5. Record the following transactions for the month of November 2020 post to the appropriate ledger account and balance all the accounts th prepare the trial balance as November 2020. Nov 1 Started business with RM6,000 in the bank 2 Bought goods on credit from Ab Bhd RM 390 and XY Trading RM710 5 Cash sales RM240 7 Paid rent by cheque RM30 9 Paid sundry expenses by cheque RM200 11 Sold goods on credit to Mina RM80 and Chee RM1,150 16 Paid wages by cash RM45 18 Returned goods to AB Bhd RM20 and XY Trading RM35 19 Goods returned by Mina RM10 and Chee RM50 21 Bought motor van on credit from Tan Ching Motor RM8,000 24 Paid AB Bhd RM250 and XY Trading RM400 by cheque 27 Received a loan of RM500 cash from Aman 29 Received a cheque from Mina RM70 and Chee RM600 30 The owner deposited a further RM1,000 into a business bank account

5. Record the following transactions for the month of November 2020 post to the appropriate ledger account and balance all the accounts th prepare the trial balance as November 2020. Nov 1 Started business with RM6,000 in the bank 2 Bought goods on credit from Ab Bhd RM 390 and XY Trading RM710 5 Cash sales RM240 7 Paid rent by cheque RM30 9 Paid sundry expenses by cheque RM200 11 Sold goods on credit to Mina RM80 and Chee RM1,150 16 Paid wages by cash RM45 18 Returned goods to AB Bhd RM20 and XY Trading RM35 19 Goods returned by Mina RM10 and Chee RM50 21 Bought motor van on credit from Tan Ching Motor RM8,000 24 Paid AB Bhd RM250 and XY Trading RM400 by cheque 27 Received a loan of RM500 cash from Aman 29 Received a cheque from Mina RM70 and Chee RM600 30 The owner deposited a further RM1,000 into a business bank account

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 18E: Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of 620, which consists of 320 due...

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Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?
Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of 620, which consists of 320 due Labradore Inc. and 300 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: a. Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those used in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Happy Tails Inc. uses the following accounts: b. Prepare a listing of accounts payable creditor balances on September 30, 20Y4. Verify that the total of the accounts payable creditor balances equals the balance of the accounts payable controlling account on September 30, 20Y4. c. Why does Happy Tails Inc. use a subsidiary ledger for accounts payable?
Received a check for $72 from a customer, Mr. White. Mr. White owed you $124. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
a. From the following list of balances, prepare the Accounts Receivable Control Account for the month of June 2020 in the books of Country Fresh to show the missing balances at June 30, 2020. April 1 Balances: Accounts Receivable Control: Dr $25,000 Cr $2,000 Totals at June 30, 2020 Credit Sales 150,000 Cash Sales 8,000 Refund to credit customers 1,000 Interest charged on credit customers account 1,500 Receipts from credit customers 78,500 Balances in sales ledger set off against 4,000 balances in purchases ledger Discounts Allowed 500 Bad Debts 1,000 Dishonoured Cheque 1,500 Sales returns 500 Balances at 30 June 2020 Accounts Receivable Control Dr $ ? Cr $1,000 b. State TWO possible reasons for the credit balance in the Sales Ledger Control Account. c. State three uses of a control accounts.
You are to enter up the sales, purchases and the returns inwards and returns outwards journals/day books from the following details, then the total of the journals are then to be transferred to the relevant accounts in the general ledger. 2018 May “ “ “ “ “ “ “ “ “ “ “ 1 3 7 9 11 14 17 20 24 28 31 Credit sales: T Thompson £56; L Rodriquez £148; K Barton £145 Credit purchases: P Potter £144; H Harris £25; B Spencer £76 Credit sales: K Kelly £89; N Mendes £78; N Lee £257 Credit Purchases: B Perkins £24; H Harris £58; H Miles £123 Goods returned by us to: P Potter £12; B Spencer £22 Goods returned to us by: T Thompson £5; K Barton £11;K Kelly £14 Credit purchases: H Harris £54; B Perkins £65: L Nixon £75. Goods returned by us to B Spencer £14 Credit sales: K Mohammed £57; K Kelly £65; O Green £112 Goods returned to us by N Mendes £24 Credit sales: N Lee £55
Which one of the following journal entry is Correct on 15th February 2020? a. Debit Purchase OMR 15,000 Credit Accounts payable OMR 15,000 b. Debit Accounts receivables OMR 15,000 Credit Sales returns and allowances OMR 15,000 c. Debit Sales OMR 15,000 Credit Accounts receivables OMR 15,000 d. Debit Accounts receivable OMR 15,000 Credit Sales OMR 15,000
Directions: Record the following transactions in the appropriate journals. Lloyd Gurango Co. completed the following sales transactions during the month of June 2021. A credit sales have terms of 3/10, n/30, and all invoices are dates as at the transaction date. June 1 4 7 9 13 ಈ 15 18 20 Mr. Gurango invested P52 000 of his funds in the business Sold merchandise on account to KRA Company, P32 000. Invoice number 377 Sold P46 000 of merchandise for cash. Received payment from KRA Company, fewer discounts. Received payment from LRM Trading, fewer discounts. Sold merchandise to JPT Store on account, P62 000. Invoice number 379. Collected the amount due from JPT Store. Fewer discounts. Paid the employees' wages for the month amounting to P5,000 Acquired merchandise to YMC Trading worth P15, 000 payable next month Acquired merchandise on credit from ABS Manufacturing worth P15, 000. The invoice number is 201 and the credit term is n/30
2. Study the account summary of the following credit card bank statement: Account numbers 3642 0243. Debits Account summary Gredits Balance brought forward R 2 000,80 Payments and credits Purchases and debits R 1 380,50 Interest charged R 22,51 Transaction fees 8,90 Closing balance 2.1 Determine the 'payments and credits' value, if the client paid 25% of the closing balance of the previous month's statement. 2.2 Calculate the closing balance. Refer to the transaction fee structure on p. 96 for Question 3, 4 and 5. 3. 3.1 A client wants to deposit R350 into his account. 3.1.1 How much will it cost the client to deposit the cash at the bank's own ATM if this is his first deposit of the month? 3.1.2 How much will it cost the client to deposit the cash inside the branch if this is his sixth deposit this month? 3.1.3 How much will it cost the client to deposit a cheque of R350 at the bank's own ATM if this is his first deposit of the month? 3.1.4 How much will it cost the client to deposít…
9. Which of the following is recorded upon receipt of a payment on April 7, 2021, by a customer who pays a $900 invoice dated March 3, 2021, with terms 2/10, n/60? A. Debit Sales Discounts $18. B. Credit Purchase Discounts $18. C. Credit Accounts Receivable $882. D. Debit Cash $900.
QUESTION 1 Following are transactions related to the accounts receivable of Jelutong Idaman Bhd (JIB) during the first quarter ending 31 March 2021. JIB prepares interim fmancial statem ents for every quarter. 8 January Sold goods for RM150,000 on credit. JIB uses the gross method in recording accounts receivable. The term of the sale is 2/10, n'60. 14 January Collected RM50,000 from 8 January's credit customers. 26 January Unexpectedly, a customer, Semarak Api Enterprise, whose account has been written off in early 2021 paid RM8,000 for the total amount owed. 30 January Assigned RM120,000 of accounts receivable from December 2020 sales to Merbau Bank Bhd (MBB), as security for a loan of RM100,000. A commission of 4% on the face amount of the loan was charged, and the note bears interest of 9% per year. 28 February Collected RM80,000 of accounts receivable assigned and remitted it to MBB, along with one month's interest. 31 March Data related to accounts receivable are as follows:…
Current Attempt in Progress At December 1, 2022, Tamarisk, Inc. Accounts Receivable balance was $17470. During December, Tamarisk had credit sales of $46800 and collected accounts receivable of $37440. At December 31, 2022, the Accounts Receivable balance is O $64270 debit O $17470 debit O $26830 credit O $26830 debit Save for Later Attempts: 0 of 1 used Submit Answer
1. Record the following transaction in the appropriate journal, ledger accounts andbalance off the accounts at 30 September 2020.Sept 3 Bought goods on credit for RM846 from Labu Enterprise6 Sold goods for cash of RM737 Bought motor vehicle by cheque for RM4,30011 Sold goods to Karas Sdn Bhd on credit for RM38013 Karas Sdn Bhd returned goods to Labu Enterprise worth RM14317 Returned goods to Labu Enterprise worth RM8320 Received cheque for RM60 from Karas Sdn Bhd on acount24 Bought office furniture by cheque for RM36527 Sent cheque to Labu Enterprise in settlement of account29 Sold goods to Sakun Enterprise on credit fro RM412