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- Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a Statement of Profit & Loss and Statement of…Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a statement of cash flow ?Compute for the following using the data provided below: Cash on Hand – P23,500 Cash in Bank – P226,000 Accounts Receivable – P12,500 Allowance for Bad Debts – P2,500 Merchandise Inventory, Beg – P8,200 Merchandise Inventory, End – P8,500 Prepaid Insurance Expense - P4,800 Long-term Loans Receivable - P60,400 Equipment – P45,600 Fixture and Furniture – P118,900 Acc. Depreciation – P26,800 Land – P350,000 write your answer using this format " 123,456 " Total Current Assets: Net Property, Plant and Equipment: Total Non-current Assets: Total Assets:
- MCQS 1 AS Inc. made a €40,000 sale on account with the following terms: 2/15, n/30. If the company uses the net method to record sales made on credit, how much should be recorded as sales revenue?a. € 38,400b. € 40,800c. €40,000d. €39,200MCQ 2Which of the following is not considered cash for financial reporting purposes?a. Petty cash funds and change fundsb. Dividends receivablec. Coin, currency, and available fundsd. Money orders, certified checks, and personal checksMCQ 3Travel advances should be reported asa. supplies.b. cash because they represent the equivalent of money.c. investments.d. None of these answer choices are correct. no need of explanation14 - Entity A sold its registered $ 1000 at a rate of 4.60 TL at a rate of 4.65 TL. Which of the following accounts is correct in the journal entry to be made?A) 100 02 DOLLAR CASH ACCOUNT RECEIVABLE 4600 TLB) NoneC) 656 EXCHANGE LOSS ACCOUNT DEBTED 150 TLD) 100 01 TL CASH ACCOUNT RECEIVABLE 4.650 TL E) BORROWED 646 EXCHANGE PROFIT ACCOUNT 50 TLAccounts Debit Credit Cash..... P 5,040 Home Office Current . P 21,000 Purchases from outsiders . Shipments from Home Office. Accounts receivable .... Expenses ..... Interest expense.. Gain on sale of equipment.. Sales .... 25,000 56,216 15,360 7,500 684 8,800 80,000 P109.800 P109.800 10. Using the same information above, determine the branch current account in the Home Office books on January 1, 2022. * 11. Using the same information above, shipments to Branch account in the Home Office books on January 1, 2022.
- Jab Less Services Chart of Accounts Jab, Capital Service Income Salary Expense Utilities Expense Give the adjusting entries Prepare a 10-column worksheet Cash Accounts Receivable Equipment Accounts Payable Presented below are the transactions of Jab Less Services. 2017 Sept. 1 Jab invested P125,000 in the business 7 Purchased equipment from X. Co., P35,000 on account 9 Rendered services on account to various customers P75,000 Paid salary for the month P15,000 30 30 Paid utilities for the month P2,300 Additional information: E. Depreciation of equipment is P1,000 b. Doubtful accounts at year end are estimated to be P800 Requirements: Journalize the transactions 34-35 21-25 26-33 Post them to the T-accounts 36-40B Moore's Trial Balance as at 30 September 2021 Particulars DR £ CR £ Cash at Bank £45000 Cash in Hand £6800 Accounts receivable(Debtors) £8000 Accounts Payable( Creditors) £14500 Inventory 30 September 2020 £18000 Car £25000 Drawings £7500 Fixtures and Fittings £18500 Sales £95000 Purchases £110000 Return Inwards (Sales returns) £3500 Carriage inwards £890 Return Outwards ( Purchase returns) £720 Carriage outwards £500 Motor Expenses £1400 Rent £7000 Telephone charges £830 Wages and Salaries £14000 Insurance £1030 Office Expenses £800 Sundry Expenses £250 Capital £158780 £269 000 £269 000 Inventory as at 30 September 2021 is £13 000 Required: a) Prepare an Income Statement for B Moore for the year ending 30th September 2021 b) The following table shows the profit/loss for B Moore profitable since year 2013 Year 2013 2014 2015 2016 2017 2018 2019 2020 Profit/Loss £55800…ASAP!! DECEMBER 31,2012 TITLE OF ACCOUNT DEBIT CREDIT Cash 130,350 Account receivable 54600 Note receivable 83,000 Land 100,000 Inventory-opening 40,500 Supplies 650 Prepaid insurance 1200 Furniture and Fixture 183,200 Accumulated depreciation-furniture 2400 Account payable 47,000 Note payable (long-term) 12,600 Capital-Frank 275,000 Sales revenue 364,500 Sales discount 1400 Sales return and allowance 2000 Commission income 600 Purchases 89,300 Purchases discount 3000 Purchases return and allowances 1200 Freight in 5200 Rent expense 8400 Salaries expense 5000 Insurance expense 1500 TOTAL 706,300 706,300 ADJUSTMENT DATA: Depreciation for the year Rs. 600 Inventory on hand at the end of the year Rs.…
- Q5: At December 31, 2009, Leis Co. reported the following information on its balance sheet. Account receivable $960,000 Less: Allowance for doubtful debts 80,000 During 2010, the company had the following transactions related to receivables. 1. Sales on account $3,200,000 2. Sales return and allowance 50,000 3. Collection of account receivable 2,810,000 4. Written -off account receivable deemed uncollectible 90,000 5. Recovery of bad debts previously written- off as uncollectible 24,000 Page 3 of 4 Required: a. Prepare the journal entries to record each of these five transactions. b. Enter the January 1, 2010, balances in Account Receivable and Allowance for doubtful accounts, post the entries to the two accounts, and determine balances. c. Prepare the journal entry to record doubtful debt expenses for 2010, assuming the aging schedule of account receivable indicates that expected doubtful debts are $115,000.6. 131 3) Northern Industries accepted a credit card sale for $14,000. The credit card company charges 2%. a. What is the entry for this transaction on the horizontal equation? b. What is the impact of collecting the payment from the credit card company? (Show the individual accounts impacted in the asset section) Assets Liabilities Stockholders' Equity Revenues Expenses Net Income Cash %3D Flow a. b. 4) Here are the inventory purchases and sales for Fraser Company: Inventory Layers Available for Sale: October 1 Beginning Inventory 14 @ $16 $224 9. Study guide - Chapter 5 (with solutions).docx 19 f12 Oly prt sc 114FYG Accounting & Language Training Centre 09254973158, 09967324943 Unseen Question (2) The following balance were extracted from the book of Zandar Ltd on 1 March 2008. Dr Cr Trade Receivable 290,925 2,000 In the month of March 2008, the following transactions took place. $ Sale on credit 299,000 Cash sales 42,250 YG Discount Allowed 9,500 Bad Debts written off 1,000 Return inwards from credit customers 3,550 Receipts from credit customers 283,050 Legal fee re: debt collection charged to customers account 675 Dishonoured Cheque 3,000 Debits balance on trade receivable transferred to trade payable per contra 11,000 31 March 2008, the following information was available Trade receivable credit balances 1,750 Required: Prepare the trade receivable control account for the month of March 2008.