No entry has been made for interest charged at 12% p.a. on the overdue account of R9 000 due to Zebra Stores at 30 June 2021. The account is four months overdue. E. Lion Wholesalers is also a debtor and shows a credit balance of R400 in the Debtors ledger. Management has decided to transfer this amount to Lion Wholesalers account in the creditor’s ledger. No entry has been made. Q.3.1 Taking into account all the errors/omissions noted above, prepare the corrected Creditors Control account for

No entry has been made for interest charged at 12% p.a. on the overdue account of R9 000 due to Zebra Stores at 30 June 2021. The account is four months overdue. E. Lion Wholesalers is also a debtor and shows a credit balance of R400 in the Debtors ledger. Management has decided to transfer this amount to Lion Wholesalers account in the creditor’s ledger. No entry has been made. Q.3.1 Taking into account all the errors/omissions noted above, prepare the corrected Creditors Control account for

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Assets ($) 2019 2018 2017 Cash on Hand & at Banks 1844388 2907252 3696201 Accounts Receivable Net 21373839 27958818 23638244 Notes Receivable 0 0 0 Post Dated Cheques 7430502 5910795 5481999 Short Term Investments 111502 111502 0 Inventory 14772540 15359933 16127022 Total Current Assets 50764763 59355234 56162203 Long Term Investments 2247122 2305477 2346362 Fixed Assets Net 36960544 32892460 23018610 Lands 3338194 3344028 3364400 Projects in Progress 5544 4350057 10455510 Total Fixed Assets 40304282 40586545 36838520 Other Assets 6417935 6157108 5067638 Total Assets 99734102 108404364 100414723 Liabilities ($) 2019 2018 2017 Accounts and Notes Payable 9488026 9042459 6830212 Credit Banks 21176536 19278649 13508941 Short Term Loans 15347569 14306482 12568640 Accrued Part of Long Term Loans 3816788 3818532 3663256 Total Current Liabilities 63973817 67090416 44303485 Long Term Loans & Notes Payable 9883426 8547662 10299548 Other…
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Answer the questions relating to each of the five independent situations as requested. 1. 2. 3. 4. Splish Company's unadjusted trial balance at December 31, 2025, included the following accounts: Accounts receivable Allowance for doubtful accounts Net sales Bad debt expense for 2025 $ Debit $182,000 $8,200 Splish Company estimates its bad debt expense to be 6% of gross accounts receivable. Determine its bad debt exi Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful accounts (per books) Credit An analysis and aging of Blossom Corp. accounts receivable at December 31, 2025, disclosed the following: Net realizable value $ $3,105,000 What is the net realizable value of Blossom's receivables at December 31, 2025? $56,000 707,000 24,000 Blue Co. provides for doubtful accounts based on 4% of gross accounts receivable. The following data are availab Allowance for doubtful accounts $ Credit sales during 2025 Allowance for doubtful accounts 1/1/2025 Collection of…
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Carson's Bakery operates its business on a calendar year-end and uses 3% of Accounts Receivable to estimate bad debt expense. The company presents the following information at December 31, 2020 before any adjusting entries have been made. Account DR CR Accounts receivable 978,000 Allowance for doubtful accounts 23,750 667,500 Net credit sales What will the company record for bad debt expense? Debit choose your answer... type your answer... Credit choose your answer... type your answer...
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