5.6A Enter the following transactions in personal accounts only. Bring down the balances at theend of the month. After completing this, state which of the balances represent debtors and whichrepresent creditors.2020May1 Credit sales F. Black £620; G. Smith £84; L. Sime £1,200; J. Teel £608.2Credit purchases from P. Best £190; 1. Donovan £63; G. Lime £210; T. Still £360.Credit sales to G. Smith £322; L. Sime £448.89Credit purchases from I. Donovan £215; T. Still £164.10 Goods returned to us by L. Sime £62; J. Teel £164.Cash paid to us by J. Teel £444.12We returned goods to P. Best £25; T. Still £21.1519212831We received cheques from L. Sime £180; F. Black £620.We sold goods on time to F. Black £180; G. Smith £860.We paid by cheque the following: P. Best £165; T. Still £100; G. Lime £180.We returned goods to T. Still £40.

T-account - The condensed form of a ledger is referred to as T-account. The left-hand side of this…

5.6A Enter the following transactions in personal accounts only. Bring down the balances at the end of the month. After completing this, state which of the balances represent debtors and which epresent creditors. 2020 May 1 Credit sales F. Black £620; G. Smith £84; L. Sime £1,200; J. Teel £608. 2 Credit purchases from P. Best £190; 1. Donovan £63; G. Lime £210; T. Still £360. Credit sales to G. Smith £322; L. Sime £448. Credit purchases from I. Donovan £215; T. Still £164. Goods returned to us by L. Sime £62; J. Teel £164. Cash paid to us by J. Teel £444. 8 9 10 12 15 19 21 28 31 We returned goods to P. Best £25; T. Still £21. We received cheques from L. Sime £180; F. Black £620. We sold goods on time to F. Black £180; G. Smith £860. We paid by cheque the following: P. Best £165; T. Still £100; G. Lime £180. We returned goods to T. Still £40.

5.6A Enter the following transactions in personal accounts only. Bring down the balances at the end of the month. After completing this, state which of the balances represent debtors and which epresent creditors. 2020 May 1 Credit sales F. Black £620; G. Smith £84; L. Sime £1,200; J. Teel £608. 2 Credit purchases from P. Best £190; 1. Donovan £63; G. Lime £210; T. Still £360. Credit sales to G. Smith £322; L. Sime £448. Credit purchases from I. Donovan £215; T. Still £164. Goods returned to us by L. Sime £62; J. Teel £164. Cash paid to us by J. Teel £444. 8 9 10 12 15 19 21 28 31 We returned goods to P. Best £25; T. Still £21. We received cheques from L. Sime £180; F. Black £620. We sold goods on time to F. Black £180; G. Smith £860. We paid by cheque the following: P. Best £165; T. Still £100; G. Lime £180. We returned goods to T. Still £40.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 10PA: Prepare journal entries to record the following transactions. Create a T-account for Interest...

See similar textbooks

Similar questions

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…
As at 31 December 2019 Jenny had a bank loan of $4.500 and a balance of $1,400 in her bank acCount. How should these amounts be recorded on Jenny's opening trial balance at 1 January 2020? Select one: a. Debit $1,400 and Credit $4,500 b. Debit $4,500 and Credit $1,400 c. Credit $5,900 d. Debit $5.900
Deb secured a line of credit for her business and received the following statement of account for the month of February 2021. Date Transaction Deposit Withdrawal Balance Feb 1 Balance -450 Cheque 262 Deposit Feb 4 570 -1020 Feb 10 2250 1230 Cheque 263 Cheque 264 Feb 16 280 950 Feb 20 1090 -140 Feb 22 Cheque 265 100 -240 Feb 27 Cheque 266 160 -400 Feb 28 Daily interest of 1.5% p.a. is earned on all positive balances. Daily interest of 7% p.a. is charged on all negative (line of credit) balances. Overdraft interest of 18% p.a. is charged on daily amounts exceeding $1,000. Service charge of $5.00 is charged for each transaction causing an overdraft or adding to an overdraft. 1.) Determine the amount of interest earned. (a positive value) 2.) Determine the amount of interest charged on the line of credit. (a positive value) 3.) Determine the amount of interest charged on overdrafts. (a positive value) 4.) Determine the amount of service charges. (a positive value) 5.) Determine the account…
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
Which one of the following journal entry is Correct on 1st January 2020? a. Debit Purchase OMR 11,400 Credit Accounts payable OMR 11,400 b. Debit Accounts receivable OMR 11,400 Credit Sales OMR 11,400 c. Debit Purchase OMR 12,000 Credit Accounts payable OMR 12,000 d. Debit Accounts payable OMR 12,000 Credit Purchase returns and allowances OMR 12,000
Minnie has asked you to review the methods Min Armin Wastege uses when dealing with Accounts Receivable. Minnie has compiled the following information for the past 2 months andwants you to update her records on August 31, 2020.On June 30, 2020 the Account Receivable balance for Min Armin Wastege was $13,585 Dr withan Allowance for Doubtful Debts of $462 Cr. In the last two monthsSales (net of GST)S4 800Sales Returns & Allowances (net of GST) 400Cash Collected3 550Bad Debts to be written off (Including GST) 660The bad debts listed above have not been written off as yet. Minnie has also calculated based on past experience that 7% of net credit sales go bad. All sales are made on credit. REQUIRED:Prepare the following General Journal entries to1. account for the write off of the bad debt during the past two months2. the adjusting entry on August 31 using the information Minnie has provided. b. Update the Accounts Receivable and Allowance for doubtful debts accounts.
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

Activity 2 Directions: Compute the uncollectible account expense using the percent of accounts receivable method. The following information needed in the computation of uncollectible accounts expense for March 2021 is available for Parkland Enterprises: Sales Cash Sales Accounts Receivable-ending 200,000.00 50,000.00 5,000.00 Assume that the company decided that five percent (5%) of accounts receivable are deemed uncollectible.
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.
art A Sammy accounts for VAT on an invoice basis. The following details have been extracted from the business records kept for the January/February 2020 VAT period Invoices issued VAT inclusive............................................. €145,684 Credit notes issued VAT inclusive ..................................... €363 Money collected from debtors ............................................ €200,618 If the VAT rate applicable to sales is 23%, the VAT due on sales for the January/February 2020 VAT period amounts to?
Prepare the suitable accounts and find out the missing figure if any.Opening balance of debtors ..14,00,000Opening balance of bills receivable.................. 7,00,000Closing balance of bills receivable............... 3,50,000Cheque dishonoured....... 27,000Cash received from debtors............................ 10,75,000Cheque received and deposited in the bank............ 8,25,000Discount allowed............. 37,500Irrecoverable amount......... 17,500Returns inwards....... 28,000Bills receivable received from customers........ 1,05,000Bills receivable matured....... 2,80,000Bills discounted.......... 65,000Bills endorsed to creditors...... 70,000
LC2Q2. Mr. Khalid buy goods on an invoice dated April 8, with terms of 2/20, n/30. What is the last day of the credit period?