What is the amount that should appear as trade creditors in Joanne´s BS on 30 April? On 30 April, the closing balance on Joanne Brown's creditors control account is £290. The total that she owes according to the data for individual suppliers in her creditors ledger is £399. On further investigation, she discovers the following errors: 1. An invoice for £60 goods purchased from First Supplies plc was not recorded in the purchases day book. 2. A cash payment of £40 to Second Ltd was not recorded in the creditors ledger. 3. A cash payment of £56 to First Supplies was correctly recorded in the creditors ledger, but was recorded as £65 in the cash book.10 4. An invoice for £25 goods purchased from Second Ltd was not recorded in either the purchases day book or the creditors ledger.

What is the amount that should appear as trade creditors in Joanne´s BS on 30 April? On 30 April, the closing balance on Joanne Brown's creditors control account is £290. The total that she owes according to the data for individual suppliers in her creditors ledger is £399. On further investigation, she discovers the following errors: 1. An invoice for £60 goods purchased from First Supplies plc was not recorded in the purchases day book. 2. A cash payment of £40 to Second Ltd was not recorded in the creditors ledger. 3. A cash payment of £56 to First Supplies was correctly recorded in the creditors ledger, but was recorded as £65 in the cash book.10 4. An invoice for £25 goods purchased from Second Ltd was not recorded in either the purchases day book or the creditors ledger.

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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For the accounts receive and interest revenue I for march 20, I got 13, however its wrong, can you tell me what I am doing wrong? our answer is partially correct. Try again. On January 10, Molly Amise uses her Windsor, Inc. credit card to purchase merchandise from Windsor, Inc. for $1,500. On February 10, Molly is billed for the amount due of $1,500. On February 12, Molly pays $1,300 on the balance due. On March 10, Molly is billed for the amount due, including interest at 1% per month on the unpaid balance as of February 12.Prepare the entries on Windsor, Inc.’s books related to the transactions that occurred on January 10, February 12, and March 10. (Omit cost of goods sold entries.) (Round answers to 0 decimal places, e.g. 825. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction…
QUESTION 3 ( Rose Sdn Bhd is a business that focuses on selling fragrance. In May 2021, the Cash Book (Bank column) of Rose Sdn Bhd Shows the following: Cash book (Bank Column) Date RM Date RM May May 1 Balance b/d 23,567 5 Purchase - 8255 5,689 2 Sales 6,709 7 Rent expenses - 8256 700 10 Sales 15,786 16 Purchase - 8257 7,890 23 Interest received 5,000 21 Purchase - 8258 6,450 24 Sales 12,750 25 Salaries expense 10,000 30 Sales 10,780 29 Interest on loan 3,000 30 Rent received 2,500 30 Purchase – 8259 7,685 31 Balance c/d 35,678 77,092 77,092 The bank statement received by Rose Sdn Bhd for the month of May 2021 is as below: Lagenda Bank Berhad Date of Statement: 31 May 2021 Customer: Rose Sdn Bhd Description 1 Balance b/d Debit (RM) Credit (RM) Balance (RM) Date Cheque 23,567 4 Cheque deposit 7 Cheque cleared 8 Cheque deposit Cheque deposit 17 Direct debit 19 Credit transfer 6,709 30,276 8255 5,689 24,587 30,587 6,000 14,786 13 45,373 8256 1,600 43,773 4,000 47,773 21 Debit transfer 24…
Prior to recording the following. E. Perry Electronics, Incorporated, had a credit balance of $2.600 in its Allowance for Doubtful Accounts 1. On August 31, 2017, a customer balance for $540 from a prior year was determined to be uncollectable and was written off 2. On December 15, 2017, the customer balance for $540 written off on August 31, 2017, was collected in full Required: Using the following categories, indicate the accounts affected and the amounts (Enter any decreases to accounts with a minus sign.) Transaction 2a (Reversal of write-off) 2b (Collection from customer) Assets Liabilities Shareholders Equity Che
Brightstone Company sold P1,800 of merchandise on account to Light Saver, Inc. on September 1 with credit terms of 2/10, n/30. Light Saver returned P500 of the merchandise due to poor quality on September 3. If Oscar pays for the purchase on September 11, what entry does Brightstone make to record receipt of the payment? a. Debit Cash, P1,800; credit Sales Returns and allowances, P500; credit Accounts Receivable, P1,300 b. Debit Cash, P1,274; debit Sales Discounts P26; credit Accounts Receivable, P1,300 c. Debit Cash, P1,764; credit Accounts Receivable, P1,764 d. Debit Cash, P1,800; credit Sales Discounts P36; credit Accounts Receivable, P1,764
Q: What are the journal entries for the following transactions related to Uncollectable accounts? On January 31st, accounts receivable amount to Rs=10,000. On this date, the credit manager reviews the accounts receivable and estimates that approximately Rs=850 of these accounts will prove to be uncollectable. Assume that the customer (Ali enterprise) is gone out of business and Rs=300 account receivable from the customer is now worthless. Assume for example, that a past-due account receivable in the amount of Rs=150 from XYZ was written off on March 16, 2020. All of a sudden, XYZ pays the account in full. Record the journal entry.
King Enterprises is a book wholesaler. King hired a new accounting clerk on January 1 of the current year. The new clerk does not understand accrual accounting and recorded the following transactions based on when cash receipts and disbursements changed hands rather than when the transaction occurred. King uses a perpetual inventory system, and its accounting policy calls for inventory purchases to be recorded net of any discounts offered. Jan. 10 Paid Aztec Enterprises $11,100 for books that it received on December 15. (This purchase was recorded as a debit to Inventory and a credit to Accounts Payable on December 15 of last year, but the accounting clerk ignores that fact.) Dec. 27 Received books from McSaw Inc. for $26,500; terms 2/10, n/30. Dec. 30 Sold books to Booksellers Unlimited for $43,000; terms 1/10, n/30. The cost of these books to King was $34,000. Required: a) As a result of the accounting clerk's errors, compute the amount by which How much…
The company uses the allowance method to write off bad debts. What entry will they make to write off the accounts? 20. A company performs $5,780 of services for a customer on account. Write the entry to record this transaction.
QUESTION Caviler Company determines that it cannot collect a total of $500 from a customer. Using the allowance method, the journal entry to write off the amount would be: ANSWER Date Date Date Date Accounts Accounts Receivable Allowance for Bad Debts Accounts Bad Debts Expense Accounts Receivable Accounts Accounts Receivable Bad Debts Expense Accounts Debit Credit 500 500 Debit Credit 500 Debit Credit 500 500 500 Debit Credit 11:35 PM
On January 1, Wei Company begins the accounting period with a $42,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $9,200 in customer accounts was uncollectible; specifically, $2,100 for Oakley Company and $7,100 for Brookes Company Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $2,100 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare the entries to reinstate the account and record the cash received. View transaction list Journal entry worksheet 1 2 3 > On February 1, the company determined that $9,200 in customer accounts was uncollectible; specifically, $2,100 for Oakley Company and $7,100 for Brookes Company. Prepare the journal entry to write off those two accounts. Note: Enter debits before credits. Date General Journal Debit Credit February 01