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- 38 - Entity A has paid 10000 TL of its 50000 TL debt to sellers by bank transfer. Which account is credited in the registration to be made?A) 320 SellersB) 321 Debt SecuritiesC) 100 CratesD) 102 BanksE) 120 BuyersCajegas Trucking ServicesTrial BalanceJune 30, 2021Debit CreditCash in Bank P 1,020,000Petty Cash Fund 1,000Accounts Receivable 120,000Est. Uncollectible Account P 1,200Unused Supplies 15,000Prepaid Insurance 8,500Prepaid Rent 30,000Delivery Truck 1,500,000Acc. Depreciation – Delivery Truck 250,000Accounts Payable 130,000P. Cagejas, Capital 1,818,500P. Cagejas, Drawings 50,000Trucking Income 935,000Taxes and Licences 10,000Repairs and Maintenance 27,000Retainer Fees 25,000Salaries and Wages 320,000Utilities Expense 8,200Total P 3,134,700 P 3,134,700Additional Information1. Provision for Uncollectible Account should be at 2% of the outstanding receivable account.2. Supplies actually on hand, P5,000.3. Of the Prepaid Insurance, P6,200 has actually expired.4. P18,000 of the Prepaid Rental has expired.5. Depreciation Expense for the period is P105,000.Required:a. An 8-column worksheetb. Balance Sheetc. Income Statementd. Statement of Changes in Owner’s EquityCreate T accounts for the following data Date Account name debit credit Jan 1 Cash 180000 Building 630000 Land 220000 Common stock 700000 Premium on issue of common stock 280000 Jan 1 Pre paid insurance 72000 cash 72000 Feb 1 cash 150000 3yr 4% note payable 150000 Mar 1 Cash 280000 Service revenue 280000 Jul 1 cash 485000 Discount on bond issued 15000 6% 5yr 500000 Dec 31 Interest on Bond expense 15000 cash 15000 Dec 31 Interest on note payable expense 29052 5yr 6% note payable 25000 cash 54052 Dec 31 Dividend 40000 Dividend payable 40000 Dec 31 Depreciation expense 21000 Accumulated Depreciation 21000 Dec 31 Insurance Expense 36000 prepaid insurance 36000
- The following information is available for Pyle Garage for March, Year 2: BANK STATEMENTHAZARD STATE BANK215 MAIN STREETHAZARD, GA 30321 Pyle Garage629 Main StreetHAZARD, GA 30321 Account number62-00062March 31, Year 2 Beginning balance 3/1/Year 2 $9,070 Total deposits and other credits 30,096 Total checks and other debits 25,024 Ending balance 3/31/Year 2 14,142 Checks and Debits Deposits and Credits Check No. Amount Date Amount 1462 $ 3,795 March 1 $ 1,140 1463 1,684 March 2 6,548 1464 8,040 March 6 4,976 1465 2,946 March 12 6,209 1466 1,449 March 17 6,006 1467 6,220 March 22 2,126 DM 60 CM 3,091 1468 830 The following is a list of checks and deposits recorded on the books of Pyle Garage for March, Year 2: Date Check No. Amount of Check Date Amount of Deposit March 1 1463 $ 1,684 March 1 $ 6,548 March 5…Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a statement of cash flow ?Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a Statement of Profit & Loss and Statement of…
- Do its General Ledgers DATE PARTICULARS DEBIT CREDIT 04/01/14 Cash in Bank 99,000 Pretty Cash Fund 1,000 Satake Rice Mill 950,000 Furniture & Fixtures 80,000 E. Esparaguera, Capital 1,130,000 (To record investments) 04/03/14 Diesoline Inventory 15,000 Accounts Payable 15,000 (To record purchased diesoline) 04/05/14 Taxes and Liscenses 2,800 Cash in Bank 2,800 (To record paid licenses and permits) 04/07/14 Advances to Employees 3,000 Cash in Bank 3,000 (To record advance employee salary) 04/08/14 Repairs and Maintenance 500 Petty Cash Fund 500 (To record minor repairs) 04/14/14 Cash in Bank 9,000…How effective is the organization in collecting its receivables? Use the Hillside, Inc. Balance Sheet information in cells A2 through D18 and cells A21 through B38 to complete the Financial Performance Calculations in cells A40 through C60. Table 1: Hillside, Inc. Balance Sheet ($ in Millions) ASSETS LIABILITIES Cash & Marketable Securities 449.90 Accounts Payable 1,611.20 Accounts Receivable 954.80 Salaries Payable 225.20 Inventories 3,645.20 Other Current Liabilities 1,118.80 Other Current Assets 116.60 Total Current Liabilities 2,955.20 Total Current Assets 5,165.27 Other Liabilities 693.40 Machinery & Equipment 1,688.90 Land 1,129.70 Total Liabilities 3,648.60 Buildings 2,348.40 Depreciation (575.60) SHAREHOLDER'S…The following information is related to ABC Co.:1. Accounts receivable of €60,000 (gross) are factored with BFO Credit without guarantee at a financing charge of 9%. Cash is received for the proceeds; collections are handled by the finance company.2. Specific accounts receivable of €45,000 (gross) are pledged to ADORO Credit. as security for a loan of €30,000 at a finance charge of 6% of the amount of the loan. The finance company will make the collections.Required:Prepare all necessary entries in general journal form for ABC Co.
- 2. Which of the following on a Balance Sheet would cause concern for you? Use the sample Balance Sheet provided Notes & Comments Current Assets 10350 Bank Chequing $75,992 10857 Visa Credit Card -$226 12000 Accounts Receivable $21,296 13500 Inventory Assets $27,791 14990 Hold Backs -$275 Total Current Assets $124,578 Liabilities & Equity 20000 Accounts Payable $22,063 22100 Unapplied Cash $8,716 29300 Shareholder Loan $24,410 35600 Retained Earnings $52,416 Net Icome (Current Year) $16,873 Total Liabilities & Equity $124,478Fund out the credit sales- Opening debtors Rs.12000 Closing debtors Rs14000 B/R accepted by Debtors Rs. 13000 Cash received from debtors Rs 38400Prepare the suitable accounts and find out the missing figure if any.Opening balance of debtors ..14,00,000Opening balance of bills receivable.................. 7,00,000Closing balance of bills receivable............... 3,50,000Cheque dishonoured....... 27,000Cash received from debtors............................ 10,75,000Cheque received and deposited in the bank............ 8,25,000Discount allowed............. 37,500Irrecoverable amount......... 17,500Returns inwards....... 28,000Bills receivable received from customers........ 1,05,000Bills receivable matured....... 2,80,000Bills discounted.......... 65,000Bills endorsed to creditors...... 70,000