.45N16Interest on creditors AccountsN175 478.67AdvertisingN1826 754.23Wages and SalariesN19156 430.28EntertainmentN2014 560.70FuelN2134 569.432 246 939.122 246 939.:Additional Information:1.Provide for depreciation as follows: Railage InwardsInsuranceElectricityN141976.54N1550 600.00N1612 356.45Interest on creditors AccountsN175 478.67AdvertisingWages and SalariesN1826 754.23N19156 430.28EntertainmentN2014 560.70FuelN2134 569.432 246 939.122 246 939.12Additional Information:1.Provide for depreciation as follows:On motor vehicles: 15% per annum on reducing balance method.On equipment: 10% on cost. Note a new piece of equipment was purchased on1 September 2019 costing R54 000. This has been recorded properly.O The Independent Institute of iducation (Pty) Ltd 2020Page 6 of 72020202.The owner took trading inventory for personal use. The selling price was R4 800 (VAT isnot applicable). The mark up is 50% on cost price. The transaction has not beenprocessed. The periodic inventory method is utilised by Central Perk Furniture Stare.3.The telephone and fax invoice for March 2020 of R2 430.15 has not yet been paid.4.A debtor, C. Bing who owed R6 500 has been declared insalvent. The business received35 cents on the Rand from the insolvent estate. This transaction must still be recorded.The remaining balance may be written off as irrecoverable.5.The allowance for credit losses must be adjusted to the amount of R1 600.6.Insurance expenses for April 2020 have been prepaid. The monthly premium hasremained the same for the past two years.7.Rent income for April 2020 of R4 200 has been received in advance.8.Service income of R5 430 has not been received for March 2020.9.The stock take revealed the following:Trading inventory – R15 640.32Cleaning materials- R1 432.76Stationery- R568.43Required:Journalise the adjustments (First voucher number = No. 101).Note - The subsidiary journals have been closed off, so all additional transactions arerecorded in the general journal. No journal narrations or folio numbers are required. Youare not required to jaurnalise the closing transfers.END OF PAPERO The Independent Institute of Education (Pty) Ltd 2020Page 7 of 7

Introduction: Adjustment entries: Adjustment entries can be defined as the entries made at the end…

Required: Journalise the adjustments (First voucher number = No. 101). Note - The subsidiary journals have been closed off, so all additional transactions are recorded in the general journal. No journal narrations or folio numbers are required. You are not required to journalise the closing transfers. END OF PAPER

Required: Journalise the adjustments (First voucher number = No. 101). Note - The subsidiary journals have been closed off, so all additional transactions are recorded in the general journal. No journal narrations or folio numbers are required. You are not required to journalise the closing transfers. END OF PAPER

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Multiple choice
Do not give answer in image
Karan
On August 1, 2021, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Sheridan Ltd. Accounts payable $2,330 Accounts receivable 4,470 Accumulated depreciation-equipment 1,990 Cash 6,190 Common shares 11,800 Deferred revenue 1,370 Equipment 11,000 Interest receivable 22 Note receivable, due October 31, 2021 4,400 Retained earnings 8,162 Salaries payable 1,540 Supplies 1,110 During August, the following summary transactions were completed. Aug. 1 Paid $410 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. (Hint: Use the Prepaid Advertising account.) 3 Paid August rent $400. (Hint: Use the Prepaid Rent account.) 6 Received $3,450 cash from customers in payment of accounts. 10 Paid $3,360 for salaries due employees, of which $1,820 is for August and $1,540 is for July salaries payable. 13 Received $3,850 cash for services performed…
Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) i (Click the icon to view the transactions.) Jun Date 2024 Invoice No. Account Debited More info Jun. 1 Jun. 8 Customer Jun. 13 Jun. 28 Sales Journal Post. Ref. Accounts Receivable DR Sales Revenue CR Sold merchandise inventory on account to Ford Junk, $1,250. Cost of goods, $960. Invoice no. 101. Page Cost of Goods Sold DR Merchandise Inventory CR Sold merchandise inventory on account to Iris Fray, $2,250. Cost of goods, $1,650. Invoice no. 102. Sold merchandise inventory on account to Jack Tremane, $400. Cost of goods, $240. Invoice no. 103. Sold merchandise inventory on account to Gail White, $810. Cost of goods, $650. Invoice no. 104. Print Done X
Please dont use any AI. It's strictly prohibited.
Blossom Company purchases various types of beach toys for sale to consumers. Listed below are the transactions for the month of June. Blossom uses a perpetual inventory system. June 1 Purchased 25 water tubes for $260 each terms n/30 FOB destination. 8 Returned 4 tubes purchased on June 1 due to defects. Received a full refund for the defective tubes. 10 Freight charges of $100 for the June 1 transaction are paid by the responsible party. 11 Made a complaint about competitive pricing. Received a $400 credit for the water tubes purchased on June 1. 15 Purchased 110 water tubes for $235 each on account, terms 2/10 n/30. 18 Made payment for the amount owing for the June 1 transaction. 20 Made payment for the amount owing for the June 15 transaction.
Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Question not attempted. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3
Journalize the transactions on the "Journal Entry data" tab. Because Chart of Account numbers are not provided, post-reference information is not required. Journal entries should be prepared in proper form. Refer to the "Unadjusted TB Data tab" for proper account titles. The journal must have date, description, credit and debit. Also must be a total of 64 journal entries. And must find the total.
Journalize the entries to correct the following errors: a. A purchase of supplies for $158 on account was recorded and posted as a debit to Supplies for $513 and as a credit to Accounts Receivable for $513. (Record the entry to reverse the error first.) If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - b. A receipt of $4,068 from Fees Earned was recorded and posted as a debit to Fees Earned for $4,068 and a credit to Cash for $4,068. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select -
Do not give answer in image
PLEASE DO NOT PROVIDE HAND WRITTEN ANSWER