During 2017 the following transactions occurred: 1) Mars Limited purchased eight cars for their sales representatives for a total of €120,000. The company also bought some additional fixtures and fittings for €36,000. Both were paid in cash. 2) Mars Limited purchased inventory on credit at a cost of €5.6million. 3) Sales were made on credit amounting to €8 million. There was no cash sales. 4) Mars Limited made payment to its creditors amounting to €5.8 million during the year. 5) Payments from the customers amounting to €7.6 million was received during the year. 6) Mars Limited issued and paid dividends amounting to €120,000 during the year. 7) All inventories were used to generate profit. There is no inventory left at the end of accounting period. Required: a) Draw up the ledger (T-accounts) for Mars Limited for the year ended 31st December 2017, posting all transactions. Make sure you open and balance off all accounts correctly.

Kerr Co.'s accounts payable balance at December 31, 2010 was $1,500,000 before considering the following transactions: • Goods were in transit from a vendor to Kerr on December 31, 2010. The invoice price was $70,000, and the goods were shipped f.o.b. shipping point on December 29, 2010. The goods were received on January 4, 2011. • Goods shipped to Kerr, f.o.b. shipping point on December 20, 2010, from a vendor were lost in transit. The invoice price was $50,000. On January 5, 2011, Kerr filed a $50,000 claim against the common carrier. In its December 31, 2010 balance sheet, Kerr should report accounts payable of O$1.620,000. $1,570,000. $1,550,000. O $1.500,000.

On March 1, 2016, ASG Co. assigned its P1,900,000 accounts receivable to DXB Bank in exchange for a 2-month, 12% loan equal to 75% of the assigned receivables. ASG Co. received the loan proceeds after a 1.5% deduction for service fee based on the assigned notes. During March, P500,000 were collected from the receivables. Sales returns and discounts amounted to P150,000. How much net cash is received from the assignment transaction on March 1, 2016?

Direct Materials Variances The following data relate to the direct materials cost for the production of 1,900 automobile tires: Actual: 54,400 lb. at $1.70 Standard: 53,300 Ib. at $1.65 a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Price variance Unfavorable Quantity variance Unfavorable Total direct materials cost variance Unfavorable b. The direct materials price variance should normally be reported to the Purchasing Department - V. If lower amounts of direct materials had been used because of production efficiencies, the variance would be reported to the Production Supervisor V. If the favorable use of raw materials had been caused by the purchase of higher- quality raw materials, the variance should be reported to the Purchasing Department

During 2014, a company wrote off $6,000 in uncollectible accounts receivable. At the end of the year, they estimated bad debt expense using a percent of gross sales. In 2015, the company recovered a $1,000 account that was written off in 2014. The recording of this recovery would include a a. Debit to retained earnings b. Credit to accounts receivable c. Debit to allowance for doubtful accounts d. Credit to prior period adjustments

At January 1, 2015, Windy Mountain Flagpoles had accounts receivable of $30,000 and allowance for bad debts had a credit balance of $3,000. During the year, Windy Mountain Flagpoles recorded the following: Sales of $178,000 ($158,000 on account; $20,000 for cash) Collections on account, $124,000 Write-offs of uncollectible receivables, $2,800 Accounting for uncollectible accounts using the allowance method (percent-of-sales) and reporting receivables on the balance sheet Question 1 Requirements Journalize Windy's transaction that occurred during 2015. The company uses the allowance method. Post Windy's transaction to the account receivable and allowance for bad debts T-accounts Journalize Windy's adjustment to record bad debts expense assuming Windy estimate bad debts as 4% of credit sales. Post the adjustment to the appropriate T-accounts. Show how Windy Mountain Flagpoles will report net accounts receivable on its December 31, 2015 balance sheet. Question 2 Requirements Journalize…

Rosewood corporation began 2018 with a balance in accounts receivable of $575,000. Service revenue, all on account, for the year totaled $2,000,000. The company ended the year with a balance in accounts receivable of $800,000. Rosewoods bad debt write offs are nonexistent. How much cash did the comapny collect from customers in 2018?   a.$1,775,000 b.$2,225,000 c.$2,800,000 d.$2,000,000

On December 31, 2016, Rusell estimated that 2% of its net sales of RM360,000 will become uncollectible. The company recorded this amount as an additional of Allowance for doubtful accounts. On May, 11, 2017, Rusell determined that Vetter account was uncollectible and wrote of RM1,100. On June 12, 2017, Vetter paid the amount previously written off. Required: Prepare the journal entries on December 31, 2016, May 11, 2017 and June 12, 2017.

8. JOY Corporation provides an allowance for its doubtful accounts receivable. allowance account had a credit balance of P8,000. Each month JOY accrues bad debts expense in an amount equal to 2% of credit sales. Total credit sales during 2016 amounted to P2,000,000. During 2016 uncollectible accounts receivable totaling P22,000 were written off against the allowance account. An aging of accounts receivable at December 31, 2016 indicates that an allowance of P42,000 should be provided for doubtful accounts as of the date. Accordingly, bad debts expense previously accrued during 2016 should be increased by At December 31, 2015, the