Question 2- Control A/c7. The balances on the personal ledger control account of Galaxy Ltd at 31st December 1992were as follows:Dr.Cr.Purchases ledgerSales ledger$960$ 97 550$ 56 900$480The following transactions take place during 1993:Total purchases194000Total sales251000Cash purchases6000Cash sales5000Returns inward500Returns outward900Bills received7000Bills dishonoured1000Bills payable to creditorsInterest charges on dishonoured billsPayments to creditorsReceipts from cash and credit salesReceipts from bad debts recovered6500501100001800002000Bad debts written off5500Increase in provision for bad debtsRefunds of credit customers' overpaymentsRefunds given to cash customersAllowances to trade debtors on goods damagedInterest charged to customersCash received in respect of debit balances in purchases ledgerBalance in the sales ledger set off against balance in the15007003309002006002500purchases ledgerBalances at 31st December 1993 included:Sales ledgerPurchases ledger$ 1800 Cr.760 Dr.Prepare the sales ledger control account and the purchases ledger control account.

Sales ledger control account contains all credit sales and purchases ledger control account contains…

Answered: Question 2- Control A/c 7. The balances…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section: Chapter Questions

Problem 2AP

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Received a check for $72 from a customer, Mr. White. Mr. White owed you $124. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
Question 2 Record the following transactions in the cash receipts journal. Jun. 12 Your company received payment in full from Jolie Inc. in the amount of RO1,225 for merchandise purchased on June 4 for RO1,250, invoice number No.1032. Jolie Inc. was offered terms of 2/10, n/30. Record the payment. Jun. 15 Portman Inc. mailed you a check for RO2500. The company paid for invoice No.1027, dated June 1, in the amount of RO2,500, terms offered 3/10, n/30. Jun. 17 Your company received a refund check (its check No.12440) from the State Power Company because you overpaid your electric bill. The check was in the amount of RO72. The Utility Expense account number is No.450. Record receipt of the refund.
A company’s trade payables account at 30 September 20X1 is as follows: TRADE PAYABLES ACCOUNT $ $ Cash at bank 21,600 Balance b/d 14,000 Balance c/d 11,900 Purchases 19,500 33,500 33,500 What was the balance for trade payables in the trial balance at 1 October 20X0? A $14,000 DR B $14,000 CR C $11,900 DR D $11,900 CR
5. Record the following transactions for the month of November 2020 in the generaljournal and post to the appropriate ledger account and balance all the accounts theprepare the trial balance as November 2020. Nov 1 Started business with RM6,000 in the bank2 Bought goods on credit from Ab Bhd RM 390 and XY Trading RM7105 Cash sales RM2407 Paid rent by cheque RM309 Paid sundry expenses by cheque RM20011 Sold goods on credit to Mina RM80 and Chee RM1,15016 Paid wages by cash RM4518 Returned goods to AB Bhd RM20 and XY Trading RM3519 Goods returned by Mina RM10 and Chee RM5021 Bought motor van on credit from Tan Ching Motor RM8,00024 Paid AB Bhd RM250 and XY Trading RM400 by cheque27 Received a loan of RM500 cash from Aman29 Received a cheque from Mina RM70 and Chee RM60030 The owner deposited a further RM1,000 into a business bank account
Q1. Record the following transactions in a general journal for Voyageur Sports Ltd. Nov 7 Cash sales slips totalled $3295 plus $197.70 GST. Cash was deposited Issued Sales Invoice 87–B to A. Michaels, terms 3/15, n/30, amount $2000, not subject to PST, GST $120 Nov 8 Received bank credit memo for $215, interest earned by the company Nov 9 Received bank debit memo for $25, plus $1.50 GST, for the annual charge for a safety deposit box. Total $26.50 Nov 15 Received cheque from A. Michaels, $2056.40 for Invoice 87–B, less $63.60 discount. Cheque was deposited
9 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 610 RETURNS ON SALES 1.000 191 DEDUCTIBLE VAT 180 100 CASE 1180 Which process does the registration belong to?A) The customer returns the goods he receivedB) The seller returns the goodsC) Discounting to the customerD) The business returns the goods it has receivedE) Discounting on goods sold
PA3. The following transactions occurred for Donaldson Inc. during the month of July. Record the transactions for Donaldson Inc. in the proper special journal and subsidiary ledger. Jul. 1 Sold 50 items to Palm Springs Inc. and offered terms of 2/10, n/30, $4,000 on July 1, and issued invoice #12 on account number #312 Jul. 5 Sold 20 thing-a-jigs to Miami Inc. for $2,150 cash on July 5, and issued invoice #13 Jul. 8 Sold 30 what-is to Smith Mfg. for $5,000 and offered terms of 2/10, n/30; issued invoice #14 on account number #178 Jul. 9 Received payment from Palm Springs Inc. Jul. 22 Received payment from Smith Mfg. after expiration of the discount period
MYD company’s record of transactions concerning part VF5 for the month of September was as follow (dalam Rp. 000.000) : Purchases Sales Sept 1 Balance on hand 600@Rp. 6 Sept 3 500@Rp. 10 Sept 4 1.500@Rp. 6.08 Sept 9 1.300@Rp. 10 Sept 8 800@Rp. 6.4 Sept 11 600@Rp. 11 Sept 13 1.200@Rp. 6.5 Sept 23 1.200@Rp. 11 Sept 21 700@Rp. 6.6 Sept 27 900@Rp. 12 Sept 29 500@Rp. 6.79 Instruction: Assuming that periodic inventory records are kept, compute the inventory at Sept 30 using: (i) First-in, First-out (FIFO) (ii) Average-cost Assuming that perpetual inventory records are kept, compute the inventory at Sept 30 using: (i) First-in, First-out (FIFO) (ii) Average-cost In an inflationary record, which inventory method will show the highest net income?
1. Record the following transaction in the appropriate journal, ledger accounts andbalance off the accounts at 30 September 2020.Sept 3 Bought goods from Labu Enterprise6 Sold goods for cash of RM737 Bought motor vehicle by cheque for RM4,30011 Sold goods to Karas Sdn Bhd on credit for RM38013 Karas Sdn Bhd returned goods to Labu Enterprise worth RM14317 Returned goods to Labu Enterprise worth RM8320 Received cheque for RM60 from Karas Sdn Bhd on acount24 Bought office furniture by cheque for RM36527 Sent cheque to Labu Enterprise in settlement of account29 Sold goods to Sakun Enterprise on credit fro RM412
Question 1 Catherine’s Cookies has a beginning balance in the Accounts Payable control total account of RO 8,200. In the cash disbursements journal, the Accounts Payable column has total debits of RO 6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of RO10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger? Question 2 Record the following transactions in the cash receipts journal. Jun. 12 Your company received payment in full from Jolie Inc. in the amount of RO1,225 for merchandise purchased on June 4 for RO1,250, invoice number No.1032. Jolie Inc. was offered terms of 2/10, n/30. Record the payment. Jun. 15 Portman Inc. mailed you a check for RO2500. The company paid for invoice No.1027, dated June 1, in the amount of RO2,500, terms offered 3/10, n/30. Jun. 17 Your company received a refund check (its check No.12440) from the State…
JANE MARSHALL – LEDGER ACCOUNTS AND TRIAL BALANCE Jane Marshall has set up trading on 5 June 20X9 by paying $6,200 into a business bank account. Her early transactions are as follows: (a) Sale on credit for $441 (b) Purchase on credit for $237 (c) Payment of rent by cheque of $180 (d) Sale on credit for $118 (e) Sale for cash of $52 (f) Purchase on credit of $162 (g) Payment of wages in cash of $56 (h) Purchase for cash of $66 (i) Sale on credit of $97 (j) Payment to payables totalling $237 (k) Withdrawal of $100 in cash by the owner (l) Receipt from receivables totalling $215 (m) Receipt of a loan of $1,000 from the bank. Required For each of these transactions indicate which ledger account would be debited and which would be credited in the table given below, then prepare the trial balance for the business Transactions Account to be debited Account to be credited (a) (b) ……. Trial balance as at… Cash and bank Capital Sales…
2nd - The business has drawn a check of the same amount on the deposit account of Bank “A” in return for its debt of TL 28,000 to the seller. Which of the following accounts is correct to use in the journal entry to be made according to this information? a) Checks and payment orders given account is owed 28.000 TL B) Banks account credited 28.000 TL NS) Received checks account is credited 28.000 TL D) Sellers account credited 28.000 TL TO) Sellers account owed 28.000 TL

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