Please do 4-5. UNIT II, OBJECTIVE 3QUESTION TwoThe following information relates to the business of Top End Enterprise for the month of2$May 2019:Balances at May 1, 201985 600 Dr.3 000 Dr.3 800 Cr.66 800 Cr.Accounts Receivable LedgerAccounts Payable Ledger2$Totals for the month of May 2019Sales Journal451 600326 00013 400Purchases JournalSales Returns Journal11 000Purchases Returns JournalCash and cheques paid to credit suppliersCash and cheques received from credit customersCustomers' cheques dishonouredBad debts written offBalances in Accounts Receivable Ledger transferred to the283 200362 8008 4006 00010 000Accounts Payable Ledger7 200Cash refunded by suppliersDiscounts ReceivedDiscounts Allowed18 80013 600Balances at May 31, 2019Accounts Receivable LedgerAccounts Payable Ledger2$137 000 Dr.2$1 000 Cr.74 000 Cr.You are required to:(i)(i1)(il)(iv)State TWO benefits of preparing Control AccountsPrepare the Accounts Receivable Ledger Control AccountPrepare the Accounts Payable Ledger Control AccountCalculate the net amount owed by credit customers on 31 May 2019Explain ONE possible reason why the Accounts ReceivableLedger Control Account had both a debit and a credit balance(v)

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QUESTION TWo The following information relates to the business of Top End Enterprise for the month of May 2019: Balances at May 1, 2019 85 600 Dr. 3 000 Dr. 3 800 Cr. 66 B00 Cr. Accounts Receivable Ledger Accounts Payable Ledger Totals for the month of May 2019 Sales Journal 451 600 326 000 13 400 Purchases Journal Sales Returns Journal Purchases Returns Journal Cash and cheques paid to credit suppliers Cash and cheques received from credit customers Customers cheques dishonoured Bad debts written off Balances in Accounts Receivable Ledger transferred to the 11 000 283 200 362 800 8 400 6 000 10 000 Accounts Payable Ledger 7 200 Cash refunded by suppliers Discounts Received 18 800 13 600 Discounts Allowed Balances at May 31, 2019 Accounts Receivable Ledger ccounts Payable Ledger 1 000 Cr. 137 000 Dr. 74 000 Cr. u are required to: State TWO benefits of preparing Control Accounts Prepare the Accounts Receivabie Ledger Control Account Prepare the Accounts Payable Ledger Control Account Calculate the net amount owed by credit customers on 31 May 2019 Explain ONE possible reason why the Accounts Receivable Ledger Control Account had both a debit and a credit balance

QUESTION TWo The following information relates to the business of Top End Enterprise for the month of May 2019: Balances at May 1, 2019 85 600 Dr. 3 000 Dr. 3 800 Cr. 66 B00 Cr. Accounts Receivable Ledger Accounts Payable Ledger Totals for the month of May 2019 Sales Journal 451 600 326 000 13 400 Purchases Journal Sales Returns Journal Purchases Returns Journal Cash and cheques paid to credit suppliers Cash and cheques received from credit customers Customers cheques dishonoured Bad debts written off Balances in Accounts Receivable Ledger transferred to the 11 000 283 200 362 800 8 400 6 000 10 000 Accounts Payable Ledger 7 200 Cash refunded by suppliers Discounts Received 18 800 13 600 Discounts Allowed Balances at May 31, 2019 Accounts Receivable Ledger ccounts Payable Ledger 1 000 Cr. 137 000 Dr. 74 000 Cr. u are required to: State TWO benefits of preparing Control Accounts Prepare the Accounts Receivabie Ledger Control Account Prepare the Accounts Payable Ledger Control Account Calculate the net amount owed by credit customers on 31 May 2019 Explain ONE possible reason why the Accounts Receivable Ledger Control Account had both a debit and a credit balance

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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