Using the information in the information in the image 1) calculate the net amount owed by credit customers on 31 May 20192) Explain one reason why the accounts receivable legder control accounts had both a debit and a credit balance Accounts PayableLedger Control AccountAmountAmountParticularsParticulars|(in $)(in $)DebitCreditbalancebalance3,00066,800(Мay 1,2019)(Мay 1,2019)PurchasePurchase11,000326,000returnjournalCash andCashchequespaid tosuppliersrefunds283,2007,200fromsuppliersSet off(balancetrfd to10,000Accountsreceivableledger)Discount|18,800receivedDebitbalanceCredit(Мay 31,2019)(balancingamount)balance (May31,2019)148,00074,000Total474,000Total474,000 Accounts ReceivableLedger Control AccountAmountAmountParticularsParticulars(in $)(in $)DebitCreditbalancebalance85,6003,800(Мay 1,2019)(Мay1,2019)SalesSales451,60013,400journalreturnsCash andBankchequesreceived(chequedishonored)8,400362,800fromcustomersBad debts6,000written offSet off|(balancetrfd to10,000Accountspayableledger)Discount13,600AllowedCreditDebitbalance (balance1,000137,000Мay31,2019)(Мayу 31,2019)Total546,600 Total546,600

1. Determination of net amount owed by credit customers The debit balance of $137,000 in the…

Accounts Receivable Ledger Control Account Amount Amount Particulars Particulars (in $) (in $) Debit Credit balance balance 85,600 3,800 |(May 1, 2019) (Мay 1,2019) Sales Sales 451,600 13,400 journal returns Cash and Bank cheques received (cheque dishonored) 8,400 362,800 from customers Bad debts 6,000 written off Set off (balance trfd to 10,000 Accounts payable ledger) Discount |13,600 Allowed Credit Debit balance ( balance 1,000 137,000 May 31,2019) (Мay 31, 2019) Total 546,600 Total 546,600

Accounts Receivable Ledger Control Account Amount Amount Particulars Particulars (in $) (in $) Debit Credit balance balance 85,600 3,800 |(May 1, 2019) (Мay 1,2019) Sales Sales 451,600 13,400 journal returns Cash and Bank cheques received (cheque dishonored) 8,400 362,800 from customers Bad debts 6,000 written off Set off (balance trfd to 10,000 Accounts payable ledger) Discount |13,600 Allowed Credit Debit balance ( balance 1,000 137,000 May 31,2019) (Мay 31, 2019) Total 546,600 Total 546,600

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter22: Master Budget (master)

Section: Chapter Questions

Problem 2R: Open the file MASTER from the website for this book at cengagebrain.com. Enter all the formulas...

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OkyOTcw/a/MjUwNDEyNDM20TEx/details Particulars Credit (RM) 48,400 Debit (RM) Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases retums Wages and salaries Discounts allowed Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 200 300 700 2,400 950 350 10,000 3,000 20,000 Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank TOTAL 330 14,800 102.050 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle 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 use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year…
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Ihe accourtsfor the statement of fihancial postionandincame statemert a Altredo Escarno, CPAare a tollows: Alteda Ie, CRA Adjunn TrialEe nce Decem ber31, 20X Cad it N1,500 Accnun Debit Accounts hyable Accounts Beoeivable Accu nauilatel Depredsion - Bualing Acu naulated Deprednion -Ofice Eqrip ment Autiing Laenua Bul ding Cath Dereivtion Expas e-Baling Doreciation Ispase-Otice Eqip mat Isano, Capital, Isano, Wahdrawals n1,000 110,00 120,000 1,361,500 750,000 11 S00 55,000 60,000 1,215,500 165,000 75,000 60,000 362,500 96,000 26,000 6,500 52,500 735,000 Ind Mots Becdusble Oftice Equap nent Oftice Supplie Expense Office Supplis Profeiond Deudep mat Ixpense Rent Expense Salades Ixpense Salades Pyable Trud Expense Uhlitis Expense TOTAL 30,500 41,000 18,000 P2 PO1000 RB0 1000 Required: Bepae in goodfom te icome statement andthe statenet f firndalpostion f Altredo Escano, CPAfrte year ended Deombe 31 201X
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MUMassD Logor X E Quicklaunch - x K. myCourses Da: X Se Univ of Mass - X Ceng g In | Federa x ducation.com Saved mework View transaction list Journal entry worksheet 1 3 4 8 9 10 Provided $57,971 in service to customers during the year, with $21,658 on account and the rest received in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 0 日 search
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