usting PS Music Unadjusted Trial Balance July 31, 2014 Debit Credit Balances Balances 9,945 2,750 Cash .. 1,020 Accounts Receivable. 2,700 Supplies... Curance 7,500
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- Cash: 15398 Create Adjusted Trial balance24.The following data were available for ABC Trading, which uses perpetual system, at Dec 31, 20X2:Accounts Payable, beg P10,000Accounts Payable, end P8,000Inventory, beg P17,000Inventory, end P9,000Payment to creditors 287,000Purchase returns, P15,000How much were the credit purchases during the period? 285,000 293,000 300,000 315,000Presented below is the December 31 trial balance of Metlock Boutique. METLOCK BOUTIQUETRIAL BALANCEDECEMBER 31DebitCreditCash $25,800 Accounts Receivable 32,700 Allowance for Doubtful Accounts $747Inventory, December 31 83,530 Prepaid Insurance 6,660 Equipment 98,000 Accumulated Depreciation—Equipment 38,000Notes Payable 28,790Common Stock 76,402Retained Earnings 9,760Sales Revenue 730,451Cost of Goods Sold 492,200 Salaries and Wages Expense (sales) 62,400 Advertising Expense 7,670 Salaries and Wages Expense (administrative) 69,810 Supplies Expense 5,380 $884,150$884,150 Prepare adjusting journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) 1. Bad debt expense is estimated to be $1,306. 2. Equipment is depreciated based on a 7-year life (no salvage value). 3. Insurance expired during the year…
- DATA PROVIDEDThe pre-adjustment trial balance of Wing-It (Pty) Ltd as at 31 August 2022 is presented:AccountDebitCreditProfessional fees765 000Goods sold435 000Cost of sales215 000Interest received19 500Interest on loan6 300Bank charges3 200Cleaning1 500Staff welfare650Salaries and wages35 850Municipal services6 850Printing and stationery16 715Telephone18 600Fuel and oil56 000Repairs and maintenance: Building5 200Repairs and maintenance: Vehicles6 850Capital: Blue520 000Capital: Green630 000Drawings: Blue35 000Drawings: Green27 000Current account: Blue2 500Current account: Green6 400Retained income265 000Land500 000Buildings1 500 000Accumulated depreciation on buildings21 000Vehicles380 000Accumulated depreciation on vehicles65 000Equipment and electronics79 500Accumulated depreciation on equipment and electronics1 5008% Long-term loan325 000Bank: FNB168 000Bank: ABSA32 000Debtors control account85 000Allowance for credit losses6 400Creditors control account78 600Petty cash2…42.The following data were available for ABC Company, which uses perpetual system, at Dec 31, 20X2:Accounts Payable, beg P15,000Accounts Payable, end P10,000Inventory, beg P17,000Inventory, end P9,000Cash payment to creditors(net of 2% discount) 294,000Purchase returns, P5,000How much were the credit purchases during the period? 285,000 294,000 300,000 315,0003. The following is the trial balance of Aroro Enterprise as at 31 August 2019Particulars Debit (RM) Credit (RM)Capital 48,400Drawings 3,500Trade receivables 9,000Trade payables 12,500Sales 40,400Purchases 31,000Sales returns 300Purchases returns 250Wages and salaries 5,600Discounts allowed 120Discounts received 200Provision for doubtful debts 300Insurance 700Inventory as at 1 September 2018 2,400Utilities 950Rates 350Premises 10,000Fixtures and fittings 3,000Motor van 20,000Cash in hand 330Cash at bank 14,800TOTAL 102,050 102,050Additional information as at 31 August 2019:i. Inventory as at 31 August 2019 amounted RM3,300ii. An entity from whom there is accounts receivables of RM200 was unable tosettle his debt and this amount is to be written off as bad debts.iii. The provision for doubtful debts is 1% of the outstanding trade receivables.iv. The owner took RM100 worth of goods from the business for his own useRequired:a) Statement of Profit or Loss and Others Comprehensive Income…
- Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the liquidity metric days’ sales in receivables and profiability metric return on sales.3. The following balances have been taken from the unadjusted trial balance of a tradingorganization for the year ended Dec. 31, 2020:Sales (All on credit) Rs. 650,000Sales Return and Allowance (All from credit sales) 20,000Sales Discount 10,000Accounts Receivable 430,000Allowance for bad debt (Cr.) 2000Required:Record and close bad debt expense for the year ended Dec. 31, 2020 under each of the followingassumptions separately:a. Allowance for bad debt was estimated @ 10% of accounts receivable.b. Bad debt expense was estimated @ 1.5% of net credit sales.Chapter 8 Questions to practice BE8-1 Presented below are three recei\ailes transactions. Indicate whether these recei\. ables are reported as accounts recei\able, notes recei\-able, or other receivables on a state- ment of6nancial position. (a) Sold merchandise on account forW64,000,000 to a customer. (b) Received a promissory note ofW57,000,000 for senicn perfonned. (c) Ad\-anced W8,000,000 to an employee.
- Prepare the Statement of Comprehensive Income as at: 28 February 2021.Embassy TradersPre-adjustment Trial Balance as at: 28 February 2021Debit CreditBalance Sheet Accounts SectionCapital 1 651 100Drawings 132 900Land and buildings 1 254 800Vehicles at cost 925 000Equipment 662 000Accumulated depreciation on vehicles 528 000Accumulated depreciation on equipment 369 000Fixed deposit: Bob-bank (9% p.a.) 200 000Trading inventory 152 000Debtors control 174 800Provision for bad debts 10 000Bank 127 800Creditors control 184 800Mortgage loan: Bob-bank (18% p.a.) 330 000Nominal Accounts SectionSales 2 075 000Cost of sales 795 000Sales returns 15 000Salaries and wages 586 000Bad debts 18 000Stationary 30 000Rates and taxes 58 000Motor expenses 32 000Advertising 23 000Telephone 44 000Electricity and water 66 000Bank charges 8 000Insurance 5 000Interest on mortgage loan 26 000Interest on fixed deposit 15 000Rent income 171 6005 334 500 5 334 500Adjustments and additional information1.Trading…On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:Accounts Debit CreditCash $ 11,200Accounts Receivable 34,000Allowance for Uncollectible Accounts $ 1,800Inventory 152,000Land 67,300Buildings 120,000Accumulated Depreciation 9,600Accounts Payable 17,700Common Stock 200,000Retained Earnings 155,400Totals $384,500 $384,500During January 2021, the…Errors During the course of your examination of the financial statements of Burnett Co., a new client, for the year ended December 31, 2019, you discover the following: Inventory at January 1, 2019, was understated by 6,000. Inventory at December 31, 2019, was overstated by 5,000. During 2019, the company received a 1,000 cash advance from a customer for merchandise to be manufactured and shipped during 2020. It had credited the 1,000 to sales revenue. The companys gross profit on sales is 50%. Net income reported on the 2019 income statement (before reflecting any adjustments for the above items) is 20,000. Required: Next Level What is the correct net income for 2019?