PLEASE DO ALL REQUIREMENTS AND SHOW STEP BY STEP SOLUTIONCD The following is the Trial Balance of Aquib Enterprise as on 31December 2021:Trial BalanceAccounts TitlePurchases and returnsFreight inSales and Sales returnsOpening inventoryWages(vi)(vii)Administrative ExpensesInsuranceSelling and distribution expenseCapitalDrawingsPremisesEquipmentAccounts receivableAccounts payableCashAllowances for bad debtsRequired:DebitTaka9500040005,00010,00020,00025,000(c) A classified Balance Sheet.(d) The adjusting journal entries.3,00010,00010,0001,20,00020,00019,0007,000348,000CreditTaka2500120,000150,000Additional information:(ii)(iii)(1) Tk. 2,000 of wages relates to the next year.Administrative expenses outstanding Tk. 1500.Depreciation on Equipment Tk. 4,000.Ending inventory is Tk. 9,000.Insurance unexpired Tk. 1000.(iv)(v)Raise allowance for bad debts to 2% of net sales.The owner withdrew goods worth Tk. 5,500 for personaluse but not yet recorded.14,0001.500348,000

While preparing the classified balance sheet, it is needed to know about the significance of some…

Answered: PLEASE DO ALL REQUIREMENTS AND SHOW…

Business

Accounting

PLEASE DO ALL REQUIREMENTS AND SHOW STEP BY STEP SOLUTION C D

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 11EA: Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables....

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Question

PLEASE DO ALL REQUIREMENTS AND SHOW STEP BY STEP SOLUTION

The following is the Trial Balance of Aquib Enterprise as on 31
December 2021:
Trial Balance
Accounts Title
Purchases and returns
Freight in
Sales and Sales returns
Opening inventory
Wages
(vi)
(vii)
Administrative Expenses
Insurance
Selling and distribution expense
Capital
Drawings
Premises
Equipment
Accounts receivable
Accounts payable
Cash
Allowances for bad debts
Required:
Debit
Taka
95000
4000
5,000
10,000
20,000
25,000
(c) A classified Balance Sheet.
(d) The adjusting journal entries.
3,000
10,000
10,000
1,20,000
20,000
19,000
7,000
348,000
Credit
Taka
2500
120,000
150,000
Additional information:
(ii)
(iii)
(1) Tk. 2,000 of wages relates to the next year.
Administrative expenses outstanding Tk. 1500.
Depreciation on Equipment Tk. 4,000.
Ending inventory is Tk. 9,000.
Insurance unexpired Tk. 1000.
(iv)
(v)
Raise allowance for bad debts to 2% of net sales.
The owner withdrew goods worth Tk. 5,500 for personal
use but not yet recorded.
14,000
1.500
348,000

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