Econ3A Week3 Problem

13.Surekha 's trial balance was as follows. Trial Balance for the year ended 31st March, 2008 Debit Balances Amt? Credit Balances Amt 1,50,000 By Provident Fund 10,000 By Interest on Provident 50,000 fund Investment 15,500 By Purchase return 10,000 By Sundry Creditors 5,800 By Sales 7,200 By Capital 17,500 300 To Purchases 11,000 To Sales return To Sundry Debtors To Opening Stock To Salaries 500 10,000 20,000 2,06,300 50,000 To Wages To Furniture To Machinery To Bad debts To Advertisement(for 3 years from 1" Oct.,2007) 3,000 10,000 1,000 3,000 4,500 10,000 2,97,800 To 10% Provident Fund Investment To Provident Fund contribution To Insurance To Drawings: To Deferred Revenue expenses 2,97,800 Adjustments : 1.Closing stock on 31* March 2008 -Cost price ? 70,000 2.Depreciate - Machinery by 10% and Furniture by 20% 3.Goods worth 78,000 sold by 25% profit on keep or return scheme. 4.Outstanding expenses – Wages 2,000; Salaries 35,000 5.Write off 1,000 as bad debts and provide reserve for…

1 Find the new balance, assuming that the bank charges 2-% per month on the unpaid balance. 2 Previous New Balance Payment Purchases $592.88 $81.26 A. $575.61 B. $572.61 C. $576.51 O D. $574.41 $50.00

10 Assume that Mr Ahmed purchased OMR 3000 goods from ABC LLC on credit. He paid the entire cash to the company on 28th day from the date of purchase. Write the journal entry in the books of company for the above cash receipt. a. Dr Accounts receivables A/C and Cr Sales A/C. b. Dr Cash A/C and Cr Accounts receivables A/C. c. Dr Accounts receivables A/C and Cr Cash A/C d. Dr Purchase A/C and Cr Accounts receivables A/C

rrent Attempt in Progress n providing accounting services to small businesses, you encounter the following situations. 1. 2. Lily Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre-tax sales of sales $4,200 plus GST of $210 and PST of $336. (i) During the month of March, Bramble Corporation's employees earned gross salaries of $60,000. Withholdings deducted from employee earnings related to these salaries were $3,254 for CPP, $948 for El, $7,050 for income taxes. (ii) Bramble's employer portions were $3,254 for CPP and $1,327 for El for the month. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)

16. MC.U3.021 Cave Man Company received cash revenue, $3,500. The accountant would record the following journal entry: a. Cash $3,500 $3,500 $3,500 Accounts Receivable b. Income from Services Cash c. Cash Income from Services d. Cash C. Man, Capital C. Man, Capital b. Income from Services Cash c. Cash Income from Services 17. MC.03.022 Stonehenge Company received cash on account, $2,500. The accountant would record the following journal entry: a. Cash $2,500 d. Cash Accounts Receivable a. Income from Services Cash b. Cash E. Elijah, Capital $3,500 c. E. Elijah, Drawing Cash $3,500 d. Wages Expense Cash $3,500 $2,500 $2,500 18. MC.03.023 E. Elijah, owner, withdrew $3,000 for personal use. The accountant would record the following journal entry: $3,000 $3,000 $2,500 $3,000 $3,500 $3,500 $3,000 $3,000 $2,500 $2,500 $2,500 $2,500 $3,000 $3,000 $3,000

journalize these receivable accounts (accounts receivable, notes receivable, or other receiveable on a balance sheet please.   1. advanced $10,000 cash to an officer   2. person from question 1 cant pay in 39 days window and has issued a 64000 note to us 3. received a promissory note of 57000 for sale of inventory

Goods returned by customer will be debited to which account? Return outward O Return inward O Customer's A/C O Purchases A/C O Creative Advertising obtained 12% 5-year loan of $20,000 from the bank. Which account is credited? Capital O Bank loan O Cash O Account receivable O

9.4A Enter the following in the three-column cash book of an office supply shop. Balance-off the cash book at the end of the month and show the discount accounts in the general ledger. June 1 Balances brought forward: Cash £420; Bank £4,940. 2 The following paid us by cheque, in each case deducting a 5 per cent cash discount: S. Braga £820; L. Pine £320; G. Hodd £440; M. Rae £1,040. 3 Cash sales paid direct into the bank £740. 5 Paid rent by cash £340. 6 We paid the following accounts by cheque, in each case deducting 2'2 per cent cash discount: M. Peters £360; G. Graham £960; F. Bell £400. 8 Withdrew cash from the bank for business use £400. 10 Cash sales £1,260. 12 B. Age paid us their account of £280 less £4 cash discount, by cheque. 14 Paid wages by cash £540. 16 We paid the following accounts by cheque: R. Todd £310 less cash dis- count £15; F. Dury £412 less cash discount £12. 20 Bought fixtures by cheque £4,320.

A service provider had the following income during the month: Fees, paid in cash and checks Fees, paid in notes Advances by clients for future services Reimbursement for out-of-pocket expenses Reimbursement for client expenses 80,000 150,000 20,000 40,000 20.000 330.000 P the yer ba Total P. Combnre tpe 000 sad Compute the amount subject to business tax. P 350,000 b. P 250,000 с. Р 160,000 d. P 140,000 a. boheg

2) The T-account of cash of Cherry Company shows the following transactions for the month of January, 2020: Account Name: CASH Account Code: 1000 DEBIT CREDIT January 1, 2020 1/3 sales 255,250 1/2 purchase supplies 7,500 56,000 1/2 payment to suppliers 1/10 utility bills 1/15 salaries of employees 1/16 acquisition of computers 1/20 rent payments 123,150 1/5 collection of receivables 32,100 11,200 1/6 sales 88,560 93,500 1/8 collection of receivables 35,000 66,000 1/15 sales 43,220 30,000 1/17 contribution from owner 25,000 1/22 payment to suppliers 1/25 loan payment 1/31 interest payment 95,500 1/21 proceed from bank borrowing 1/25 collection of receivables 150,000 23,000 55,000 7,500 1/30 collection of receivables 19,000 1/31 owner's drawing 5,000 462,350 759,130 296,780 total debits total credits January 31, 2020 Required: Prepare Cash Flow Statement for the month ended January, 2020 using DIRECT METHOD.

During the month of Jan  the following transaction occured  Credit purchase $30000   Cash purchase $ 12000  Return outward $2000  Cash paid   $25000   Discount received $200   Compute the balance in the account payable at the end of the month.

Find out value of account receivable from following Cash P48,000 accounts payable P33,000 office equipment P21,000 owner equity P77,000? a. P110,000 b. P15,000 c. P41,000 d. P21,000

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     1. $545,000.     2. $651,000.     3. $589,000.     4. $620,000.

Lori's Company has the following items: cash in a checking account, $2,000; cash in a savings account, $10,000; high - grade government securities due in one month (purchased last month), $3,546; accounts receivable, $3,000. How much should appear as Cash and Cash Equivalents on the balance sheet? O A. $18,546 O B. $10,000 O C. $15,546 O D. $15,000

II. Presented below are transactions of May Daya Co. for January. Analyze and journalize the following: Jan. 2 5 6 7 9 11 15 16 18 20 22 24 28 30 31 M. Daya withdrew P500,000 from her bank account and invested it in the business. Purchased office supplies worth P1,500 using cash Purchased merchandise from 888 Trading, P120,000. Terms: 20% down, balance 2/10, n/30. FOB Destination, Freight Collect, P3,000 Purchased merchandise from Zyndee Trading, P50,000. Terms: 10-10, 2/10, n/30. FOB SP, Freight Collect, P720 Sold merchandise to Robin Store, P100,000. Terms: 10-5, 1/15, n/30 Returned defective office supplies, P1,200 Returned defective merchandise purchase from 888 Trading, P8,000 Paid 888 Trading in full Sold merchandise to Never Emporium, P60,000. Terms: 1/10, n/60, FOB Destination, Freight Prepaid, P1,200 Robin Store returned defective merchandise worth P11,000. M. Daya withdrew P10,000 for personal use. Robin Store settled its account in full. Never Emporium settled its account in…

2010 Assets: Premises $2,000, Motor Van $450, Fixtures $600, Stock $1,289, debtors: N. Hardy $40, M. Nelson $180, Cash at Bank $1,254, Cash in Hand $45. Liabilities: Creditors: B. Blake $60, V. Reagan $200. May 1 Paid rent by cheque $15. Goods bought on credit from B. Blake $20; C. Harris $56; H. Gordon $$38; N. Lee $69. Goods sold on credit to: K. O'Connor $56; M. Benjamin $78; I. Staines $98; N. Duffy $48; B. Green $118; M. Nelson $40. Paid for motor expenses by cash $13 Cash drawings by proprietor $20 Goods sold on credit to: M. Benjamin $22; L. Pearson $67 Goods returned to Mullins by: K. O'Connor $16; L. Staines $18 Bought another motor van on credit from Better Motors Ltd $300 The following paid Mullings their accounts by cheque less 5% cash discount: N. Hardy; M. Nelson; K. O'Connor; L. Staines Goods returned by Mullings to N. Lee $9 Goods bought on credit from: J. Johnson $89; T. Best $72 The following accounts were settled by Mullings by cheque less 5% cash discount: B. Blake;…

Write up a three column cash book from the following details: March 1           Balances brought forward:                         Cash in hand                                                                           GHS 4,500                         Cash at Bank                                                                           GHS 40,000              3         Paid each of the following accounts by cheque, deducting 5% discount in each case; M. Adama GHS 800; B. Bonsu GHS 3,000; A Adu GHS 560 5          Received cheque from k. Mensah in settlement of his debt GHS 1,900 6          Cash sales paid direct into the bank GHS 2,500 8          Paid Rent by cash GHS 1,500 10        Paid Motor expenses by cash GHS 800 12        The following persons paid us their account by cheque, in each case deducting a    discount of 3%.             A. Arhin GHS 1,800; K. Ananse GHS 7,400; K. Ntiamoah GHS 6,600. 17        Cash sales GHS 2,000 18        Paid for stationery by cheque GHS 450 25…

MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWINGTRANSACTIONS:   7) Customer transferred 85 .000 TL to the Bank, to close the openaccount 8 ) Customer ordered to purchase 270.000 TL + %10 VAT Merchandise .Customer issued 95.000 advance check for the order . 9) Land is Purchased for 2.850.000 TL + %10 VAT from X Company andBank transfer is made to X company. Real Estate Service Invoice is 80.000 + %10VAT.Half check is issued and balance is on account. Property tax is 70.000 TL ,paid cash.

Do its General Ledgers     DATE PARTICULARS DEBIT CREDIT 04/01/14 Cash in Bank 99,000     Pretty Cash Fund 1,000     Satake Rice Mill 950,000     Furniture & Fixtures 80,000          E. Esparaguera, Capital         1,130,000   (To record investments)             04/03/14 Diesoline Inventory 15,000          Accounts Payable   15,000   (To record purchased diesoline)             04/05/14 Taxes and Liscenses 2,800          Cash in Bank   2,800   (To record paid licenses and permits)             04/07/14 Advances to Employees 3,000           Cash in Bank   3,000   (To record advance employee salary)             04/08/14 Repairs and Maintenance      500          Petty Cash Fund   500     (To record minor repairs)     04/14/14 Cash in Bank 9,000…

QUESTION 3 Presented below are selected accounts for San Marcos Corporation for December 31 of the current year. Debit Credit Accounts Recelvable trade $720 Building and Equipment Cash in bank-operating 1000 Interest Recelvable Installment Receivabies Merchandise Inventory 35 25 Notes Receivable-long term Petty Cash Prepaid Expenses- current 32 Supplies 19 Patent Accounts Payable-rade Accumulated Depreciation 225 Additional Pald-in Capltal Allowance for 600 Uncollectible Accounts Cash Diridends Payable Common Seock-4i par value Income Tax Payable

Debit and Credit Effect on Transactions Jefferson Framers engaged in the following transactions: a. Purchased land for $65,000 cash. b. Purchased equipment for $26,400 in exchange for a 1-year, 8% note payable. c. Purchased office supplies on credit for $1,200 from Office Depot. d. Paid $20,000 principal plus $700 interest on a note payable. e. Paid an account payable in the amount of $3,550. f. Provided $61,300 of services on credit. g. Provided $12,800 of services for cash. h. Collected $26,910 of accounts receivable. 1. Paid $12,760 of wages in cash. j. Issued common stock for $45,000 cash. Required: Select the correct information for each transaction. Enter the debits before the credits. Transaction a is entered as an example. Transaction Account Increase/Decrease Amount Increase $65,000 Decrease $65,000 a. Land Cash Debit/Credit Debit Credit