uestion Prepare the related books of prime entry for the above transactions.
Q: Present entries to record the selected transactions described below.
A: Given: Issue of the bond = $ 2,750,000 Bond rate = 8 % Carried value = $ 2,692,250
Q: Describe an account and its use in recording transactions.
A: Accounting reports are papers and books used to manage records.
Q: Write the journal entry for each transaction.
A: JOURNAL ENTRY RULE : ITEM INCREASE DECREASE ASSET DEBIT CREDIT LIABILITY CREDIT DEBIT…
Q: What entry would you use to account for the initial transaction?
A: The accounting process consists of various steps to record, analyze and report the data.
Q: How to journaalize entries from accounting for purchase with frieght transaction?
A: A journal entry is the first step to recording any transaction of monetary nature. Journalizing is…
Q: Which of the following accounting connotes posting to the ledger? * Recording O Ledgering O…
A: Ledgers are the T accounts that are being prepared in the business, that are used for classifying…
Q: Summary account will showa balance of
A: It is pertinent to note that nominal accounts that is income , expense , losses and profit accounts…
Q: a) Write explanatory notes on the following terms as used in consignment accounts:i. Account saleii.…
A: Consignment includes two parties (consignor and consignee) wherein the consignee will be the one in…
Q: Answer the following: 1- Analyze the transactions based on the source documents provided using a…
A: An increase in assets and expense is recorded by debiting them respectively and any decrease is…
Q: Prepare journal entries for the above transactions. If an amount box does not require an entry,…
A: Pass necessary journal entry to record replenishment of cash fund.
Q: a) Adjusting entries to convert the records to accrual basis of accounting
A: Hey there since you have posted multiple questions, we can answer only first question, please…
Q: Required: Prepare all the entries for the above transactions.
A: Preference shares: Shares of the company that are paid dividend before the common stock shares are…
Q: Prepare the general journal for the above transactions. Narrations ares required.
A: Journal Entries for the month of July 2022 Date Particulars L.F Debit $ Credit $ 05-Jul Cash…
Q: Following Also prepare tvial balance with balancing method. are the transactions of M/S. Alam & Co.…
A: Journal entries as follows:
Q: State the correct double entry to record the following transactions.
A: Double entry accounting is method of recording accounting information in two sided financial…
Q: Please see the info below. Describe 2 accrual transactions and 2 deferral transactions that your…
A: Accrual transaction refers to recording that in accounts that are not incurred but accrued, for…
Q: Transactions are first recorded in which book/account
A: First option is wrong because transactions are recorded in T-Accounts in the second step. Second and…
Q: What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?
A: Introduction: Non-trading entities keep a revenue and expenditure account to determine the surplus…
Q: Categories each transaction using the correct account name
A: Introduction: Classification of account If we want to transfer the journal into ledgers then we…
Q: What arehe Post Reference for the Ledger entries
A: Ledgers - Ledgers are the columnar form of journal entries. All the transactions after are recorded…
Q: What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?
A: Introduction: Income and expenditure account to determine the surplus or deficit of income over…
Q: Requirement: Give the journal entries for the foregoing transactions.
A: Dividend is the amount which is paid to the shareholders of the company and the dividend amount is…
Q: en posting transactions to the general ledger, use the transaction
A: After posting each journal entry in respective ledgers, we will get closing balance of all the…
Q: is the most common form of a transaction acco
A: A transaction account is a day-to-day account into which you can deposit your wages and other…
Q: Write up the Journal and Ledger entries in the books of both the parties.
A:
Q: You are required to prepare the journal entries to record the above transactions.
A: Preference Shares are the shares which carry preferential rights over the Equity shareholders in…
Q: Describe common operating transactions and selectappropriate income statement account titles.
A: Common operating transactions are those business transactions which are directly related to revenue…
Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Accounts…
A: Asset is a resource from which a entity expects future economic benefits from its use. Liability is…
Q: Date Account Titles and Explanation
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: W
A: According to AICPA, "accounting is an art of recording, classifying, summarizing in a significant…
Q: B. Making the entries in the ledger.
A: Ledger accounts are prepared after the journal or adjusting entries to determine the balance of each…
Q: How do i adjust entries for a merchanting buisness
A: Adjusting entries are the journal entries passed at the end of the financial year to close all the…
Q: Describe how accounts are used to record information about the effects oftransactions?
A: Firstly the transaction are recorded in the original books i.e. Journal, when the transactions are…
Q: journal entry of the transaction
A: Journal entry is the primary entry to record a transaction.
Q: can u please make transaction summary table, general journal, general ledger and unadjusted trial…
A: Financial statements consists of the following:- Statement of Financial position; Income Statement;…
Q: please solve this question with all steps and workings of notes to account as well following IND AS
A: 1. Profit and Loss - Profit and loss accounts show the profit earned and loss incurred by the…
Q: Explain the phrase “debits equal credits” with regard to journal entries.
A:
Q: Locate the above business activities into suitable books of prime entry.
A: solution concept prime book is used to record the various business transaction There are number of…
Q: What additional issues are involved with miscellaneous, other, and clearing accounts?
A: Accounting is a system, or a process of collecting and organizing economic transactions, analyzing,…
Q: IIJructions Prepare a corrected classified statement of financial information, adjusting the account…
A:
Q: Prepare the SFP in Account Form
A: SFP is statement of financial position, which is one of the financial statement that is being made…
Q: Required: Prepare the journal entries to recoru the Busilness ComUIna of ABC Ltd. in the records
A: ABC Ltd takes over DEF Ltd on 01.10.20*5 DEF is liquidated on takeover. (No Non controlling interest…
Q: Define double entry book keeping system of accounting.
A: Double entry system: Under double entry system of accounting each transaction of business is…
Q: transactions into ledger.
A: Meaning of Ledger All the transactions which are recorded on journal are posted into the ledger…
Question
Prepare the related books of prime entry for the above transactions.
Step by step
Solved in 2 steps with 1 images
- Trading company Andin in September 2020, recorded the following transactions: Date Information September 2 Purchased merchandise from PT. Agung at a price of IDR 750,000, - terms payment of 2/10, n/ 30 Sold to a Sumba shop for merchandise at a price of Rp.650,000, - terms payment 2/10, n/ 30 No. Invoice 021. Sold in cash to a Toba shop for merchandise at a price of Rp.475,000 Invoice No. 013 was sent to the Melati shop on the sale of goods at IDR B00,000, - payment terms 1/10, n/ 60. - Received from Mawar shop in the amount of IDR September 5th September 6 September 8 350,000 9 September Purchased on credit from a Merapi shop, shop equipment for Rp. 125,000. Purchased from PD. Rinjani merchandise worth IDR 1,500,000, - terms of payment 2/10, n/ 60. Received from Sumba shop for invoice settlement on September 5, amounting to IDR 625,000 with 2% cash discount Purchased merchandise from Muria shop with 12 September September 14 15th of September payment terms 1/10, n/ 30 for IDR 900,000…1. FDN Trading sold merchandise on credit to ABC Co in the amount of P64,000. The invoice is dated on November 1 with terms of 1/15, net 45. ABC Co returned defective goods worth P10,000. A partial payment of P16,000 was made by ABC Co. How much is the cash discount if the invoice is paid in order for ABC Co to take advantage of the discount? 2. During the period, FDN Trading issued another promissory note for an additional loan of P67,000 and made total payments of P72,000. At the end of the period, FDN Trading’s notes payable had a balance of P190,000. How much is the beginning balance of the notes payable? 3. FDN Accounting Services purchased office supplies for P31,000 on terms 20% down payment and the balance 2/10 n/30. How much is the increase in the total assets of the business?On July 1, 2020, Suzan Corp. sells electronic merchandise on account to Sam Inc. for $45,000, terms 1/10, n/30. On December 1, Suzan Corp. writes-off as uncollectable the balance due from Sam Inc. Direct write-off method to account for uncollectible accounts is used. The journal entry to record December 1 transaction will include: Credit Accounts Receivable $45,000. Credit Sales Revenue $45,000. Debit Sales Discount $450. Credit Bad Debt Expense $45,000 None of the above
- 12. Silver Co. sold merchandise to Bronze Co. on account, P23,000, terms 2/15, net 45. The cost of the merchandise sold is P18,500. Silver Co. issued a credit memorandum for P2,500 for merchandise returned that originally cost P1,900. The Bronze Co. paid the invoice within the discount period. What is amount of net sales from the above transactions? P20,090 b. P20,500 a. C. P3,490 d. P23,000Trading company Andin in September 2020, recorded the following transactions: Date Information September 2 Purchased merchandse from PT. Agung ata price of IDR 750,000, - terms payment of 2/10, n/30 Sold to a Sumba shop for merchandise at a price of September Sth Rp.650,000, - terms payment 2/10, n/ 30 No. Invoice 021. Sold in cash to a Toba shop for merchandise ata price of Rp.475,000 Invoice No. 013 was sent to the Melati shop on the sale of goods at IDR B00,000, - payment terms 1/10, n/ 60. - Received from Mawar shop in the amount of IDR September 6 September 8 350,000 Purchased on credit from a Merapi shop, shop equipment for Rp. 125,000. Purchased from PD. Rinjani merchandise worth IDR 1,500,000, - terms of payment 2/10, n/ 60. Received from Sumba shop for invoice settiement on September 5, amounting to IDR 625,000 with 2% cash discount Purchased merchandise from Muria shop with 9 September 12 September September 14 15th of September payment terms 1/10, n/3o for IDR 900,000…The following figures are taken from the financial statements of Foods Ltd, a distributor of frozenfoods, for the year ended 31 December 2021:£000Sales revenue 820Cost of sales 544Opening inventories 142Closing inventories 166Purchases 568Trade receivables 264Trade payables 159All purchases and sales are on credit. There has been no change in the level of trade receivables orpayables over the period.Required:a) Calculate the length of the operating cash cycle for the business.b) Suggest how the business may seek to reduce this period.(Provide a maximum of 250 words and six valid reasons)
- Aroma Company used the net price method of accounting for cash discounts .In one of its transactions on December 26,2021,the entity sold merchandise with a list price of P5,000,000 to a customer who was given a trade discount of 20%,10% and 5%.Credit terms were 4/10n/30. The goods were shipped FOB destination, freight collect. Total freight charge paid by the customer was P100,000.On December 27,2021, the customer returned damaged goods originally billed at P500,000. What is the net realizable value of the accounts receivable on December 31,2021?FN Trading recorded the following events involving a recent purchase of merchandise: Received goods for P45,000, terms 1/10, n/30. Returned P800 of the shipment for credit. Paid P300 freight on the shipment on terms FOB Destination Point. Paid the invoice within the discount period. How much is the net cost of purchases?On November 1, 2021, FDN Trading sold merchandise to ABC Trading worth P43,000 with credit term of 1/10, n/30 under freight term FOB Destination. The cost of the freight of P1,200 was paid by FDN. On November 3, ABC Trading returned some defective merchandise worth P4,300 and on the following day, made a partial payment of P14,000. How much is the final amount collected by FDN Trading assuming that collection is made within the discount period?
- Newton general merchandise had the following transactions in march 2021:March 2 Purchased merchandise to Php 36,000. Terms: 2/10, n/30 FOB shipping point. Paid the freign bill amounting to Php 4,000.March 5 Returned Php 3,000 of the merchandise purchased on March 2 because they were defective.March 8 Sold merchandise on account for Php 10,000. Terms 3/15, n/30. The cost of the merchandise sold was Php 6,000.March 10 Paid the purchase made on March 2 less the return and the discount.March 12 Received Php 2,000 of the merchandise sold on March 8. The cost of the merchandise returned was Php 1,200.March 22 Received cash from the March 8 custome in full settlement of his account less the return of the discount. Prepare the appropriate journal entries for both periodic and perpetual inventory systems.Corinto Co. sold merchandise to Genesis Co. on account, P18,000, terms 2/15, net 45. The cost of the merchandise sold is P15,500. Corinto Co. issued a credit memo for P1,750 for merchandise returned that originally cost P1,400. The Genesis Co. paid the invoice within the discount period. What is amount of net sales from the above transactions?ABC Company had the following transactions during December 2020 Dec. 1. Sold merchandise on credit for Php5,000, terms 3/10, n/30. 2. Purchased merchandise for cash, Php720. 4. Purchased merchandise on credit for Php2,600, terms 1/10, n/30. 12. Received payment for merchandise sold December 1. 12. Received a credit memorandum for the return of faulty merchandise purchased on December 4 for Php600. 13. Paid freight charges of Php200 for merchandise ordered last month. 22. Paid for the merchandise purchased December 4 less the portion that was returned. 24. Sold merchandise on credit for Php7,000, terms 2/10, n/30. 29. Received payment for merchandise sold on December 24. Required: Using Periodic Inventory System, Prepare the general journal entries to record these transactions. Perform also the Posting and prepare the trial balance.
