The following Trial Balance was extracted from the books of Mr Ayden as at 30 December         20X1:     Debit   Credit   RM   RM Sales and Purchases 68,080   215,580 Returns      220         380 Inventories as at 1 January 20X1 18,400     Rent received        9,000 Building at cost 520,000     Advertising expenses   27,600     Trade receivables and Trade Payables 168,000   100,000 Salaries and wages   68,000     Motor vehicles at cost 100,000     Insurance   24,000     Sundry expenses   15,000     Accumulated depreciation: Motor vehicles       40,000 Accumulated depreciation: Buildings       64,000 Electricity and water    7,100     Allowance for doubtful debts         1,200 Discounts    3,000      7,000 Printing and stationery    2,496     Cash in hand 136,000     Bank overdraft           736 Capital     720,000   1,157,896   1,157,896   Additional information: Rent received in arrears as at 31 December 20X1 was RM1,000. Insurance includes RM2,000 paid for January and February 20X2. Depreciation charges are to be provided as follows:             -           Motor vehicles at 10% per annum on net book value             -           Buildings at the rate of 1% per annum on cost Electricity charges outstanding for the year amounted to RM590. Allowance for doubtful debts is to be increased by RM500. Inventories as 31 December 20X1 was RM6,520.   Required:   Prepare the Statement of Profit or Loss for the year ended 31 December 20X1 and the Statement of Financial Position for Mr Ayden as at that date.

Based on the following transactions, answer the following questions. i. ii. iii. iv. V. vi. vii. Purchased inventory with a cost of $28,300 on account. Sales on account to customers totalled $54,700. Payments made to employees for wages totalled $19,600. Cash collections from customers settling their accounts totalled $49,500. Invoice received from the utility company for $6,100 is due in 30 days. Payments totalling $19,500 were made to suppliers to settle part of the balance owing to them. Received a deposit of $1,800 from a customer for goods to be delivered next month.

The following selected account balances appeared on the financial statements of the Washington Company. Use these balances to answer the questions that follow. Accounts receivable, Jan. 1 $13,000 Accounts receivable, Dec. 31 9,000 Accounts payable, Jan. 1 4,000 Accounts payable, Dec. 31 7,000 Inventory, Jan. 1 10,000 Inventory, Dec. 31 15,000 Sales 56,000 Cost of goods sold 31,000 The Washington Company uses the direct method to calculate net cash flow from operating activities. Assume that all accounts payable are owed to merchandise suppliers. Cash collections from customers were Oa. $45,000 Ob. $56.000 Oc. $52,000 Od. $60,000

EXERCISE (All exercise would be saved in one record)   Journalize the following transactions for the month of February 1: Sold merchandise on account for $10,000 (other income, other receivable,); Cost of Goods Sold $3,000 (Inventory, Cost of Sale) Received the utilities bill for $250.00 (accrued expense, utilities expense) Salaries for the week are $3,300 (salaries expense, wages payable) Received an invoice of $100 for advertising.   Create a new customer (use your own information), Term 3%, n/15, credit limit $1,000. Prepare the Customer List Report only for your account, include a column for term conditions and credit limits. (February 5)   Prepare a sales order (15 units of any product). In the Sales Order Register include a column with the name of the vendor. (February 7)   The invoice from the sales order above was delivered completely (February 9)   (Prepare an Invoice Register)   Prepare an Income Statement (February 28)   Prepare a Balance Sheet (February 28)…

business issued a credit memo $235 to NECinc.regarding the sales on oct 1 give journal entry

Sales revenue for Hy Marx Tutoring was $620,000. The following data are from the accounting records of Marx:           Accounts receivable, January 1 $ 106,000   Accounts receivable, December 31   75,000       The cash received from customers was:   Multiple Choice   $545,000.   $651,000.   $589,000.   $620,000.

A credit sale of $2,400 is made on April 25, terms 2/10, n/30, on which a return of $150 is granted on April 28.  What amount is received as payment in full on May 4   $2,352   $2,400   $2,250   $2,205

What's the journal entry for sold services for $41,400 in cash and $4,600 on credit?

May 24 Sold merchandise on account to Old Town Cafe, $36,010. The cost of goods sold was $22,050. Sept 30 Received $11,500 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. Reinstated the account of Old Town Cafe that had been written off on September 30 and received $24,510 cash ir full payment. Dec. 7 Journalize the above transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables

the first journal goes up to 29 not 7