INTERMEDIATE ACCOUNTING(LL) W/CENGAGENO
2nd Edition
ISBN: 9781305617001
Author: WAHLEN
Publisher: CENGAGE L
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Chapter 4, Problem 10E
To determine
Prepare a properly classified
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You are assigned to audit Bonifacio Inc. for the year ending June 30, 2014. Prior to any adjustments you were able to extract the following balances from the client’s records:Accounts receivable, control account P221,250Allowance for doubtful accounts (7,500)Amortized cost P213,750
08:24 C
uie Instructions.
On 28 February 2019, the debtors control account in the General Ledger of Lesego
Fashions showed a debit balance of R8 735, while the debtors list in the Debtors
ledger showed a total of R5 584.
The errors and omissions described below were found on 28 February 2019.
Required:
Indicate in the table provided below, how the errors and omissions should be
corrected in order to reconcile the control account balance with debtor's list total.
No.
General Ledger
Debtors ledger
Debtors list
Debtors control
Dr (+)
Cr (-)
Dr (+)
Cr (-)
3. The balance on the account of a debtor, R150, was brought down incorrectly
as R15.
4. The amount on an invoice issued to A Shokane was miscalculated. The
account should be R62 and not R72.
5. Payments to creditors as per the Cash Payment Journal were debited to
debtors control account, R3 960.
6. The debtors' journal was undercast and posted accordingly. The total should
have been R4 710, and not R4 170.
7. A credit note for R51 was…
Prepare SFP using report form, classify the elements into current and
noncurrent and show the respective breakdown of selected line items.
E. EVALUATION:
The trial balance of entity A on December 31, 2015, shows the following information:
Accounts
Cash and cash equivalents
Accounts receivable
Allowance for bad debts
Notes receivable (trade)
Inventory
Prepaid supplies
Prepaid rent
Prepaid insurance
Land
Building
Accumulated depreciation- building
Equipment
Accumulated depreciation- equipment
Accounts payable
Notes payable- short term loan
Notes payable- long term loan (P50,000 due within 1
year)
Interest payable
Salaries payable
Utilities payable
Unearned income
Owner's capital
Totals
Credit
Debit
20,000
122,000
30,000
8,000
200.000
15,000
25,000
10,000
1,000,000
2,000,000
1,600,000
800,000
250,000
100,000
200,000
1,450,000
65,000
105,000
8,000
35,000
357,000
4,200,000 4,200,000
Chapter 4 Solutions
INTERMEDIATE ACCOUNTING(LL) W/CENGAGENO
Ch. 4 - What is the accounting equation? The balance sheet...Ch. 4 - Prob. 2GICh. 4 - How does the balance sheet at the end of an...Ch. 4 - What does recognition mean in accounting?Ch. 4 - Prob. 5GICh. 4 - Prob. 6GICh. 4 - What is equity? How is equity determined?Ch. 4 - What is a mixed attribute measurement model? Why...Ch. 4 - Identify at least five alternatives for measuring...Ch. 4 - Identify at least three alternatives for measuring...
Ch. 4 - Prob. 11GICh. 4 - Prob. 12GICh. 4 - Prob. 13GICh. 4 - Prob. 14GICh. 4 - Prob. 15GICh. 4 - Prob. 16GICh. 4 - Define (a) common stock, (b) additional paid-in...Ch. 4 - Prob. 18GICh. 4 - Prob. 19GICh. 4 - What are investments by owners? Distributions to...Ch. 4 - What accounting policies are disclosed in the...Ch. 4 - Give several examples of financial instruments and...Ch. 4 - Prob. 23GICh. 4 - Prob. 24GICh. 4 - Prob. 25GICh. 4 - Prob. 26GICh. 4 - Prob. 27GICh. 4 - Prob. 28GICh. 4 - Prob. 29GICh. 4 - Prob. 30GICh. 4 - Prob. 31GICh. 4 - Prob. 32GICh. 4 - Prob. 33GICh. 4 - Prob. 34GICh. 4 - A donated fixed asset (from a governmental unit)...Ch. 4 - Prob. 2MCCh. 4 - Prob. 3MCCh. 4 - Prob. 4MCCh. 4 - Prob. 5MCCh. 4 - Rent revenue collected 1 month in advance should...Ch. 4 - Prob. 7MCCh. 4 - Prob. 8MCCh. 4 - Which of the following should be disclosed in the...Ch. 4 - Prob. 10MCCh. 4 - Prob. 1RECh. 4 - Dorothy Corporation had the following accounts in...Ch. 4 - Dorothy Corporation had the following accounts in...Ch. 4 - Based on the information in RE4-2 and RE4-3,...Ch. 4 - Prob. 5RECh. 4 - Oz Corporation has the following assets at...Ch. 4 - Prob. 7RECh. 4 - Prob. 8RECh. 4 - Scarecrow Inc. issues 50,000 shares of 2 par value...Ch. 4 - Tinman Corporation reports the following balances...Ch. 4 - Prob. 1ECh. 4 - Plant and Equipment Your analysis of Moen...Ch. 4 - Prob. 3ECh. 4 - Prob. 4ECh. 4 - Classifications on Balance Sheet The balance sheet...Ch. 4 - Balance Sheet Baggett Companys balance sheet...Ch. 4 - Prob. 7ECh. 4 - Prob. 8ECh. 4 - Prob. 9ECh. 4 - Prob. 10ECh. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Prob. 1PCh. 4 - Prob. 2PCh. 4 - Prob. 3PCh. 4 - Prob. 4PCh. 4 - Prob. 5PCh. 4 - Prob. 6PCh. 4 - Prob. 7PCh. 4 - Prob. 8PCh. 4 - Prob. 9PCh. 4 - Prob. 10PCh. 4 - Balance Sheet The following is an alphabetical...Ch. 4 - Prob. 12PCh. 4 - Prob. 13PCh. 4 - Comprehensive: Balance Sheet, Schedules, and Notes...Ch. 4 - Prob. 15PCh. 4 - Prob. 16PCh. 4 - Prob. 17PCh. 4 - Prob. 18PCh. 4 - Prob. 1CCh. 4 - Prob. 2CCh. 4 - Prob. 3CCh. 4 - Valuation of Assets and Stock A friend has come to...Ch. 4 - Prob. 5CCh. 4 - Prob. 6CCh. 4 - Analyzing Starbuckss Accounting Policies A company...Ch. 4 - Prob. 8CCh. 4 - Prob. 9C
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