The following are trial balance of Clarissa Amanda Sdn. Bhd. as at 31* December 2021. Debit Credit RM RM Opening stock, 1 Jan 2021 Purchases Sales return Carriage inwards Plant and machinery Furnitures and fixtures Land Cash in hand Carriage outwards Wages Salaries Duty on purchases Account receivable Travelling expenses Rent and assessment Drawings Insurance General expenses Capital Sales return Purchases return Discount received Loan Account payables 16,000 75,000 5,000 1,500 40,000 5,000 45,650 5,000 400 30,000 18,000 800 28,000 1,200 4,800 5,000 450 12,200 294,000 80,000 200,000 2,000 500 10,000 1,500 294,000

The following are trial balance of Clarissa Amanda Sdn. Bhd. as at 31* December 2021. Debit Credit RM RM Opening stock, 1 Jan 2021 Purchases Sales return Carriage inwards Plant and machinery Furnitures and fixtures Land Cash in hand Carriage outwards Wages Salaries Duty on purchases Account receivable Travelling expenses Rent and assessment Drawings Insurance General expenses Capital Sales return Purchases return Discount received Loan Account payables 16,000 75,000 5,000 1,500 40,000 5,000 45,650 5,000 400 30,000 18,000 800 28,000 1,200 4,800 5,000 450 12,200 294,000 80,000 200,000 2,000 500 10,000 1,500 294,000

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

Consider the following transactions for Z-Container Co.: April 4 Z-Container Co. buys $30,400 worth of merchandise from Can Makers Corp. on account with credit terms of 2/10, n/30. April 10 Z-Container Co. returns $4,800 of the merchandise to Can Makers Corp. What is the net amount of Accounts Receivable due if Z-Container Co. makes payment withing the discount period? $30,400 $25,088 $25,600 $29,792 Consider the following transactions for Grote's Shipping Materials: April 6 Grote's Shipping Materials buys $149,600 worth of merchandise inventory on account with credit terms of 3/10, n/30. Assuming Grote's Shipping Materials uses the periodic inventory system, which is the correct journal entry for this transaction? Accounts Payable $149,600 Debit Purchases $149,600 Credit Inventory $149,600 Debit Accounts Payable $149,600 Credit Purchases $149,600 Debit Accounts Payable $149,600 Credit Accounts Payable $149,600 Debit Inventory…
Exercises Prepare entries for recognizing accounts receivable. E8.1 (LO 1), AP On January 6, Jacob Co. sells merchandise on account to Harley Inc. for $9,200, terms 1/10, n/30. On January 16, Harley pays the amount due. Instructions Prepare the entries on Jacob Co.'s books to record the sale and related collection. (Omit cost of goods sold entries.) Journalize entries related to accounts receivable.
xamus - cdn.student.uae.examus.net/?rldbqn=1&sessi... ACCT101_FEX_2021_2_Male A company purchased merchandise on credit with terms Ac Payable if the company pays SR485 cash on this account within ten days? e18 3/15, n/3O. How much will be debited to 33 - 34 abe18ce33 b. Accounts Payable should be credited in а. 485 113:22 9 కోల С. 470.45 95abe18ce 33 d. 500 95abe18ce 95abe18ce33 95aber8ce33 95abe18ce33 95abe18ce33 95abe18ce33 MacBook Pro F3 888 F4 FS E 5 F7 67 7 V T. 8 A 9 Y 6. U 11 9.
Use the following information for A-C On February 1, 2021, Blue Hour Company factored receivables with a a carrying amount of Php2,000,000 to Sweet Night Corporation. Blue Hour assess a finance charge of 3% of the receivables and retains 5% of the receivables. A. Determine the amount of loss on sale to be reported in the income statement of Blue Hour relative to this transaction for February. a. None b. Php60,000 c. Php100,000 d. Php160,000 B. Assume that Blue Hour factors the receivables on a recourse basis,. The recourse obligation has a fair value of Php30,000. The loss to be reported should be a. Php60,000 b. Php90,000 c. Php120,000 d. Php150,000 C. Assume that Blue Hour Company retained significant amount of risks and rewards of ownership on the factored financial asset, what amount of loss from factoring should the company recognize? a. None b. Php60,000 c. Php100,000 d. Php160,000
Delta Company sells goods and performs services for its customers. On May 1, 2021 "Accounts Receivable" had a debit balance of $150. During the month of May the following transactions occurred. Date Transaction description May 5 Sold goods to customer A on credit for $400, 2/10, n/30 May 8 Performed services for customer B for $200 cash May 12 Customer A returned goods with a sales price for $100 May13 Received payment from customer A for the balance due May 17 Performed services for customer C and billed the customer $100 May20 Received a partial payment of $80 from customer C Required: (a) Prepare the journal entries for the above transactions (Ignore COGS) (b) What is the balance of Accounts Receivable on May 31 Solution (a) Date Account title $ May5 Dr.________ ___ Cr.______ ___ Date Account title $ May 8 Dr.________ ___ Cr.______ ___ Date Account title $…
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
On 5 December 2020, Manal Trading company sold goods to a customer on account for 37800 OMR. Which of the following is the correct journal entry for the transaction? Select one: A. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Receivable 37800 Sales (Revenue) 37800 B. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Receivable 73800 Sales (Revenue) 73800 C. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Sales (Revenue) 37800 Receivable 37800 D. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Cash 37800 Sales (Revenue) 37800
1. Accounts receivable balance as of December 31, 2020 2. Allowance for doubtful accounts as of December 31, 2020 3. Net realizable value, December 31, 2020 4. Doubtful accounts expense for 2020
Don't give answer in image format
9. Which of the following is recorded upon receipt of a payment on April 7, 2021, by a customer who pays a $900 invoice dated March 3, 2021, with terms 2/10, n/60? A. Debit Sales Discounts $18. B. Credit Purchase Discounts $18. C. Credit Accounts Receivable $882. D. Debit Cash $900.
The trader Nizwa Grand mall purchased goods from the trader of Muscat Grade mall OMR 22500. Which of the following is the maximum Credit term due for the invoice 1/10, n/30 assuming that the invoice was not paid within the discount period? a. 1 day b. 20 days c. 10 days d. 30 days
Prepare the entries for transaction below and indicate what journal it is 21 august issued a $600 credit memo to ultracity co. For an allowance on good sold on august 19, 2020