Comprehensive Revision Exercises
Tiffany Company carries on business as a retail trader. The trial balance of business as at 31 December 2011 was as follows: Dr Cr $ $
Merchandise inventory 25,680
Salaries and wages 46,160
Motor expenses 3,720
Fixtures and fittings at cost 28,000 - Accumulated depreciation 1 Jan 2011 16,800
Cost of merchandise sold 262,860
Office supplies 10,000
Building at cost …show more content…
f. Bank service charges for April amounted to $30.
1. Prepare a bank reconciliation.
2. Journalize the necessary entries. The accounts have not been closed.
At the end of each month, Sarah prepares a bank reconciliation statement for her business bank account. As 31 May 2012 her ledger balance was $2,759 (Credit) and her bank statement showed that she had funds of $131 at the bank. She has the following information:
i) The bank debited Sarah’s account with charges of $129 during May. Sarah has not recorded these charges. ii) Sarah arranged for $2,500 to be transferred from her personal bank account into the business bank account. The bank made the transfer on 30 May, but Sarah has not made any entry for it in her records. iii) On 22 May, Sarah withdrew $100 cash which she did not record. iv) Cheque number 543987, which Sarah issued to a supplier, appears on the bank statement as $650. Sarah incorrectly recorded the cheque as $560. v) A deposit of $457, representative receipts of May 28 had been made too late to appear on the bank statement. vi) Sarah was advised by the bank that she earned $52 interest for the period in May that her account was in credit. Sarah recorded this in May, but the bank did not credit her account until June. vii) Three of the cheques issued to a supplier, with a total of
Differences Between Leadership And Management1465 Words | 6 Pages
done his duties as the plan says , so this could lead to development in the organizations, but this improvements are likely to happen in the long-term while the improvements take place in short-term at organizations which are ruled by leaders AAAAAAAAAA() Another major difference between leadership and management is that they have diverse relationships with workers, it this is one the of crucial division between leaders and directors. ()AAAAAAAAAAAAAAA It would appear that leadership is not just…
How Enterprise Systems Help Business Achieve Operational Excellence1897 Words | 8 Pages
management systems coordinate planning, production, and logistics with suppliers. Demonstrate how customer relationship management systems achieve customer intimacy by integrating all customer information and making it available throughout the firm. AAAAAAAAAA ADFFFFFFFFFFF AADFADA ADFAS ADFADF Problem: Uncontrollable supply chain, outdated systems. Solutions: Eliminate manual procedures and implement supply chain software suite to allocate inventory more accurately and forecast demand. i2 Technologies…