4. According to the constitution R15 000 of entrance fees should be capitalised.5. The rent has been prepaid for January 2016.Compile the Income and Expenditure statement of Caledon Bowls Club onPower break 5.9 INDIVIDUALRequired31 December 2015.The following balances were extracted from the books of Caledon Bows Club on31 December 2015.ReceiptsPaymentsBank2 650 Wages46 200Interest on fixed deposit3 820 Rent expense74 100Membership feesEntrance feesGate takingsRefreshments sales103 600 Membership refund25 500 Stationery2 40088015 480 Affiliation fees6 9007 650 Refreshments purchases2 390Additional information1. Wages for December 2015 have not yet been paid.- On 31 December 2015, stationery on hand is R245.me ixed deposit of R100 000 was made on 1 December 2011 at CBD Bank witharminterest rate of 5%. Make provision for the outstanding interest.

The income and expenditure statement is the statement prepared mainly by the non-profit…

According to the constitution R15 000 of entrance fees should be capitalised. 5. The rent has been prepaid for January 2016. an interest rate of 5%. Make provision for the outstanding interest. 3. The fixed deposit of R100 000 was made on 1 December 2011 at CBD Bank with Compile the Income and Expenditure statement of Caledon Bowls Club on Required 31 December 2015. The following balances were extracted from the books of Caledon Bowls Club on 31 December 2015. Receipts Payments Bank 2 650 Wages 46 200 74 100 Interest on fixed deposit 3 820 Rent expense Membership fees Entrance fees 103 600 Membership refund 2 400 880 25 500 Stationery Gate takings 15 480 Affiliation fees 7 650 Refreshments purchases 6 900 2 390 Refreshments sales Additional information 1. Wages for December 2015 have not yet been paid. . On 31 December 2015, stationery on hand is R245. an interest rate of 5%. Make provision for the outstanding interest. 4. me fixed deposit of R100 000 was made on 1 December 2011 at CBD Bank with

According to the constitution R15 000 of entrance fees should be capitalised. 5. The rent has been prepaid for January 2016. an interest rate of 5%. Make provision for the outstanding interest. 3. The fixed deposit of R100 000 was made on 1 December 2011 at CBD Bank with Compile the Income and Expenditure statement of Caledon Bowls Club on Required 31 December 2015. The following balances were extracted from the books of Caledon Bowls Club on 31 December 2015. Receipts Payments Bank 2 650 Wages 46 200 74 100 Interest on fixed deposit 3 820 Rent expense Membership fees Entrance fees 103 600 Membership refund 2 400 880 25 500 Stationery Gate takings 15 480 Affiliation fees 7 650 Refreshments purchases 6 900 2 390 Refreshments sales Additional information 1. Wages for December 2015 have not yet been paid. . On 31 December 2015, stationery on hand is R245. an interest rate of 5%. Make provision for the outstanding interest. 4. me fixed deposit of R100 000 was made on 1 December 2011 at CBD Bank with

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On 13 November 2020, Africa Traders received an electronic funds transfer payment of R7 000 from SA Investors, for commission income. Africa Traders is not a registered VAT vendor. Which account will be debited, and which account will be credited in the general ledger of Africa Traders?
Midwest Enterprises made the following entry onDecember 31, 2017.Interest Expense 10,000Interest Payable 10,000(To record interest expensedue on loan from AnaheimNational Bank)What entry would Anaheim National Bank make regardingits outstanding loan to Midwest Enterprises? Explainwhy this must be the case.
On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $121,500 on December 31, 2022. The proceeds of the note were $116,100. Use the horizontal model to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2022. Indicate the financial statement effect. Use the horizontal model to show the effects of recording interest expense for the month of September. Indicate the financial statement effect. Use the horizontal model to show the effects of repaying the note on December 31, 2022. Indicate the financial statement effect.
1. What is the interest income to be reported from the note of Company A in the income statement for the year ended, December 31, 2020? 2. On December 31, 2020, what is the carrying value of the note received from Company A? 3. What should have been the ENTRY to record the receipt of note from Company B on October 1, 2020?
Sweet home Inc., includes the following selected accounts in its general ledger at December 31, screenshot attacahed thanks fas fakope
The owner's Capital account has a pre-closing balance of $36,000, on the 31st December 2020. The owner's Drawings account has a pre-closing balance of $13,600, on the 31st December 2020. The Income Summary account contains a Debit entry of $31,600 and a Credit entry of $66,000. Question: Considering the information above, the post-closing balance of Capital on the 31 December 2020 would therefore be: Select one: O a. $34,400 O b. $ 70,400 c. $22,400 O d. $56,800
Paul's bakery business has the following account balances at 30 September 2020: ovens £38,000, inventories £4,100, trade payables £2,650, loan of £5,000 and a bank overdraft of E1090. Paul's capital account as at 30 September 2020 is? a. £35,540 b.£38,660 c. £38,360 d.£33,360
On July 1, 2024, Sarasota Limited received an 18-month loan for $437,000 from a bank at 6% and with these funds and another $95,000 cash, purchased land for $532,000. Prepare the journal entries to record each of the following on Sarasota's books: (a) The purchase of the land on July 1, 2024. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry for the account titles and enter O for the amounts) Date Account Titles and Explanation July 1, 2024 Debit Credit
On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $122,100 on December 31, 2022. The proceeds of the note were $115,800. Use the horizontal model to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2022. Indicate the financial statement effect. Use the horizontal model to show the effects of recording interest expense for the month of September. Indicate the financial statement effect. Use the horizontal model to show the effects of repaying the note on December 31, 2022. Indicate the financial statement effect.
Prepare the journal entries, with appropriate journal entry descriptions, for 2020, including any required year-end adjusting entries.The company prepares annual adjusting entries.
Kindly prepare the Worksheet for this. thank yoouu!!
The following transactions occurred during December 31, 2021, for the Microchip Company. On October 1, 2021, Microchip lent $90,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022. On November 1, 2021, the company paid its landlord $6,000 representing rent for the months of November through January. Prepaid rent was debited. On August 1, 2021, collected $12,000 in advance rent from another company that is renting a portion of Microchip’s factory. The $12,000 represents one year’s rent and the entire amount was credited to deferred rent revenue. Depreciation on office equipment is $4,500 for the year. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $8,000. The company records vacation pay as salaries expense. Microchip began the year with $2,000 in its asset account, supplies. During the year, $6,500 in supplies were purchased and debited to supplies. At year-end, supplies costing…