Homework Answers
In Bank Account, for the first two transaction of 4000 and 936 dated Nov 4 & Nov 6, where money is going out, there CR should be mentioned instead of DR. Also in this case of transactions dated Nov 12 & Nov 15 for 749 and 214, where money is going out, there CR should be mentioned instead of DR.
In Supplies Account, there is a balance of 570 which should be CR instead of DR , since these are payable, hence are the liabilities which carries credit balance.
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find and correct the wrong part
UTION 1.2 EXERCISES (cont.) Exercise 1 (cont.) GENERAL LEDGER ACCOUNT...
find and correct the wrong part Name Date ANSWERS TO SECTION 7.2 EXERCISES (cont.) Exercise 1...
find and correct the wrong part
Name Date ANSWERS TO SECTION 7.2 EXERCISES (cont.) Exercise 1 (cont.) ACCOUNT Revenue No. 400 PARTICULARS P.R. DEBIT DATE 20 Oct 31 CREDIT DRCR BALANCE Forwarded 400 - 300 - CR CR CR 20 lolog ACCOUNT Car Expense No. 505 P.R. DEBIT CREDIT DR/CR BALANCE DATE PARTICULARS 20- Oct 31 Forwarded Nov. 15 DR DR 29161430 316 4 30 200 ACCOUNT Rent Expense No. 510 DATE PARTICULARS PR DEBIT CREDIT DR/CR BALANCE Forwarded DR...
Find and correct the wrong part Exercise 1, p. 223 (Workbook Exercise) The exercise below. involving...
Find and correct the wrong part
Exercise 1, p. 223 (Workbook Exercise) The exercise below. involving a journal, ledger, and trial balance, has errors in it. Locate and correct the errors and balance the trial balance. GENERAL JOURNAL PAGE 12 PARTICULARS P.R. DEBIT CREDIT DATE 20 4 Automobile GST Recoverable Bank AJP - Ace Finance Purchase of new car for $15 515 inch tax 41000 - IS15 - 205 6 Assume that $36 is correct GST Furniture GST Recoverable Bank...
Now that all adjusting entries have been posted to the general ledger, you are asked to...
Now that all adjusting entries have been posted to the general ledger, you are asked to prepare the schedule of accounts receivable and the schedule of accounts payable as at June 30, 2020. The purpose of preparing the schedule of accounts receivable is to verify that the sum of the customer balances recorded in the accounts receivable subsidiary ledger is equal to the balance of the Accounts Receivable control account in the general ledger. Similarly, the purpose of the schedule...
GENERAL LEDGER Account: Date Account: Date GL No: Balance Description PR DR CR GL No: Balance...
GENERAL LEDGER Account: Date Account: Date GL No: Balance Description PR DR CR GL No: Balance Description PR DR CR Account: Date GL No: Balance Description PR DR CR Account: Date Description PR GL No: Balance PR DR CR Account: Date GL No: Balance Description PR DR CR Account: Date GL No: Balance Description PR DR CR Account: Date GL No: Balance Description PR DR CR Account: Date GL No: Balance Description PR DR CR Account: Date GL No: Balance...
You are required to post the following journal entries to the respective ledger account and to...
You are required to post the following journal entries to the respective ledger account and to prepare trial balance from the ledger accounts. PROBLEMI Date 1 May Debit (RO) 50.000 Credit (RO) Particulars Dr. Cash Cr. Capital Dr. Prepaid rent Cr. Cash 50,000 2 May 24,000 24,000 3 May 30,000 10.000 20,000 Dr. Furniture Cr. Cash Cr. Accounts payable Dr. Prepaid insurance Cr. Cash 4 May 1.800 1.800 5 May 500 Dr. Office supplies Cr. Cash 500 6 May 1,500...
can anyone help me out here with General Ledger? Date Account Tities and Explanation Ref. Debit...
can anyone help me out here with General Ledger?
Date Account Tities and Explanation Ref. Debit 175.000 60,000 Cash Kitchen office Common equipment equipment stock bove 241, 0002 2. 10,000 Account Phyable 10,000 act 3 Pre- Paid Cash Rei - LOC 4, 400 oct s Account Recevable Sales Revenue 7,ooo 7,000 oct 5 Cost of good sold/ anvendery 5,000 5,000 at 16 Pre Paid - Cash insurance 3,600 3, boo Account - Cush Payable 10002 oct 10 no jouana) entry...
Post information from the journals in Part 2 to the general ledger and the accounts receivable...
Post information from the journals in Part
2 to the general ledger and the accounts receivable and accounts
payable subsidiary ledgers.
Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30). Mar. 1 Purchased $40,000 of merchandise from Van Industries, invoice dated March 1, terms 2/15, n/30. Sold merchandise on credit to Min Cho, Invoice No. 854, for $16,000 (cost is $8,000). 3 (a) Purchased $1,200 of office...
Solve the following problems. Case - 1 After several years with a large accounting firm, Ahmed...
Solve the following problems. Case - 1 After several years with a large accounting firm, Ahmed decided to establish his own accounting firm. The following transactions were completed during May 2020: May 1. Started the business with OMR 25,000 cash. 5. Deposited OMR 10,000 to Bank Muscat. 8. Bought computers OMR 500 from E-Max, paid 40% and the balance on account. 10. Performed accounting services for clients, OMR 600, received 60% and the balance after two months. 15. Paid salaries...
Apply Exercise Saved On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances:...
Apply Exercise Saved On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 181 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Rent 141 Equipment 142 Accumulated Depreciation-Equip. $ 45,288 Dr 17,608 De 3,808 Dr 40,400 Dr 62,808 Dn 1,900 cr 8,309 Cr 6 points 202 Accounts Payable 301 Emilio Gonzalez, Capital (12/1/2019)63,620 C 382 Emilio Gonzalez, Drawing 401 Fees Income 511 Advertising Expense 514 Depreciation Expense-Equip 517 Rent Expense 519 Salaries Expense S23 Utilities Expense 8,0e8...
Here is the ledger for Sandhill Co.. Cash Oct. 1 8,810 Oct. 4 2,210 Oct. 10...
Here is the ledger for Sandhill Co.. Cash Oct. 1 8,810 Oct. 4 2,210 Oct. 10 2,790 Oct. 12 3,310 Oct. 10 9,810 Oct. 15 400 Oct. 20 850 Oct. 30 450 Oct. 25 3,810 Oct. 31 650 Accounts Receivable Oct. 6 950 Oct. 20 850 Oct. 20 1,070 Supplies Oct. 4 2,210 Oct. 31 1,990 Equipment Oct. 3 4,810 Notes Payable Oct. 10 9,810 Accounts Payable Oct. 12 3,310 Oct. 3 4,810 Common Stock Oct. 1 8,810 Oct. 25...
find and correct the wrong part
Name Date ANSWERS TO SECTION 7.2 EXERCISES (cont.) Exercise 1 (cont.) ACCOUNT Revenue No. 400 PARTICULARS P.R. DEBIT DATE 20 Oct 31 CREDIT DRCR BALANCE Forwarded 400 - 300 - CR CR CR 20 lolog ACCOUNT Car Expense No. 505 P.R. DEBIT CREDIT DR/CR BALANCE DATE PARTICULARS 20- Oct 31 Forwarded Nov. 15 DR DR 29161430 316 4 30 200 ACCOUNT Rent Expense No. 510 DATE PARTICULARS PR DEBIT CREDIT DR/CR BALANCE Forwarded DR...
Find and correct the wrong part
Exercise 1, p. 223 (Workbook Exercise) The exercise below. involving a journal, ledger, and trial balance, has errors in it. Locate and correct the errors and balance the trial balance. GENERAL JOURNAL PAGE 12 PARTICULARS P.R. DEBIT CREDIT DATE 20 4 Automobile GST Recoverable Bank AJP - Ace Finance Purchase of new car for $15 515 inch tax 41000 - IS15 - 205 6 Assume that $36 is correct GST Furniture GST Recoverable Bank...
Now that all adjusting entries have been posted to the general ledger, you are asked to prepare the schedule of accounts receivable and the schedule of accounts payable as at June 30, 2020. The purpose of preparing the schedule of accounts receivable is to verify that the sum of the customer balances recorded in the accounts receivable subsidiary ledger is equal to the balance of the Accounts Receivable control account in the general ledger. Similarly, the purpose of the schedule...
GENERAL LEDGER Account: Date Account: Date GL No: Balance Description PR DR CR GL No: Balance Description PR DR CR Account: Date GL No: Balance Description PR DR CR Account: Date Description PR GL No: Balance PR DR CR Account: Date GL No: Balance Description PR DR CR Account: Date GL No: Balance Description PR DR CR Account: Date GL No: Balance Description PR DR CR Account: Date GL No: Balance Description PR DR CR Account: Date GL No: Balance...
You are required to post the following journal entries to the respective ledger account and to prepare trial balance from the ledger accounts. PROBLEMI Date 1 May Debit (RO) 50.000 Credit (RO) Particulars Dr. Cash Cr. Capital Dr. Prepaid rent Cr. Cash 50,000 2 May 24,000 24,000 3 May 30,000 10.000 20,000 Dr. Furniture Cr. Cash Cr. Accounts payable Dr. Prepaid insurance Cr. Cash 4 May 1.800 1.800 5 May 500 Dr. Office supplies Cr. Cash 500 6 May 1,500...
can anyone help me out here with General Ledger?
Date Account Tities and Explanation Ref. Debit 175.000 60,000 Cash Kitchen office Common equipment equipment stock bove 241, 0002 2. 10,000 Account Phyable 10,000 act 3 Pre- Paid Cash Rei - LOC 4, 400 oct s Account Recevable Sales Revenue 7,ooo 7,000 oct 5 Cost of good sold/ anvendery 5,000 5,000 at 16 Pre Paid - Cash insurance 3,600 3, boo Account - Cush Payable 10002 oct 10 no jouana) entry...
Post information from the journals in Part
2 to the general ledger and the accounts receivable and accounts
payable subsidiary ledgers.
Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30). Mar. 1 Purchased $40,000 of merchandise from Van Industries, invoice dated March 1, terms 2/15, n/30. Sold merchandise on credit to Min Cho, Invoice No. 854, for $16,000 (cost is $8,000). 3 (a) Purchased $1,200 of office...
Solve the following problems. Case - 1 After several years with a large accounting firm, Ahmed decided to establish his own accounting firm. The following transactions were completed during May 2020: May 1. Started the business with OMR 25,000 cash. 5. Deposited OMR 10,000 to Bank Muscat. 8. Bought computers OMR 500 from E-Max, paid 40% and the balance on account. 10. Performed accounting services for clients, OMR 600, received 60% and the balance after two months. 15. Paid salaries...
Apply Exercise Saved On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 181 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Rent 141 Equipment 142 Accumulated Depreciation-Equip. $ 45,288 Dr 17,608 De 3,808 Dr 40,400 Dr 62,808 Dn 1,900 cr 8,309 Cr 6 points 202 Accounts Payable 301 Emilio Gonzalez, Capital (12/1/2019)63,620 C 382 Emilio Gonzalez, Drawing 401 Fees Income 511 Advertising Expense 514 Depreciation Expense-Equip 517 Rent Expense 519 Salaries Expense S23 Utilities Expense 8,0e8...
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