Accounts payable

1. Prepare a bank reconciliation. 2. Journalize the necessary entries. The accounts have not been closed. Question 4 At the end of each month, Sarah prepares a bank reconciliation statement for her business bank account. As 31 May 2012 her ledger balance was $2,759 (Credit) and her bank statement showed that she had funds of $131 at the bank. She has the following information: i) The bank debited Sarah’s account with charges of $129 during May. Sarah has not recorded these charges. ii)

JOURNAL For sales on account Record_no.1 | SJ_no. | Account_no. | SJ_Debit | SJ_Credit | 1 | 01 | 12 | 10,000 | | 2 | 01 | 41 | | 10,000 | CASH RECEIPTS JOURNAL for cash sales Record_no.2 | CR_no. | Account_no. | Cr_debit | Cr_credit | 1 | 01 | 11 | 15,000 | | 2 | 01 | 41 | | 15,000 | EXPENSES (supertype) Expense_ID | Expense_amount | Date_incurred | Exp_type | 00803 | 1,000 | 02/29/12 | Credit | 01005 | 2,000 | 02/30/12 | Cash | EXPENSES PAYABLE Expense_ID | GJ_no

growth, get a handle on A/R and Inventory, etc.). There are many factors that will lead to the company’s debt to become unsustainable. These factor include the times interest earned ratio, the liquidity ratios, the inventory turnover, and the accounts receivable collections. To begin, the times interest earned ratio is a challenge for Butler Lumber. When Mr. Butler took over the company, he paid $13,000 in interest expense from the $50,000 of operating profit (Harvard College, 2002, p.4)

shop online With the added ability and luxury to be able to shop on creates a new source of revenue for the Business. It enables companies, in this case EFUJ, to promote, sale, and reach to a variety of demographics. Tracks purchase and Syncs accounts payable This would keep companies books up

Financial Accounts The Assignment Liam O’Brady owns a business selling musical instruments. The following trial balance has been extracted from the books of account at 31 October 2012. Dr Cr £ £ Bank balance 19281 Capital balance as at 1 November 2011 61489 Carriage inwards 480 Carriage outwards 2110 Discounts 664 811 Drawings 28650 Fixtures and fittings – at cost 62200 Fixtures and fitting – provision for depreciation

Haskins brought to the bank. Mr. Haskins was thoroughly dissatisfied with the company’s current loan arrangement with the Sunnyvale Bank, from which it had a credit line of $6 million with accounts receivable and inventory pledged as security. He thought that Mr. Flint, the loan officer at Sunnyvale, made no effort to understand the company, and was constantly making suggestions that seemed inappropriate. He routinely visited AMT once every

MEMORANDUM TO: Chief Executives and Management FROM: Erik Rocha DATE: September 1, 2014 SUBJECT: Product Costs and Cost of Goods Manufactured Report for August 2014 Introduction to John Deere John Deere has compromised to produce the best agricultural products in the market since 1837. Some of the agricultural products manufactured at John Deere include harvesters, tractors, trucks, planters, sprayers, seeders, and utility task vehicles. Many of the machines operating at John Deere’s factories

RESTAURANTS, INC. – TRANSACTIONS AND ADJUSTMENTS Concepts a. To prepare accrual-based financial statements, a company must adjust its accounts. This is accomplished with periodic adjustments (also known as adjusting journal entries or accounting adjustments). For each account below, explain the types of transactions or events that necessitate periodic adjustments to the account for the typical company. i. “Inventories, net.” – If a company purchases products to be resold, there is an adjustment on

statement of owner's equity. b. income statement. c. balance sheet. d. chart of accounts. ANS: A DIF: Easy OBJ: LO 6-1 MSC: AACSB Communication 5. Owner's equity can be increased through a. withdrawals by the owner. b. investments by the owner. c.

which contains 14 sets of financial data from 14 different industries is provided. The task is to match 14 different firms with 14 industries by distinguishing the differences (e.g. sources of financing, profitability, the inventory turnover and the accounts receivable collection period) in the financial structures. 1. Advertising agency: the matching industry is E. As a service firm, it does not contain inventory, so first of all, it can be narrowed down to E, G, M, and N. And generally B to B