The following balances were the balances of accounts appearing in the beo of Sam MensaIron And steel Merchant on 31" December 2017Debit Balances:MarclsheeGheStock in Warehouse 21,000 Cint selFixtures and Fittings 6,300MaMotor Vehicle35,000MuHawa9,600James3200>Sowah358900Cash at GCB Bank 17,300Credit BalancesSaraaGh¢19900GyanGh¢9900Enter the above and the following transactions into the appropriate ledger aesente for the yearended 31st December 2018ten aJan 1 Bought from Sara 20 tons of steel angle @ 4000Jan 1 Sold to Sowah, 3 tons of steel angle @ Gh¢5000 per tons Ghe15000Jan. 2. Paid Saralh by cheque on AccountsUJan 3 Received chequefrom James in settlement of his accounts ovving on 31 December 2017less 5% discountJan 15. Bought from Gyan 5 tons of J.C. Tubes @ Gh¢3000 per tonFeb 10. Allowedhaving been cut to wrong lengthsundydiscount of Ghd 600 to Sowah on 3 tons angle invoiced on 1 January. TheseFe, 10. Sundry Cash sales at Gh¢16000Feb 20, Drew and cashed for office purposes Gh¢ 2000March 3. Paid Gh¢ 250 cash for carrying chargesMarch 14 Bought from Sara steel rounds 50 tons @ 4000,Nails 30 bx @ 100, Iron Sheets 50 pk @1150

Journal entries shows the recording of the transactions during an accounting year and every…

The following balances were the balances of accounts appearilg Iron And steel Merchant on 31" December 2017 Debit Balances: Stock in Warehouse 21,000 Cninet Aitel Ghe Fixtures and Fittings 6,300 Motor Vehicle 35,000 Hawa 9,600 omes 3200 owah 8900

The following balances were the balances of accounts appearilg Iron And steel Merchant on 31" December 2017 Debit Balances: Stock in Warehouse 21,000 Cninet Aitel Ghe Fixtures and Fittings 6,300 Motor Vehicle 35,000 Hawa 9,600 omes 3200 owah 8900

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 8PA: The following select financial statement information from Candid Photography. Compute the accounts...

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Question: Perform the following accounting for the receivables of A & G, an accounting firm, at December 31, 2014. 1. Start with the beginning balances for these T-accounts: Accounts Receivable, $80,000 Allowance for Uncollectible Accounts, $9,000 Post the following 2014 transactions to the T-accounts: a. Service revenue of $850,000, all on account b. Collections on account, $790,000 c. Write-offs of uncollectible accounts, $7,000 d. Bad debt expense (allowance method), $8,000 2. What are the ending balances of Accounts Receivable and Allowance for Uncollectible Accounts? 3. Show two ways A & G could report accounts receivable on its balance sheet at December 31, 2014. Please explain & show steps, thank you.
On Januory 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Debit Credit $ 23,300 Accounts Receivable Allowance far Uncollectible Accounts 48,e0e $ 4, s8e Inventory Land Accounts Payable Notes Payable (6x, due in 3 ycars) 37,e00 72,100 28,980 37,eee 63,0ee 39,0ee Comnon Stock Retained Earnings Totals $172,488 $172,480 The $37,000 beginning balance of inventory consists of 370 units, eoch costing $100. During January 2021, Big Blast Fireworks had the following inventory transections: January 3 Purchase 1,68e units for $168, 800 on account ($105 each). January 8 Purchase 1,78e units for S187,800 on account ($110 cach). January 12 Purchase 1,80e units for $207,000 on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,200 units on account for $788,8ee. The cost of the units sold is deternined using a FIFD perpetual inventory systen. January 22 Receive $753, eee from…
6. The bank statement of Araba Wontumi for the month of March 2014 is: Balance GH4 DR CR GHC GH¢ Mar 1 Balance Mar. 8 Tawiah Mar. 16 Cheque Mar. 20 Benneh Mar. 21 Cheque Mar. 31 Koo Manu Trader's Credit Mar. 31 Standing order Mar. 31 Commission on Turnover 5,197 O/D 5,319 O/D 5,075 O/D 5,283 0/D 4,950 O/D 4,893 0/D 122 244 208 333 57 49 4,942 O/D 28 4,970 O/D The cash book for March 2014 is: 2014 --GH4- 2014 GHC Mar. 16 Marshall Mar. 21 Alexander Mar. 31 Simiguah Mar. 31 Bal c/d 244 Mar. 1 b/f 333 160 5,280 Mar. 30 Siaw 5,197 122 208 490 Mar. 6 Tawiah Mar. 30 Benneh 6,017 6,017 You are to: a) Write the cash book up-to-date b) Draw up a bank reconciliation statement as on 31 March 2014 一
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Debit $ 23, 300 40, e0e Accounts Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 4, 5e0 Inventory Land Accounts Payable Notes Payable (6%, due in 3 ycars) 37,e00 72,100 28,98e 37, eee 63, 0ee Common Stock Retained Earnings 39. eee Totals $172,488 $172,488 The $37,000 beginning balance of inventory consists of 370 units, each costing $100. During Janusry 2021, Big Blast Fireworks had the following inventory transections: January 3 Purchase 1,680 units for $168,888 on account ($18s cach). January 8 Purchase 1,78e units for $187,800 on account ($110 cach). January 12 Purchase 1,88e units for $207, Bee on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,200 units on account for $780,8ee. The cost of the units sold is deternined using a FIFD perpetual inventory systen. January 22 Receive $753,eee…
termediate Accounting 1.docx Open with Google Docs For Nos. 20-21 Nabangst Corporation reported the following recelvables on December 31, 2018: Accounts recelvable, net of P520,000 allowance for doubtful accounts Interest receivable P3,840,000 190,000 4,000,000 Notes receivable Additional Information: The notes recelvable comprised of the following: P3,000,000 note dated March 31, 2018, with principal and 8% interest payable on March 31, 2019. P1,000,000 note dated October 31, 2018, with principal and interest payable on October 31, 2019. During 2019, sales revenue totaled P21,200,000, cash collected from customers amounted to P19,800,000, and P410,000 in accounts receivable were written off. All sales are made on credit basis. Doubtful accounts expense is recorded at year-end by adjusting the allowance account to an amount equal to 10% of year-end accounts receivable. 20. What amount should be reported as interest income for 2019? P240,000 d. P110,000 a. P80,000 C. b. P60,000 21. What…
7.11: For the month of May 2015, Ceres Corporation, which uses the direct write-off method in accounting for uncollectible accounts receivable, has the following information:Cash sales$40,000Cash received on accounts receivable32,000Accounts receivable, May 1, 2015105,000Accounts receivable, May 31, 201592,000Accounts receivable written off as uncollectible2,000What are the gross sales for May 2015? A : $19,000 B : $61,000 C : $59,000 D : $78,000
3. Burneside Corp.'s accounts receivable subsidiary ledger shows the following information: Customer Arden, Inc. Lakeside Co. Moraine Corp. Budapest Co. Brno Co. Account Balance Dec 31, 2018 P35, 180 20,920 30, 600 45, 140 31, 600 17,400 Age of Accounts 0-30 days Date 12/06/18 31-60 days 61-90 days 91-120 days Over 120 days 11/29/18 09/27/18 08/20/18 12/08/18 10/25/18 11/17/18 10/09/18 12/12/18 12/02/18 09/12/18 Invoice Rate 1% 1.5% 3% 10% 50% Amount P14,000 21, 180 12,000 8,920 20,000 Napa Corp. The lifetime expected credit loss rates below are based on Burneside Corp's receivable collection experience, adjusted for forward-looking estimates. 10, 600 23, 140 22,000 19, 200 12,400 17,400 The allowance for credit loss account had a debit balance of P5,500 on December 31, 2018, before adjustment. a. Prepare the aging schedule of report of Burneside Corp.
On January 1, 2021, the general ledger of Big Blest Fireworks includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 23, 300 48, e00 $ 4, 580 Inventory Land Accounts Payable Notes Payable (6%, due in 3 ycars) 37, 200 72,188 28,980 37,000 63, 0ee 39, 0ee Common Stock Retained Earnings Totals $172,400 $172,480 The $37,000 beginning balance of inventory consists of 370 units, eoch costing $100. During Janusry 2021, Big Blast Fireworks had the following inventory transections: January 3 Purchase 1,62e units for $168, 800 on account ($1es cach). January 8 Purchase 1,7e8 units for $187,800 on account ($118 cach). January 12 Purchase 1,88e units for $207, 8ee on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,200 units on account for $780,eee. The cost of the units sold is deternined using a FIFO perpetual inventory systen. January 22 Receive $753, eee…
. From the following, prepare a Schedule of Accounts Payable for Digital Co. for September 30, 2022. Account payable 210 Credit 100 9/5 GJ4 200 9/7 GJ5 300 9/15 GJ6 800 9/18 GJ6 L VON CO. CREDIT 100 9/5 GJ4 XON CO. CREDIT 300 9/15 GJ6 J. BEE CO. CREDIT 800 9/18 GJ6 ZERO CO. CREDIT 200 9/7 GJ5
Instruction: Write the solution of the problems below (in good form): Problem 1. The ledger of COVID19 Co. as of December 31, 2019 includes the following: Assets 10,000 Trade accounts receivable (net of P10,000 credit balance in accounts) 40,000 80,000 30,000 70,000 60,000 10,000 12,000 36,000 46,000 38,000 100,000 28,000 Cash Held for trading securities Financial assets designated at FVPL Investment in equity securities at FVOCI Investment in bonds measured at amortized cost (due in 3 years) Prepaid assets Deferred tax asset (expected to reverse in 2020) Investment in Associate Investment property Sinking fund Property, plant, and equipment Goodwill Totals 560,000 How much is the total current assets?
24.The following data were available for ABC Trading, which uses perpetual system, at Dec 31, 20X2:Accounts Payable, beg P10,000Accounts Payable, end P8,000Inventory, beg P17,000Inventory, end P9,000Payment to creditors 287,000Purchase returns, P15,000How much were the credit purchases during the period? 285,000 293,000 300,000 315,000
Creditor Ledger balance of XYZ business as at 01.03.2014 are as follows; Creditor Name Value (Rs.) Asitha 25,000.00 Visitha 44,000.00 Lasith 12,000.00 Total 81,000.00 The summary of the transaction done with the creditors during the month of March 2014 is given below; Creditor Purchases (Rs.) Purchases Return (Rs.) Payment (Rs.) Discount Received (Rs.) Asitha 160,000.00 - 130,000.00 6,000.00 Visitha 300,000.00 4,000.00 300,000.00 - Lasitha 120,000.00 - 120,000.00 2,000.00 Rakitha 50,000.00 - 16,000.00 - Total 630,000.00 4,000.00 566,000.00 8,000.00 As at 01.03.2014 the total of the creditors ledger balance agreed with the balance of the creditor control account. As at 31.03.2014 the total of the creditors ledger balance did not agree with the balance of the creditors control account. The reasons for this difference are given Below; Discount received from Asitha for Rs.…