Pass journal entries to rectify the following errors. The trial balance had $1,260 excess credit. The difference has been posted to a suspense account: (i) The total of returns inwards book has been cast $2,000 short. (ii) The purchase of an office table costing $6,000 has been passed through the purchases day book. (iii) A sum of $7,500 paid to workman for wages for making showcases has been charged to wages account (iv) A purchase of $1,340 has been posted to the creditor's account as $600. (v) A cheque of $4,000 received from Y has been dishonoured; it has been posted to the debit of allowances account. After passing journal entries, prepare the suspense account.
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- In the trial balance for March, you see that Notes Receivable-Fast Feet Co. has a negative balance of $105, which would seem to indicate that Fast Feet paid too much. Looking back through the journal entries for March, you find that on March 19 the accounting intern recorded receipt of $3,605 in payment of this note receivable. Further investigation reveals that on November 19, 20Y7, this note receivable was received from Fast Feet Co. for $3,500. You can find no additional information about this note in the accounting records. Assume a 360 day year. What is the term of the note? Interest rate of the note? Is there a way to figure this out with the information provided?In the trial balance for March, you see that Notes Receivable-Fast Feet Co. has a negative balance of $105, which would seem to indicate that Fast Feet paid too much. Looking back through the journal entries for March, you find that on March 19 the accounting intern recorded receipt of $3,605 in payment of this note receivable. Further investigation reveals that on November 19, 20Y7, this note receivable was received from Fast Feet Co. for $3,500. You can find no additional information about this note in the accounting records. Assume a 360 day year. Using the preceding information, compute the term and the interest rate of the note receivable from Fast Feet. Term of the note: 120 days Interest rate of the note: 9 % 3. Journalize the entry needed to record information about the note receivable from Fast Feet for the year 20Y7. Assume that the entry on November 19, 20Y7 is correct. Refer to the Chart of Accounts of exact wording of account titles. Round all amounts to…Prior to recording the following, Elite Electronics, Inc., had a credit balance of $2,000 in its Allowance for Doubtful Accounts.Required:Prepare journal entries for each transaction.a. On August 31, a customer balance for $300 from a prior year was determined to be uncollectible and was written off.b. On December 15, the customer balance for $300 written off on August 31 was collected in full.
- 5. The difference in Trial Balance is kept in Suspense Account. Before preparing the Final Accounts, the following errors were detected: Purchase for $ 540 was written in Sales Day Book, but was posted to the correct side of Party's Account Salary Account Total $12,600 in one page, was carried over to the next page, as $1,260, on the side Interest on overdraft $650 was not posted to ledger from Cash Book. $600 collected from a Party, in respect of the old dues from him, which were written off as Bad Debt Two years ago, was credited to the Party's Account. Show Rectification Entries and Suspense Account State, to what extent the Profit and Loss Account would have been affected, if the above errors would not have been detected and corrected and also the Profit and Loss Account, before rectification.Write the journal entries to correct the following errors. (1) Rent Received Kshs. 430,000 have been credited to the Commissions Received account. (2) Bank charges Kshs. 34,000 have been debited to the Business Rates account. (3) Completely omitted from the books is a payment of Motor Expenses by cheque Kshs. 37,000. (4) A purchase of a fax machine Kshs. 242,000 has been entered in the Purchases account. (5) Returns inwards Kshs. 216,000 has been entered on the debit side of the Returns Outwards account. (6) A loan from G Bain Kshs. 2,000,000 has been entered on the credit side of the Capital account. (7) Loan interest of Kshs. 400,000 has been debited to the Van account. (8) Goods taken for own use Kshs. 84,000 have been debited to the Purchases account and credited to drawings. b) The following transaction were extracted from the books of Barikiwa Enterprises for the months of March 2020. 1st March, 2020 Sold goods on credit to Musyoka Kshs. 250,000 4th March, 2020…Prior to recording the following, Elite Electronics, Incorporated, had a credit balance of $2,200 in its Allowance for Doubtful Accounts. Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) On August 31, a customer balance for $320 from a prior year was determined to be uncollectible and was written off. On December 15, the customer balance for $320 written off on August 31 was collected in full.
- Fred's trial balance did not balance so he opened a suspense account with a debit balance of $346. Control accounts are maintained for receivables and payables. Fred discovered the following: 1 The sales day book was undercast by $400. Purchases of $520 from the purchases day book have only been recorded in the payables ledger control account. 2 3 Profit on sale of non-current assets of $670 had been recorded in the sundry income account as $760. What is the remaining balance on Fred's suspense account after these errors have been corrected?|On June 30, Isner Inc.s bookkeeper is preparing to close the books for the month. The accounts receivable control total shows a balance of $550, but the accounts receivable subsidiary ledger shows total account balances of $850. The accounts receivable subsidiary ledger is shown here. Can you help find the mistake?Waddell Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8. The accounts receivable clerk for Waddell Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31: The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: a. Determine the number of days past due for each of the preceding accounts as of August 31. b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.
- Read the following scenario and make the accounts receivable cancellation entries. Computers and More, a computer systems sales company, decided to cancel the account receivable (write off) of its client Tech Master for the balance of $ 52,000. Jornalizes the entry of the write off assuming the direct write-off method and the allowance method.On January 1, Wei company begins the accounting period with a $46,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $10,000 in customer accounts was uncollectible; specifically, $2,500 for Oakley Co. and $7,500 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $2,500 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare the entries to reinstate the account and record the cash received. View transaction list Journal entry worksheet 1 2 On February 1, the company determined that $10,000 in customer accounts was uncollectible; specifically, $2,500 for Oakley Co. and $7,500 for Brookes Co. Prepare the journal entry to write off those two accounts. Date Feb 01 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journalOn January 1, Wei Company begins the accounting period with a $34,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $7,600 in customer accounts was uncollectible; specifically, $1,300 for Oakley Company and $6,300 for Brookes Company Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $1,300 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare the entries to reinstate the account and record the cash received. View transaction list Journal entry worksheet 1 2 On February 1, the company determined that $7,600 in customer accounts was uncollectible; specifically, $1,300 for Oakley Company and $6,300 for Brookes Company. Prepare the journal entry to write off those two accounts. Date February 01 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal