November 2019 Details Purchased goods worth RM 2,000 from Mini Market on credit. Some of the damaged goods worth RM200 were returned to Mini Market. Made cash sales worth RM500. The café provided catering service to Kamil Enterprise worth RM 4,000 on credit. Paid utility bills amounted to RM 1,500 by cash. Paid full amount to Mini Market on the purchased goods by cheque. Kamil Enterprise settled its account by cheque. Purchased a brand new microwave worth RM6,000 on credit from Bobo Equipment. Miss Jupiter took goods worth RM250 for her personal use. Delivered food to customer at several office premises and colleges. Total sales worth RM 2,000 for cash. Sent the business's delivery van to workshop for repairs. The cost was RM 600 and paid by cash. 11 15 19 22 25 29 Required: Identify the effects (increase or decrease) on assets, liabilities, revenues, expenses or owner's equity for the above transactions. a. b. Show the accounts to be debited and credited for all of the above transactions. 23

November 2019 Details Purchased goods worth RM 2,000 from Mini Market on credit. Some of the damaged goods worth RM200 were returned to Mini Market. Made cash sales worth RM500. The café provided catering service to Kamil Enterprise worth RM 4,000 on credit. Paid utility bills amounted to RM 1,500 by cash. Paid full amount to Mini Market on the purchased goods by cheque. Kamil Enterprise settled its account by cheque. Purchased a brand new microwave worth RM6,000 on credit from Bobo Equipment. Miss Jupiter took goods worth RM250 for her personal use. Delivered food to customer at several office premises and colleges. Total sales worth RM 2,000 for cash. Sent the business's delivery van to workshop for repairs. The cost was RM 600 and paid by cash. 11 15 19 22 25 29 Required: Identify the effects (increase or decrease) on assets, liabilities, revenues, expenses or owner's equity for the above transactions. a. b. Show the accounts to be debited and credited for all of the above transactions. 23

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4EB: Laminate Express extended credit to customer Amal Sunderland in the amount of $244,650 for his...

See similar textbooks

Similar questions

Laminate Express extended credit to customer Amal Sunderland in the amount of $244,650 for his January 4 purchase of flooring. Terms of the sale are 2/30, n/120. The cost of the purchase to Laminate Express is $88,440. On April 5, Laminate Express determined that Amal Sunderlands account was uncollectible and wrote off the debt. On June 22, Amal Sunderland unexpectedly paid 30% of the total amount due in cash on his account. Record each Laminate Express transaction with Amal Sunderland. In order to demonstrate the write-off and then subsequent collection of an account receivable, assume in this example that Laminate Express rarely extends credit directly, so this transaction is permitted to use the direct write-off method. Remember, though, that in most cases the direct write-off method is not allowed.
01 On 1 April, the owner decided to start a laundry business. He withdrew R200 000 from personal savings account and deposited it directly into HI-Lo traders bank account 03 HI-Lo Traders obtained a loan of R30 000 with a repayment period of 12 months from invest Bank account 05 Hi-Lo Traders bought equipment from Blue Furnishers for R16 000. Hi-Lo made a payment of 16 000 directly into Hi-Lo bank account 09 A Cash sale amounting to R45 000 was made, the good were originally purchased at a cost of 35 000 13 Hl-Lo traders bought equipment on credit from Risk Furniture for R9000 15 HI-Lo Traders made a direct payment into the bank account of Risk Furnisher to pay their amount of 9000 18 The owner withdrew 1200 from the business to buy his daughter a birthday present 19 Hl-Lo Traders offered a service worth R5000 to Mr Bogus on credit 27 Hl-Lo Traders placed an advertisement in a local newspaper for R350 Payment was only due in…
6. On January 01, 2020 Kit Company, Inc. establishes a branch in Bauang. During the year, Kit Inc. transfers cash and merchandise to the branch worth P15,000 and P45,000 respectively. Freight was paid by the home office worth P1,500 included in the cost of merchandise. The home office also incurred P5,700 expenses of which 30 percent was allocated to the branch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books
Show the solution in good accounting form On January 01, 2020 Kit Company, Inc. establishes a branch in Bauang. During the year, Kit Inc. transfers cash and merchandise to the branch worth P15,000 and P45,000 respectively. Freight was paid by the home office worth P1,500 included in the cost of merchandise. The home office also incurred P5,700 expenses of which 30 percent was allocated to the branch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books?
Described below are certain transactions of XYZ Company:Feb 2 The Company purchased goods from ABC Corp for P150,000, 2/10, n/30. The Company records purchases and accounts payable at net amounts after cash discounts. The invoice was paid on February 25.Apr 1 The Company purchased a truck for P1,200,000 from Bye Motors Corp, paying P120,000 in cash and signing a one-year, 12% note for the balance of the purchase price.May 1 The Company borrowed P2,400,000 from Philippine Bank by signing a P2,760,000 noninterest-bearing note due one year from May 1.Aug 1 The Company’s board of directors declared a P900,000 cash dividend payable on September 10 to shareholders of record on August 31.Required:1.Prepare all journal entries necessary to record the above transactions.2.Prepare any adjusting entries concerning interest that are necessary to present fair financial statements, assuming that XYZ’s financial year ends on December 31 and that no adjusting entries relative to transactions above…
The following transactions are taken from Pak Maun Enterprise in November 2020: Nov 1 Starting business with cash in hand RM18,000 and cash in bank account RM100,000 3 Purchased office furniture worth RM24,000 from Kedai Perabot Dinesh 4 Purchased business inventories worth RM12,800 using cheque 5 Sold inventories worth RM6,000 to Kedai Mei Ling 7 Kedai Mei Ling returned defective inventories worth RM920 9 Withdrawal (business inventories) worth RM480 for family use 10 Received cheque from Kedai Mei Ling RM3,400 12 Purchased business inventories worth RM27,200 from Pembekal Syazwani 15 Returned business inventories worth RM560 to Pembekal Syazwani (wrong brand) 16 Cash sale RM2,400 20 Paid to Pembekal Syazwani using cheque RM14,000 22 Paid rental fee RM2,000 using cash 29 Paid workers’ salaries RM2,800 using cheque (i)Record the above transactions into the respective ledgers and balance the accounts.…
On January 01, 2020 Kit Company, Inc. establishes a branch in Bauang. During theyear, Kit Inc. transfers cash and merchandise to the branch worth P15,000 andP45,000 respectively. Freight was paid by the home office worth P1,500 included inthe cost of merchandise. The home office also incurred P5,700 expenses of which 30percent was allocated to the branch. On December 31, 2020, the branch incurred aloss of P4,000. What is the balance of the branch account as per home office books?*Please answer in good Acctg form. Thanks!
V1801 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(iv) a statement of profit or loss (income statement) for the year to date;(v) a statement of financial position (balance sheet).
Mr. M starts business with Rs. 20,000 on 1st April 2012. Of this he pays Rs. 15000 into his bank account. His cash transactions during the week were: April 1 Purchased stationery for cash Rs. 100 April 2 Purchased goods for cash Rs. 2500 April 2 Cash Sales Rs.1500 April 3 Received from J Brown Cash on account Rs. 1000 April 4 Paid to J. R Cash Rs. 2200 April 5 Paid for Advertisement Rs. 400 April 6 Cash Sales Rs. 1800 April 6 Purchased old machinery Rs. 800 April 6 Purchase from sham on credit Rs. 6000 Make out a single column cash book .
Use the following information for 10 and 11. On October 31, 2021, Butter Company engaged in the following transactions: 1. Obtained a Php500,000, six month loan from Dope Bank, discounted at 12%. The company pledged Php500,000 of accounts receivable as security for the loan. 2. Factored Php1,000,000 of accounts receivable without recourse on a non notification basis with DNA Company. DNA charged a factoring fee of 2% of the amount of receivables factored and withheld 10% of the amount factored. 10. What is the total amount of cash received from the financing of the receivables? a. Php1,320,000 b. Php1,350,000 c. Php1,380,000 d. Php1,470,000 11. What is the amount of cash received from the pledged accounts receivables? a. Php880,000 b. Php980,000 c. Php470,000 d. Php440,000
For items 9 and 10. An SME sell goods in exchange for a P340,000 note receivable in two years’ time.The cash sale price of the goods is P280,992. The gross profit rate based on cost on the transaction is30%. Other operating expenses amounted to P50,000. 9. How much is the sale revenue recognized by the SME?a. P340,000 b. P280,992 c. P64,844 d. P334,156 10. How much is the profit or loss of the SME?a. P14,844 b. P(14,844) c. P46,988 d. P42,944
With the invoice number 18, 18% VAT excluded commercial goods of 40.000 TL were sold with a credit card.A.Ş, which is in the portfolio of the enterprise, a commission of 250 TL was paid to the intermediary institution.The company rented a shop with a monthly rent of 5,000 TL to be used as a store, and a one-year rent was paid.80,000 TL severance pay was paid for those working in accounting.The enterprise purchased a plot of land with an investment of 150,000 TL, and 1,250 TL title deed costs and fees were paid.A commercial vehicle was purchased with four school bank loans for 180,000 TL excluding 18% VAT, and 1,500 TL was paid for trading.In the accounting department, a total of 200 TL, excluding 18% VAT, was purchased with 10 credit cards.A fixture with a settlement of 12.000.-TL in its assets is being renewed and sold in cash for 18% VAT 6.000.-TL.Microsoft Office software for 5 users was purchased for 4,000.-TL excluding 18% VAT.Up to 10,000 TL will be paid from the buyers, with a…