You are provided with the following extracts (totals) of the subsidiary journals for Fit Traders forMarch 2020.Cashbook paymentsBankCreditors controlVAT Input|Sundry accountsR126 500R75 000R16 500R35 000Creditors journalCreditors controlR74 750VAT InputTrading inventorySundry accountsR60 000R9 750R5 000Creditors allowances journalCreditors controlR25 300Trading inventoryR20 000VAT OutputSundry accountsR2 000R3 300The general journal reflects a transaction of R575 including 15% VAT that relates to a settlementdiscount that was received from a creditor.Required:Q.5.1Prepare the creditors control account in the generalledge of Fit traders for March2020. Assume an opening balance of R30 000.Properly balance the account at the end of the month.

Control accounts are prepared to check arithmetical accuracy of the accounts. It does not include…

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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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General ledger accounts
can you please help me answer these questions... Aardvark Company sells merchandise only on credit. For the year ended December 31, 2019, the following data are available: Sales (all on credit) $1,200,000 Accounts Receivable, January 1, 2019 225,000 Allowance for doubtful accounts, January 1, 2019 (credit) 15,000 Cash collections during 2019 1,050,000 Accounts written off as uncollected (default) during 2019 10,000 Determine the balance of Accounts Receivable at December 31, 2019. Assume that the company estimates bad debts at 2% of credit sales. What amount will the company record as bad debt expense for 2019? What journal entry would Aardvark prepare to record bad debt expense for 2019 (related to part 2)? Assume that the company estimates bad debts based on the aging method, and the aging schedule estimates that $30,100 of the year-end accounts receivable will be uncollected. What amount will the company record as bad debt expense for 2019? What…
Use Newell Brands, Inc.'s financial statement information to answer the following questions. Provide the following account balances for Newell Brands : December 31, 2020 December 31, 2019 Accounts Receivable (gross) Allowance for Doubtful Accounts Accounts Receivable, net Which of the above numbers represents the total amount Newell Brands is owed by customers as of December 31, 2020? Which of the above numbers represents the amount that Newell Brands believes it will not collect from its customers as of December 31, 2020? Which of the above numbers represents the amount that Newell Brands believes it will collect from its customers as of December 31, 2020? Provide the journal entry (both accounts and amounts) that Newell Brands must have made to record its estimate of Bad Debt Expense in 2020. Provide the journal entry (both accounts and amounts) that Newell Brands must…
Below are the transactions for June 2009 at Superior traders. Superior traders are a registered VAT vendor and all amounts are inclusive of VAT. Use the information below to complete the Creditors Journal and Creditors Allowance Journal of Superior Traders for June 2009. Transactions for June 2009: 11 Purchased stock on credit from BOB wholesales for R798 14 Received credit invoice from DIOR trading Store for: · Inventory – R700 · Packing material – R200 · Stationery – R100 25 Returned damaged goods to be value of R92.34 to DIOR Traders. The items returned are: · Packing materials – R28.50 · Trading stock – R45.60 · Stationery – R18.24 26 Received a credit note from BOB Wholesalers for inventory returned, R47. 30 Bought office equipment (R912) and inventory (R4560) on credit from Office Suppliers Ltd.
The Garware Company uses allowance method to recognize uncollectible accounts expense. It provides you the following selected information Accounts receivable on December 31 2020 RO 280000 Required balance in Allowance for Doubtful Accounts account on December 31 2020 RO 4000 Existing balance in Allowance for Doubtful Accounts account on December 31 2019 RO 3500 The journal entry to recognize uncollectible accounts expense on December 31 2017 is a. Dr Uncollectible Accounts Expense 4000 and Cr Allowance for Doubtful Accounts 4000 b. Dr Uncollectible Accounts Expense 500 and Cr Allowance for Doubtful Accounts 500 c. Dr Accounts Receivable 3500 Cr Allowance for Uncollectible Accounts Expense 3500 d. Dr Accounts Receivable 3500 Cr Uncollectible Accounts Expense 3500
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
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Q.3.2 The following information has been taken from the books of Lobelia Traders, a general trading shop in Braamfontein, for the month of April 2020: Lobelia Traders is a registered VAT vendor and trades only with registered VAT Vendors. The business charges 15% VAT on all its sales. TRANSACTION JOURNAL VAT AMOUNT AMOUNT EXCLUDING AMOUNT INCLUDING VAT VAT Cash sales CBR 35 000 A B Advertising СВР D 920 paid Goods СВР E 750 F purchased for cash Drawings of GJ 500 G H Petty Cash Credit sales DJ 1 200 Q.3.2.1 Calculate the amounts for A to J Q.3.2.2 Calculate the Input VAT Total Q.3.2.3 Calculate the Output VAT total Q.3.2.4 Calculate the Vat payable or refundable. Clearly indicate if it is payable or refundable and if it is an asset or liability
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.
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
Workers at Al Madar company have raised a complaint against the management that they are not provided with the hand gloves and mask to protect themselves from the toxic materials they are handling. Which of the following issue describes the given scenario? a. Societal dilemma b. Customer confidence c. Conflict of interest d. Employee safety

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