Steps in Accounting cycle: Accounting cycle is the series of steps of accounting process which processes transactions into financial statements. The steps of accounting cycle are as follows: 1. Collecting transactions and events 2. Recording journal entries for transactions and events 3. Posting the journal entries into ledgers 4. Preparing unadjusted trial balance from ledger balances 5. Recording adjusting entries 6. Posting adjusting entries into ledgers and Preparing adjusted trial balance 7. Preparing financial statements; Income statement, balances sheet , statement of owner’s equity and Cash flow statements. 8. Preparing Closing entries to close temporary accounts. 9. Preparing post closing trial balance 10. Recording reversing journal entries (Optional) Requirement-1: To prepare: The journal entries and posting to T accounts for the given transactions for the month of January 2019

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Answer 1

Question

Chapter 5, Problem P5.50CP2

To determine

Concept introduction:

Steps in Accounting cycle: Accounting cycle is the series of steps of accounting process which processes transactions into financial statements. The steps of accounting cycle are as follows:

1. Collecting transactions and events

2. Recording journal entries for transactions and events

3. Posting the journal entries into ledgers

4. Preparing unadjusted trial balance from ledger balances

5. Recording adjusting entries

6. Posting adjusting entries into ledgers and Preparing adjusted trial balance

7. Preparing financial statements; Income statement, balances sheet, statement of owner’s equity and Cash flow statements.

8. Preparing Closing entries to close temporary accounts.

9. Preparing post closing trial balance

10. Recording reversing journal entries (Optional)

Requirement-1:

To prepare: The journal entries and posting to T accounts for the given transactions for the month of January 2019

To determine

Requirement -2:

To prepare: Adjusting entries and their posting into T accounts for the month of January 2019

To determine

Requirement -3:

To prepare: Single step Income statement for the month of January 2019

To determine

Requirement -4:

To prepare: Closing entries, posting of closing entries in T accounts and Post closing trial balance

To determine

Requirement -6:

To calculate: The Gross Profit percentage for the month of January 2019

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KIARA LIMITED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER: ASSETS Property, plant and equipment (cost) Accumulated depreciation Long-term investments Inventory Accounts receivable Company tax paid in advance Bank EQUITY AND LIABILITIES 2024 2023 R R 2 490 000 1 620 000 (630 000) 660 000 1 050 000 1 230 000 30 000 (480 000) 450 000 1 290 000 900 000 0 750 000 660 000 5 580 000 4 440 000 Ordinary share capital 2 700 000 2 000 000 Retained income 1 500 000 1 158 000 Long-term loan from Kip Bank (15%) 900 000 1 000 000 Accounts payable 480 000 228 000 Company tax payable 0 54 000 5 580 000 4 440 000 ADDITIONAL INFORMATION All purchases and sales are on credit. Interim dividends paid during the year amounted to R150 750. Credit terms of 3/10 net 60 days are granted by creditors.

Accounting Question

REQUIRED Study the information given below and answer the following questions. Where discount factors are required use only the four decimals present value tables that appear after the formula sheet or in the module guide. Ignore taxes. 5.1 Calculate the Accounting Rate of Return on average investment of the second alternative (expressed to two decimal places). 5.2 Determine which of the two investment opportunities the company should choose by calculating the Net Present Value of each alternative. Your answer must include the calculation of the present values and NPV. 5.3 Calculate the Internal Rate of Return of the first alterative (expressed to two decimal places). Your answer must include two net present value calculations (using consecutive rates/percentages) and interpolation. INFORMATION The management of Bentall Incorporated is considering two investment opportunities: (5 marks) (9 marks) (6 marks) The first alternative involves the purchase of a new machine for R900 000 which…

Answer 2

Question

Chapter 5, Problem P5.50CP2

To determine

Concept introduction:

Steps in Accounting cycle: Accounting cycle is the series of steps of accounting process which processes transactions into financial statements. The steps of accounting cycle are as follows:

1. Collecting transactions and events

2. Recording journal entries for transactions and events

3. Posting the journal entries into ledgers

4. Preparing unadjusted trial balance from ledger balances

5. Recording adjusting entries

6. Posting adjusting entries into ledgers and Preparing adjusted trial balance

7. Preparing financial statements; Income statement, balances sheet, statement of owner’s equity and Cash flow statements.

8. Preparing Closing entries to close temporary accounts.

9. Preparing post closing trial balance

10. Recording reversing journal entries (Optional)

Requirement-1:

To prepare: The journal entries and posting to T accounts for the given transactions for the month of January 2019

To determine

Requirement -2:

To prepare: Adjusting entries and their posting into T accounts for the month of January 2019

To determine

Requirement -3:

To prepare: Single step Income statement for the month of January 2019

To determine

Requirement -4:

To prepare: Closing entries, posting of closing entries in T accounts and Post closing trial balance

To determine

Requirement -6:

To calculate: The Gross Profit percentage for the month of January 2019

Expert Solution & Answer

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Answer 3

Question

Chapter 5, Problem P5.50CP2

To determine

Concept introduction:

Steps in Accounting cycle: Accounting cycle is the series of steps of accounting process which processes transactions into financial statements. The steps of accounting cycle are as follows:

1. Collecting transactions and events

2. Recording journal entries for transactions and events

3. Posting the journal entries into ledgers

4. Preparing unadjusted trial balance from ledger balances

5. Recording adjusting entries

6. Posting adjusting entries into ledgers and Preparing adjusted trial balance

7. Preparing financial statements; Income statement, balances sheet, statement of owner’s equity and Cash flow statements.

8. Preparing Closing entries to close temporary accounts.

9. Preparing post closing trial balance

10. Recording reversing journal entries (Optional)

Requirement-1:

To prepare: The journal entries and posting to T accounts for the given transactions for the month of January 2019

To determine

Requirement -2:

To prepare: Adjusting entries and their posting into T accounts for the month of January 2019

To determine

Requirement -3:

To prepare: Single step Income statement for the month of January 2019

To determine

Requirement -4:

To prepare: Closing entries, posting of closing entries in T accounts and Post closing trial balance

To determine

Requirement -6:

To calculate: The Gross Profit percentage for the month of January 2019

Expert Solution & Answer

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Answer 4

Question

Chapter 5, Problem P5.50CP2

To determine

Concept introduction:

Steps in Accounting cycle: Accounting cycle is the series of steps of accounting process which processes transactions into financial statements. The steps of accounting cycle are as follows:

1. Collecting transactions and events

2. Recording journal entries for transactions and events

3. Posting the journal entries into ledgers

4. Preparing unadjusted trial balance from ledger balances

5. Recording adjusting entries

6. Posting adjusting entries into ledgers and Preparing adjusted trial balance

7. Preparing financial statements; Income statement, balances sheet, statement of owner’s equity and Cash flow statements.

8. Preparing Closing entries to close temporary accounts.

9. Preparing post closing trial balance

10. Recording reversing journal entries (Optional)

Requirement-1:

To prepare: The journal entries and posting to T accounts for the given transactions for the month of January 2019

To determine

Requirement -2:

To prepare: Adjusting entries and their posting into T accounts for the month of January 2019

To determine

Requirement -3:

To prepare: Single step Income statement for the month of January 2019

To determine

Requirement -4:

To prepare: Closing entries, posting of closing entries in T accounts and Post closing trial balance

To determine

Requirement -6:

To calculate: The Gross Profit percentage for the month of January 2019

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 5, Problem P5.50CP2

To determine

Concept introduction:

Steps in Accounting cycle: Accounting cycle is the series of steps of accounting process which processes transactions into financial statements. The steps of accounting cycle are as follows:

1. Collecting transactions and events

2. Recording journal entries for transactions and events

3. Posting the journal entries into ledgers

4. Preparing unadjusted trial balance from ledger balances

5. Recording adjusting entries

6. Posting adjusting entries into ledgers and Preparing adjusted trial balance

7. Preparing financial statements; Income statement, balances sheet, statement of owner’s equity and Cash flow statements.

8. Preparing Closing entries to close temporary accounts.

9. Preparing post closing trial balance

10. Recording reversing journal entries (Optional)

Requirement-1:

To prepare: The journal entries and posting to T accounts for the given transactions for the month of January 2019

To determine

Requirement -2:

To prepare: Adjusting entries and their posting into T accounts for the month of January 2019

To determine

Requirement -3:

To prepare: Single step Income statement for the month of January 2019

To determine

Requirement -4:

To prepare: Closing entries, posting of closing entries in T accounts and Post closing trial balance

To determine

Requirement -6:

To calculate: The Gross Profit percentage for the month of January 2019

Answer 6

Chapter 5, Problem P5.50CP2

To determine

Concept introduction:

Steps in Accounting cycle: Accounting cycle is the series of steps of accounting process which processes transactions into financial statements. The steps of accounting cycle are as follows:

1. Collecting transactions and events

2. Recording journal entries for transactions and events

3. Posting the journal entries into ledgers

4. Preparing unadjusted trial balance from ledger balances

5. Recording adjusting entries

6. Posting adjusting entries into ledgers and Preparing adjusted trial balance

7. Preparing financial statements; Income statement, balances sheet, statement of owner’s equity and Cash flow statements.

8. Preparing Closing entries to close temporary accounts.

9. Preparing post closing trial balance

10. Recording reversing journal entries (Optional)

Requirement-1:

To prepare: The journal entries and posting to T accounts for the given transactions for the month of January 2019

Answer 7

Chapter 5, Problem P5.50CP2

To determine

Concept introduction:

Steps in Accounting cycle: Accounting cycle is the series of steps of accounting process which processes transactions into financial statements. The steps of accounting cycle are as follows:

1. Collecting transactions and events

2. Recording journal entries for transactions and events

3. Posting the journal entries into ledgers

4. Preparing unadjusted trial balance from ledger balances

5. Recording adjusting entries

6. Posting adjusting entries into ledgers and Preparing adjusted trial balance

7. Preparing financial statements; Income statement, balances sheet, statement of owner’s equity and Cash flow statements.

8. Preparing Closing entries to close temporary accounts.

9. Preparing post closing trial balance

10. Recording reversing journal entries (Optional)

Requirement-1:

To prepare: The journal entries and posting to T accounts for the given transactions for the month of January 2019

Answer 8

To determine

Requirement -2:

To prepare: Adjusting entries and their posting into T accounts for the month of January 2019

Answer 9

To determine

Requirement -2:

To prepare: Adjusting entries and their posting into T accounts for the month of January 2019

Answer 10

To determine

Requirement -3:

To prepare: Single step Income statement for the month of January 2019

Answer 11

To determine

Requirement -3:

To prepare: Single step Income statement for the month of January 2019

Answer 12

To determine

Requirement -4:

To prepare: Closing entries, posting of closing entries in T accounts and Post closing trial balance

Answer 13

To determine

Requirement -4:

To prepare: Closing entries, posting of closing entries in T accounts and Post closing trial balance

Answer 14

To determine

Requirement -6:

To calculate: The Gross Profit percentage for the month of January 2019

Answer 15

To determine

Requirement -6:

To calculate: The Gross Profit percentage for the month of January 2019

Answer 16

Expert Solution & Answer

Answer 17

Expert Solution & Answer

Answer 18

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Answer 19

Ch. 5 - Which account does a merchandiser use that a...Ch. 5 - 2. The two main inventory accounting system are...Ch. 5 - The journal entry for the purchase of inventory on...Ch. 5 - JC manufacturing purchased inventory for $5,300...Ch. 5 - Austin sold inventory for $2/10, n/30. Cost of...Ch. 5 - Prob. 6QC Ch. 5 - Which of the following accounts would be closed at...Ch. 5 - What is the order of the subtotals that appear on...Ch. 5 - Assume Juniper Natural Dyes made Net Sales Revenue...Ch. 5 - Prob. 10AQC

Concept explainers

Videos

Requirement -2:

To prepare: Adjusting entries and their posting into T accounts for the month of January 2019

Requirement -3:

To prepare: Single step Income statement for the month of January 2019

Requirement -4:

To prepare: Closing entries, posting of closing entries in T accounts and Post closing trial balance

Requirement -6:

To calculate: The Gross Profit percentage for the month of January 2019

Want to see the full answer?

Chapter 5 Solutions

Concept explainers

Videos

Requirement -2: To prepare: Adjusting entries and their posting into T accounts for the month of January 2019

Requirement -3: To prepare: Single step Income statement for the month of January 2019

Requirement -4: To prepare: Closing entries, posting of closing entries in T accounts and Post closing trial balance

Requirement -6: To calculate: The Gross Profit percentage for the month of January 2019

Want to see the full answer?

Chapter 5 Solutions

Requirement -2:

To prepare: Adjusting entries and their posting into T accounts for the month of January 2019

Requirement -3:

To prepare: Single step Income statement for the month of January 2019

Requirement -4:

To prepare: Closing entries, posting of closing entries in T accounts and Post closing trial balance

Requirement -6:

To calculate: The Gross Profit percentage for the month of January 2019