3.Expenses payable (accrued):yet sent an account. It is expected that the legal fees will be R50 000.Expenses prepaid:The Municipal rates account reflects a balance of R16 900 on 28 February 20.7.This includes the rates for March 20.7. The monthly rates were unchanged during A.the financial year.Income receivable (accrued):The Rent income account reflects a balance of R66 000. The tenant has not yetpaid the rent for February 20.7.Deferred income (received in advance):Fee income of R800 was received from a customer in February 20.7. This wasrecorded on 25 February, but the amount relates to a contract which will be carriedout in March 20.7.4.PartnTheAdjustments1.2.beerCom5.3.StatamoOn5.6.HoThe6.A7.of8.7.Consumable stores on hand:PA physical count at the year-end revealed that packing material costing R1 500 hadnot been used.9.8.BAD DTrading stock deficit:The balance on the Trading stock account is R110 000, but the physical countreveals that stock of only R103 000 could be found in the shop and the store-roomDEBTSDepreciation:Equipment is to be depreciated at 10% on the diminishing balance method. Thecost price was R40 000 and the accumulated depreciation at the beginning of theThe figuthe Debdebtorsbusines9.result inyear was R18 000.Bad deTraders: Revisidjustments & tasks will provide further exposure to the year-end adjustments.5.17.1 Enter the following year-end adjustments under the headings iThe first one has been done for you as an example. The year-end is 28 Februaryinterest on capitalVe covered some of these adjustments. SubsequentThe previousiation accountsRevision of adjustments & accounting equationcovered in Grade 10TASK 5.17el Agency ons B. Bester andRequired:the table below.20.7.GAAPAccount debitedAccount creditedName ofNo. DescriptionAmountName ofconceptapplicableSection inSection inaccountledgeraccountledger1. Correction of Businessentity ruleDrawingsBalanceSheetSundryNominalR3 000expenseserrorfollowing:5472 For each of the adjustments indicate the effect on the accounting equationA = 0 + L.Information:166750in the ratio1.Correction of error:The owner took stock for personal use at cost price, R3 000, but this has been deb-ited to Sundry expenses.2.Omission:A direct electronic transfer of fee income of R2 000 from a customer on28 February 20.7 was left out of the CRJ.181New Era Accounting: Grade 11

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3. 4. 5. Expenses payable (accrued): A lawyer has done legal work for the business during February 20.7 but he has not yet sent an account. It is expected that the legal fees will be R50 000. Expenses prepaid: 20.7. The Municipal rates account reflects a balance of R16 900 on 28 February This includes the rates for March 20.7. The monthly rates were unchanged during the financial year. Income receivable (accru

3. 4. 5. Expenses payable (accrued): A lawyer has done legal work for the business during February 20.7 but he has not yet sent an account. It is expected that the legal fees will be R50 000. Expenses prepaid: 20.7. The Municipal rates account reflects a balance of R16 900 on 28 February This includes the rates for March 20.7. The monthly rates were unchanged during the financial year. Income receivable (accru

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 8SPB: UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the...

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