212021Question 3Q.3.1General ledgerCREDITORS CONTROLDATEB5DATEAMOUNTAMOUNTDETAILSFOLDETAILSFOLOThe independent institute of Education Py Ld 2021Page 11of 12 19:10Question 3You are provided with the following extracts and information taken from the books of LeopardTraders for the month of June 2021. Leopard Traders sells clothing that they buy from varioussuppliers. Leopard Traders uses the perpetual inventory system.You are provided with an incomplete Creditors Control for the month of June 2021. The1.balance at the beginning of the month is correct.CREDITORS CONTROLB5DATEDETAILSFOL AMOUNT DATEDETAILSFOL AMOUNT30 JuneSundry returnsCAJ2 800 1 JUNEBalanceb/d55 13020212021BankСВР24 000SundryCJ13 000purchasesSettlementGJ250discountreceivedThe following errors/omissions were noted:A.The total of the creditors journal has been overcast by R600.B.No entry has been made for inventory bought on credit from Gemsbok Suppliers for R2 400(including VAT) less 10% trading discount.C.An original credit note received from Giraffe Dealers for R435 was entered incorrectly inthe Creditors Allowances journal as R345O The independent Institute of Education (Pty) Ltd 2021Page 7 of212021D.No entry has been made for interest charged at 12% p.a. on the overdue account of R9 000due to Zebra Stores at 30 June 2021. The account is four months overdue.E.Lion Wholesalers is also a debtor and shows a credit balance of R400 in the Debtors ledger.Management has decided to transfer this amount to Lion Wholesalers account in thecreditor's ledger. No entry has been made.Q.3.1 Taking into account all the errors/omissions noted above, prepare the correctedCreditors Control account for the month of June 2021.Balance the account.Add a caption...> Status (Custom)

In the creditor's control account , the total amount owed to all individual creditors is reflected.…

Answered: General ledger CREDITORS CONTROL 85…

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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16.3 You are to enter up the sales, purchases, returns inwards and returns outwards day books from the following details, then to post the items to the relevant accounts in the sales and chase ledgers. The total of the day books are then to be transferred to the accounts in the General Ledger. 20X9 May 1 Credit sales: T Thompson f56; L Rodriguez £148; K Barton f145. 3 Credit purchases: P Potter £144; H Harris £25; B Spencer £76. 7 Credit sales: K Kelly £89; N Mendes £78; N Lee £257. 9 Credit purchases: B Perkins £24; H Harris £58; H Miles £123. 11 Goods returned by us to: P Potter £12; B 5pencer £22. 14 Goods returned to us by: T Thompson £5; K Barton £11; K Kelly £14. 17 Credit purchases: H Harris [54; B Perkins £65; L Nixon £75. Goods returned by us to B Spencer £14. 24 Credit sales: K Mohammed £57; K Kelly f65; O Green £112. Goods returned to us by N Mendes £24. 71 20 11 28 31 Credit sales: N Lee £55.
Knowledge Check 01 A buyer uses a perpetual inventory system, and on December 7, it contacts its supplier to report that some of the merchandise purchased on December 5 was defective. The seller offered to reduce the merchandise price by $400. The buyer agreed to keep the defective merchandise under those terms. Complete the buyer's necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet
23.2A You are required to prepare a purchases ledger control account from the following infor- mation for the month of April. The balance of the account is to be taken as the amount of accounts as on 30 April. payable April 1 30 Purchases ledger balances Totals for April: Purchases day book Returns outwards day book Cheques paid to suppliers Discounts received from suppliers Purchases ledger balances 23,700 14,200 950 16,695 845
Prepare the correct Creditors Control account for May 2020 after taking into account the additional information, errors and omissions. Balance the account Balance b/d June R112 000 Additional information, errors and omissions1. The debit balance in the account of a creditor, R300, must be transferred to the Debtors ledger.2. An invoice for goods purchased from Super Suppliers was entered in the Purchases journal as R6 400 instead of R4 600.3. A credit purchase of equipment from Minto Enterprises was not recorded, R5 000.4. A credit note received from HD Wholesalers for trading goods returned was not recorded in the Purchases Returns Journal, R1 000.5. Stardom Traders, a creditor, charged Oyster Traders interest on overdue account, R50
18/Sunlife mart sold goods on 6th August, 2018 of RO 88,000 on credit to a customer under the payment terms 2/10, n/30. The customer also returned goods of RO 1,400 and paid cash on 13th August, 2018. Record this payment in the books of seller under periodic inventory system? a. Sales discount RO 1,732 Dr / Cash 84,868 Dr / Account receivable RO 86,600 Cr b. Account receivable RO 86,600 Dr / Sales discount RO 1,732 Cr / Cash RO 84,868 Cr c. Account receivable RO 88,000 Dr / Cash RO 88,000 Cr d. Cash RO 88,000 Dr / Account receivable RO 88,000 Cr
PB3. LO 6.2 Costume Warehouse sells costumes and accessories and purchases their merchandise from a manufacturer. Review the following transactions and prepare the journal entry or entries if Costume Warehouse uses A. the perpetual inventory system B. the periodic inventory system Jun. 4 Costume Warehouse purchases 88 costumes on credit at a purchase price of $15 per costume. The terms of the purchase are 5/15, n/30, with an invoice date of June 4. Jun. 12 Costume Warehouse returns 20 costumes to the manufacturer for a full refund. Jun. 19 Costume Warehouse pays in full for the remaining costumes, less the return.
Current Attempt in Progress Oriole Inc. is a retailer operating in Calgary, Alberta. Oriole uses the perpetual inventory system. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Oriole for the month of January 2025. Date Dec. 31 Jan. 2 Jan. 6 Jan. 9 Jan. 10 Jan. 23 Jan. 30 (a1) Jan. 1 Description Ending inventory Purchase Sale Purchase Sale Purchase Sale $ Quantity 170 102 180 76 56 105 154 Unit Cost or Selling Price $19 21 44 25 44 26 Calculate weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) 51
Question 6 Caruana Ltd uses control accounts for its purchases and sales ledgers which it balances at the end of each month. At 1 November 2020, the balances of the control accounts were: Purchases ledger Sales ledger Debit (€) Credit (€) 22,200 450 250 32,600 The following transactions took place during November 2020: € 65,500 99,600 Credit Purchases Credit Sales Cash received from trade receivables Cash paid to trade payables Bad debts written off Sales returns Purchases returns Discount allowed Discount received Dishonoured cheques Purchases ledger credits transferred to sales ledger 54,200 53,800 3,200 1,800 950 2,200 1,750 200 350 At 30 November 2020, there were debit balance in the purchases ledger of €550 and credit balance in the sales ledger of €300. Required: From the information presented above prepare for the month of November 2020: a. The Sales Ledger Control Account. b. The Purchases Ledger Control Account.
View Policies Current Attempt in Progress Your accounts receivable clerk, Helen Adams, to whom you pay a salary of $1,540 per month, has just purchased a new Acura. You decide to test the accuracy of the accounts receivable balance of $85,700 as shown in the ledger. The following information is available for your first year in business. Collections from customers Merchandise purchased (1) (2) (3) Ending merchandise inventory (4) Goods are marked to sell at 40% above cost $196,400 321,300 98,550 Compute an estimate of the ending balance of accounts receivable from customers that should appear in the ledger and any apparent shortages. Assume that all sales are made on account. The ending balance of accounts receivable from customers $ Apparent shortage
You are provided with the following extracts (totals) of the subsidiary journals for Fit Traders for March 2020. Cashbook payments Bank Creditors control VAT Input |Sundry accounts R126 500 R75 000 R16 500 R35 000 Creditors journal Creditors control R74 750 VAT Input Trading inventory Sundry accounts R60 000 R9 750 R5 000 Creditors allowances journal Creditors control R25 300 Trading inventory R20 000 VAT Output Sundry accounts R2 000 R3 300 The general journal reflects a transaction of R575 including 15% VAT that relates to a settlement discount that was received from a creditor. Required: Q.5.1 Prepare the creditors control account in the generalledge of Fit traders for March 2020. Assume an opening balance of R30 000. Properly balance the account at the end of the month.
EB 14. LO 6.5 Review the following situations and record any necessary journal entries for Wall World. Dec. 6 Wall World purchases $5,510 worth of merchandise on credit from a manufacturer. Shipping charges are an extra $146 cash. Terms of the purchase are 2/15, n/40, FOB Shipping Point, invoice dated December 6. Dec. 10 Wall World sells $3,590 worth of merchandise to a customer, who pays on credit. The merchandise has a cost to Wall World of $1,400. Shipping charges are an extra $115 cash. Terms of the sale are 4/10, n/30, FOB Destination, invoice dated December 10.
Current Attempt in Progress Cullumber Inc. is a retailer operating in Calgary, Alberta. Cullumber uses the perpetual inventory system. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Cullumber for the month of January 2025. Date Dec. 31 Jan 2 Jan. 6 Jan. 9 Jan 10 Jan. 23 Jan. 30 Description Ending inventory Purchase Sale Purchase Sale Purchase Sale Quantity Unit Cost or Selling Price $21 162 109 177 66 60 100 120 21 38 25 41 28 48

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General ledger CREDITORS CONTROL 85 DATE DETAILS FOL AMOUNT DATE DETAILS FOL AMOUNT