owing question in regards with accounting homework: Taking into account all the errors/omissions noted above, prepare the corrected Creditors Control account for the month of June 2021. Balance the account. Please follow up
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- Hi can you please assist on the following You are provided with the following extracts and information taken from the books of LeopardTraders for the month of June 2021. Leopard Traders sells clothing that they buy from varioussuppliers. Leopard Traders uses the perpetual inventory system.1. You are provided with an incomplete Creditors Control for the month of June 2021. The balance at the beginning of the month is correct. Creditors control BS date details fol Amount Date Details fol Amount 30 june 2021 Sundry ruturns CAJ 2 800 1 JUNE 2021 BALANCE b/d 55 130 Bank CBP 24 000 Sundry purchases CJ 13 000 Settlement dicountre received GJ 250 The following errors/omissions were noted:A. The total of the creditors journal has been overcast by R600.B. No entry has been made for inventory bought on credit from…Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section and place a check mark () in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owners equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. Insert the new balance in the owners capital account. 10. Prepare a post-closing trial balance.Cullumber Inc. is a retailer operating in Calgary, Alberta. Cullumber uses the perpetual inventory system. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Cullumber for the month of January 2025. Date Dec. 31 Jan. 2 Jan. 6 Jan. 9 Jan. 10 Jan. 23. Jan. 30 Description. Ending inventory Purchase: Sale Purchase Sale Purchase Sale Quantity 162 109 177 66 60 100 120 Unit Cost or Selling Price $21 21 38 25 41 28 48
- 14) Ibri traders returned goods to Muscat mart, a supplier of RO 1,700, purchased on 8th May,2019. The payment is received with the discount of 3% from the supplier. How would you record this in the books of buyer under the Perpetual inventory system? a. Cash RO 1,649 Dr / Account payable RO 1,649 Cr b. Cash RO 1,649 Dr / Merchandise inventory RO 1,649 Cr c. Account payable RO 1,649 Dr / Merchandise inventory RO 1,649 Cr d. Cash RO 1,700 Dr / Account receivable RO 1,700 CrAPPLYING THE CONCEPTS: Purchases and sales in action This is a list of purchases and sales transactions that occurred in the month of November. Correctlyjournalize these transactions below. Use Smart Entry when dropdowns are not available. Forcompound entries, if amount box does not require an entry, leave it blank. If required, round to the nearest cent. November 1 Purchased inventory on account with credit terms 2/10, n/30, $4900. November 2 Paid freight-in costs FOB shipping point, $200. November 6 Returned part of inventory purchased on 11/1 for a credit, $980. November 8 Sold inventory on credit, terms 2/10, n/30, $3600. November 10 Paid one half of the amount due for the purchase on 11/1. November 15 Accepted return of part of inventory sold on 11/8 for credit, $720. November 16 Paid the remaining balance of the amount due for the purchase on 11/1. November 17 Collected in full for the sale on 11/8.Journalize the following transactions that occurred in September 2018 for Faucet, assuming the perpetual inventory system is being used.. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Faucet estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assune the company records sales at the net amount.) More info Purchased merchandise inventory on account from Sidecki Wholesalers, $4,000. Terms 2/15, n/EOM, FOB shipping point. Sep. 3 Sep. 4 Paid freight bill of $70 on September 3 purchase. Sep. 4 Purchase merchandise inventory for cash of $2,300. Sep. 6 Returned $900 of inventory from September 3 purchase. Sold merchandise inventory to Harvey Company, $5.800, on account. Terms 1/15, n/35. Cost of goods, $2,726. Purchased merchandise inventory on account from Thomas Wholesalers, $7,500. Terms 3/10, n/30, FOB destination. Made payment to Sidecki…
- Africa Traders is a registered VAT vendor that buys and sells furniture. The business makes use of the periodic inventory system. Use the following information from the accounting records of Africa Traders to calculate the cost of sales on 28 February 2021: R Inventory (1 March 2020) 205 000 Sales 2 864 800 Purchases 1 564 000 Carriage on purchases 24 600 A physical inventory count on 28 February 2021 indicated that the inventory on hand amounted to R460 000. NB: Instructions 1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72) 2. Use a full stop to indicate any decimals (eg: 1000.01) 3. You must enter cents even if it is 0 (eg .00) 4. Only show the amount, do not show the R (eg: 12141.72) Answer:Use the following purchases journal to record the transactions. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Abbreviation used: Supp. = Supplies) (Click the icon to view the transactions.) Date 2024 Oct. Oct. 1 Post. Accounts Merchandise Office Supp. Account Credited Terms Ref. Payable CR Inventory DR DR Ball Co. Milly Co. Mor Slip Co. Vendor Oct. 11 Oct. 24 Purchases Journal Purchased merchandise inventory on account with credit terms of 5/10, n/30 from Milly Co., $3,000. Purchased office supplies on account from Ball Co., $650. Terms were n/EOM. Purchased furniture on account with credit terms of 3/10, n/60 from Slip Co., $1,700. Print Done Page 6 Other Accounts DR Account Post. Title Ref. AmountCurrent Attempt in Progress Prepare the journal entries to record the following purchase transactions in Ayayai Inc's books. Ayayai uses a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Jan. 2 Ayayai purchased goods for $53,100 from Fundy Corp., terms n/45, FOB destination. The appropriate company paid freight costs of $1,100. 6 Ayayai returned $7,080 of the goods purchased on January 2, because they were not needed. 11 Ayayai paid the balance owed to Fundy. Date Account Titles and Explanation Debit Credit
- Using all journals This problem continues the Crystal Clear Cleaning practice set begun in Chapter 2 and continued through Chapters 3 and 4. Crystal Clear Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Crystal Clear uses the perpetual inventory system. During December 2018, Crystal Clear completed the following transactions: Requirements Use the appropriate journal to record the preceding transactions in a sales journal (omit the Invoice No. column), a cash receipts journal (omit Sales Discounts Forfeited column), a purchases journal, a cash payments journal (omit the Check No. column), and a general journal. Total each column of the special journals. Show that total debits equal total credits in each special journal.Directions: Below are the accounts of Llamado Poultry Supply Store for the year ended June 30, 2020. 1. Create SCI using a multi-step approach. Please make the proper indention of accounts as you write them in the SCI. 2. The indention will serve as your guide in computing and will make your document look formal. Sales P 100,000 Sales Returns and Allowances 1,000 1,500 Sales Discount Merchandise Inventory, Beginning 38,000 Purchases 30,000 Purchase Returns and Allowances. 2,000 Purchase Discount 1,000 Freight-in Merchandise Inventory, Ending 700 20,000 Interest Income 7,000 Rent Income 3,000 Sales Salaries 12,000 Depreciation Expense - Store Equipment Utilities Expense-Store 9,000 2,000 Office Salaries 12,000 Office Supplies 1,000 Bad Debts 1,300 Finance Cost 2,100On October 10, 202X, Jackson Co. issued debit memorandum no. 1 for $380 to Ada Co. for merchandise returned from invoice no. 312. The merchandise was purchased on account. Your task is to journalize, record, and post this transaction as appropriate. Use the perpetual inventory system. Journalize the transaction. (Record debits first, then credits. Exclude explanations from journal entries. Ignore posting references for purposes of this problem.) Account Titles Date Oct. 10 Debit Accounts Payable Subsidiary Ledger Record the transaction to the subsidiary ledger account and post to the general ledger accounts. (Select the appropriate account names for each ledger. Ignore posting references for purposes of this problem.) Credit General Ledger