Quickbooks Online Accounting
3rd Edition
ISBN: 9780357391693
Author: Owen
Publisher: Cengage
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Assume that Zandile's Boutique registered as a VAT vendor effective 1 March 2019. Zandile's Boutique had a VAT input total amount of R24 760 and a VAT output total amount of R37 860 at 31 March 2019. Which one of the following represents the balance of the VAT control account at 31 March 2019? A) R13 100 debit. B) R13 100 credit. C) R62 620 debit. D) R62 620 credit.
On September 18, 2019, Afton Company purchased $2,475 of supplies on account. In Afton Company’s chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21.a. Journalize the September 18, 2019, transaction on page 87 of Afton Company’s twocolumn journal. Include an explanation of the entry.b. Prepare a four-column account for Supplies. Enter a debit balance of $840 as of September 1, 2019. Place a check mark (¸) in the Posting Reference column.c. Prepare a four-column account for Accounts Payable. Enter a credit balance of $10,900 as of September 1, 2019. Place a check mark (¸) in the Posting Reference column.d. Post the September 18, 2019, transaction to the accounts.e. Do the rules of debit and credit apply to all companies?
The December 31, 2021, ledger of accounts receivable has a balance of 24,000,000. On this date, the company estimates 1,200,000 to be uncollectible , whereas 2,000,000 have to be written off.Required:1. Carry out any necessary journal entries.2. Present the accounts receivable extract as it has to appear in the statement of financial position of December 31,2021.
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- Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.arrow_forwardThe balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000arrow_forward1. The company uses asset method to record payment for annual insurance amounting to P12,000.00. On February 1, 2021, the bookkeeper entered it in the books as (DR) Insurance Expense, P21,000 and (CR) Cash, P21,000.00. a. Transposition b. Transplacement c. No error d. Error of Omission e. Error of account titles2. The company uses asset method to record payment for annual insurance amounting to P12,000.00. On February 1, 2021, the bookkeeper entered it in the books as (DR) Prepaid Insurance, P21,000 and (CR) Cash, P21,000.00. a. Transposition b. Transplacement c. No error d. Error of Omission e. Error of account titles3. The company uses asset method to record payment for annual insurance amounting to P12,000.00. On February 1, 2021, the bookkeeper entered it in the books as (DR) Prepaid Insurance, P120,000.00 and (CR) Cash, P120,000.00 a. Transposition b.…arrow_forward
- marc company's checkbook balance at December 31, 2021 was 167,085 in addition marc held the following items in its safe on that date: check payable to Marc dated January 2,2022 in payment of sale made in December 2021 not included in December 31 checkbook balance heck payable to Marc dated January 2,2022 in payment of sale made in December 2021 not included in December 31 checkbook balance P 15,000 Check draw on Marc's account payable to a vendor, dated and recorded in Marc's books on December 31, but not mailed until January 10, 2022 8,275 Included in the book receipts, which was recorded as 54,000 No correction was made yet by marc company 45,000 What is the amount of cash in Marc's December 31, 2021 statement of financial position?arrow_forwardOn January 1, 2020, the records of ABC Company showed a debit balance of P650,000 in its Accounts Receivable account. The following summary transactions that occurred during 2020 were also shown under the said account: Debits:Charge sales, P6,300,000Shareholders’ subscriptions, P200,000Deposit on contract, P120,000Claims against common carrier for shipping damages, P100,000IOUs from employees, P10,000Cash advances to affiliates, P150,000Advances to a supplier, P30,000Credits:Collections from customers, P5,300,000Write-off, P35,000Merchandise returns, P45,000Allowances to customers for shipping damages, P25,000Collections on carrier claims, P40,000Collections on subscriptions, P50,000Required:a. Determine the correct amount of accounts receivable.b. Compute the amount to be presented as “trade and other receivables” under current assets.arrow_forwardOn June 7,2019, Dilby Mechanical Corp completed $50,00 of servicing work for a client and billed them for that amount plus a GST of $2,500 and PST of $3,50; terms are N20. Required: a. Prepare the journal entry as it would appear in Dilby's accounting records. b. Assume the receivable established on June 7 was collected on June 27. Record the entry.arrow_forward
- Tesla, Inc. Annual Report on Form 10-K for the Year Ended December 31, 2020. 8 Feb. 2021 sec.gov. Accessed 16 Feb. 2021. Prepare journal entries, applying current US GAAP, to account for the following. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. On January 24, 2021, a company paid $31,000 cash to purchase Bitcoins. b. On January 26, 2021, Bitcoin's price increased to $32,000 per coin. c. On January 27, 2021, Bitcoin's price dropped to $29,500 per coin. d. On January 31, 2021, Bitcoin's price recovered to $33,650 per coin. View transaction list Journal entry worksheet 1 2 On January 24, 2021, a company paid $31,000 cash to purchase Bitcoins. 3 4 Note: Enter debits before credits. Date January 24, 2021 Record entry General Journal Clear entry Debit Credit View general journalarrow_forwardLyle Company is preparing financial statements for the year ended December 31,2021.Accounts payable amounted to P360,000 before any necessary year-end adjustment related to the following:On December 31, 2021, Lyle has a P50,000 debit balance in accounts payable to Reese, a supplier, resulting from a P50.000 advance payment for goods to be manufactured.Checks in the amount of P100,000 were written to vendors and recorded on December 20, 2021. The checks were mailed on January 5, 2022.Goods shipped FOB shipping point on December 20, 2021 were received and recorded by Lyle on January 2, 2022. The invoice cost was P45,000.What amount should be reported as accounts payable on December 31, 2021? a. 555,000b. 455,000C. 310,000d. 460,000arrow_forward59 . A company’s accounts payable dated December 31, 2021, totaled P1,000,000 before any necessary year-end adjustments relating to the following transactions and information: On December 27, 2021, the company wrote and issued checks to creditors totaling P350,000. The issuance of the checks was recorded on January 3, 2022. On December 28, 2021, the company purchased and received goods for P150,000, terms 2/10, n/30. The company records purchases and accounts payable at net amounts. The invoice was recorded and paid on January 3, 2022 Goods shipped FOB Destination on December 20, 2021, from a vendor to the company were received on January 2, 2022. The invoice cost was P65,000. The purchase was recorded on January 2, 2022. Goods costing P120,000 were purchased from supplier with terms FOB shipping point on December 28, 2021. The company received the goods and the invoice on January 4, 2022. The P1,000,000 ledger balance of accounts payable is net of P80,000 debit balance in one…arrow_forward
- The balance in Iwig Company’s accounts payable account at December 31, 2021 was P400,000 before any necessary year-end adjustments relating to the following: A. Goods were in transit to Iwig from a vendor on December 31, 2021. The invoice cost was P50,000. The goods were shipped FOB shipping point on December 29, 2021 and were received on January 4, 2022. B. Goods shipped FOB destination on December 21, 2021 from a vendor to Iwig were received on January 6, 2022. The invoice cost was P25,000. C. On December 27, 2021, Iwig wrote and recorded checks to creditors totaling P30,000 that were mailed on January 10, 2022. 2. In Iwig’s December 31, 2021 statement of financial position, the accounts payable should bearrow_forwardOn December 31, 2018, KLM Co. has accounts payable of P1 000 000 before possible adjustment for the following: Checks drawn but not yet released to payees amounted to P12 000 while checks drawn and released to payees but were postdated amounted to P5 000. On December 28, 2018, a vendor authorized ABC to return for full credit goods shipped and billed at P25 000 on Dec. 14, 2018. ABC shipped the on December 31, 2018 but the credit memo received and recorded only on January 3, 2019. Goods shipped FOB shipping point, freight prepaid from a vendor on December 28, 2018 was recorded at invoice cost at shipment date. The invoice cost is P14 000 while the freight cost is P3 000. Goods shipped FOB destination, freight collect were received on December 29, 2018. The invoice cost of P40 000 was credited to accounts payable on date of receipt and the related freight of P5 000 was debited to an expense account. Requirement: Compute for the adjusted accounts payable on December 31, 2018.arrow_forwardThe balance in Milk Tea Company’s accounts payable at December 31, 2021 was P2,500,000 before considering the following information:· On December 27, 2021, Milk Tea wrote checks to creditors totaling P500,000. The checks were released and recorded on January 3, 2022.· On December 28, 2021, Milk Tea received goods from suppliers amounting to P350,000, terms 3/10, 2/15, n/30, FOB Destination. The related invoice was received and recorded on January 2, 2022. The company uses the net method to account for cash discounts.· Milk Tea’s supplier erroneously billed a purchase made on cash. The invoice cost was P500,000, terms 2/10, n/30. The related invoice was received and recorded on December 22, 2021.· A debit balance in a supplier’s account amounting to P50,000 was charged against the accounts payable ledger balance. The amount represents advance payments for goods to be delivered in January 2022.· A credit balance in a customer’s account amounting to P37,500…arrow_forward
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