Homework Answers
When Company made Purchases of merchandise , Company prepare these ledger entry:-
| Date | Accounts Title | Debit | Credit |
|---|---|---|---|
| xxxx | Purchases Account | $$$$ | |
| Trade Payable Account | $$$$ | ||
When buyer returns merchandise, So Company prepare these entry for Purchases Returns:-
| Date | Accounts Title | Debit | Credit |
|---|---|---|---|
| xxxx | Trade Payables Account | $$$$ | |
| Purchases Returns Account | $$$$ | ||
So the Answer is Option (D) Debit Trade Payable Account and Credit Purchases Returns Account.
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3. Which of the following ledger entries is the correct treatment for Purchases returns? a Debit...
QUESTION FIVE The following information was obtained from the financial records of J Moody. The information...
QUESTION FIVE The following information was obtained from the financial records of J Moody. The information is in respect of month ended 31 May 2020. R The following are totals extracted from the relevant journals for the month ended 31 May 2020: Sales journal (Trade receivables column). 41 000 Cash receipts journal: Trade receivables column 34 720 Settlement discount granted column 2 940 Sales returns journal (Trade receivables column). 3 280 Purchases journal (Trade payables column). 26 840 Purchases returns...
5 A business keeps a separate sales ledger. Its nominal ledger includes a sales ledger control...
5 A business keeps a separate sales ledger. Its nominal ledger includes a sales ledger control account. Which entry corrects the nominal ledger when the sales journal is undercast? account to debit | account to credit sales suspense trade receivables sales sales suspense trade receivables D sales 6 Which statement is correct? A B The balance on the irrecoverable debts account is carried down to the next accounting period. The balance on the irrecoverable debts account is treated as an...
Example 2 At the end of the year, the balance on the Receivables Ledger Control Account...
Example 2 At the end of the year, the balance on the Receivables Ledger Control Account $26,100. However a list of balances extracted from the Receivables Ledger totalled $25,500. On investigation, the following errors were discovered a) A balance of $1,200 owing from Alex had been omitted from the list of balances b) The total of the sales journal (sales day book) had been overcast by $1,000. c) No record had been made anywhere of a contra with payables of...
a. Prepare the properly balanced/closed off bank account for May 2018 in the general ledger of...
a. Prepare the properly balanced/closed off bank account for May
2018 in the general ledger of Ayuri Dealers.
b. Prepare the bank reconciliation statement of Ayuri Dealers as
at 31 May 2018.
c. Prepare the trade payables control account, properly
balanced/closed off, for Ayuri Dealers for May 2018.
You are provided with the following information for Ayuri Dealers for May 2018 Total for the cash receipts journal after taking into account the differences Total for the cash payments joumal after...
11) Which of the following entries records the cash payment of an Account Payable? a. debit...
11) Which of the following entries records the cash payment of an Account Payable? a. debit Cash; credit Accounts Payable b. debit Accounts Receivable; credit Cash c. debit Cash; credit Expense d. debit Accounts Payable; credit Cash 12) Haselhof Company purchases equipment for $2,400 and supplies for $700 from Behrman Co. for $3,100 cash. The entry for this transaction will include a a. debit to Equipment $2,400 and a debit to Supplies Expense $700 for Behrman. b. credit to Cash...
21. Which of the following is not a special journal? A) Sales journal B) Purchases journal...
21. Which of the following is not a special journal? A) Sales journal B) Purchases journal C) General journal D) Cash receipts journal 22. All of the column totals in the cash receipts journal are posted to general ledger accounts except the A) Accounts Receivable column total. B) Cash column total. C) Sales column total. D) Other Accounts column total. 23. The entries in a sales journal will show A) all sales of merchandise. B) the cash sales of the...
Question 4 (20 marks - 36 minutes) Rocker Ltd keeps control accounts for its sales and purchases ledgers which it balances at the end of each month. The balances on these accounts at 31 March 2015 we...
Question 4 (20 marks - 36 minutes) Rocker Ltd keeps control accounts for its sales and purchases ledgers which it balances at the end of each month. The balances on these accounts at 31 March 2015 were: $782 Purchases ledger - debit balances $78, 298 Purchases ledger-credit balances Sales ledger - debit balances $95, 617 $613 Sales ledger - credit balances The following transactions and adjustments took place during April 2015 Sales on credit on credit $759, 348 $621, 591...
326A Journal entries to correct the following are required, but the narratives can be omitted. pletely...
326A Journal entries to correct the following are required, but the narratives can be omitted. pletely omitted from sith nor ratio e) Rent Received £430 have been credited to the Commissions Received account. b) Bank charges £34 have been debited to the Business Rates account. (d Completely omitted from the books is a payment of Motor Expenses by cheque £37. (d) A purchase of a fax machine £242 has been entered in the Purchases account. le) Returns inwards £216 have...
Which of the following is not true regarding the general ledger account for Cash? Multiple Choice...
Which of the following is not true regarding the general ledger account for Cash? Multiple Choice Each debit entry in the Cash account represents a cash receipt. O Credit entries in the Cash account represent cash payments. Debit entries are made before credit entries. o oo The balance of the account indicates the amount of cash owned by the business on a particular date.
A company's accounts payable subsidiary ledger consisted of the following customer accounts. A/P-Power Company Debit Credit...
A company's accounts payable subsidiary ledger consisted of the following customer accounts. A/P-Power Company Debit Credit Balance From Purchases Journal 2,200 2,200 From Cash Disbursements Journal 1,000 1,200 A/P-Office Depot Debit Credit Balance From Purchases Journal 14,350 14,350 From Cash Disbursements Journal 5,760 8,590 A/P- Waste Management Debit Credit Balance From Purchases Journal 820 820 From Cash Disbursements Journal 820 What would the balance be in the main accounts payable general ledger control account? $8,590 $10,610 $17,370 $1,200 $9.790
QUESTION FIVE The following information was obtained from the financial records of J Moody. The information is in respect of month ended 31 May 2020. R The following are totals extracted from the relevant journals for the month ended 31 May 2020: Sales journal (Trade receivables column). 41 000 Cash receipts journal: Trade receivables column 34 720 Settlement discount granted column 2 940 Sales returns journal (Trade receivables column). 3 280 Purchases journal (Trade payables column). 26 840 Purchases returns...
5 A business keeps a separate sales ledger. Its nominal ledger includes a sales ledger control account. Which entry corrects the nominal ledger when the sales journal is undercast? account to debit | account to credit sales suspense trade receivables sales sales suspense trade receivables D sales 6 Which statement is correct? A B The balance on the irrecoverable debts account is carried down to the next accounting period. The balance on the irrecoverable debts account is treated as an...
Example 2 At the end of the year, the balance on the Receivables Ledger Control Account $26,100. However a list of balances extracted from the Receivables Ledger totalled $25,500. On investigation, the following errors were discovered a) A balance of $1,200 owing from Alex had been omitted from the list of balances b) The total of the sales journal (sales day book) had been overcast by $1,000. c) No record had been made anywhere of a contra with payables of...
a. Prepare the properly balanced/closed off bank account for May
2018 in the general ledger of Ayuri Dealers.
b. Prepare the bank reconciliation statement of Ayuri Dealers as
at 31 May 2018.
c. Prepare the trade payables control account, properly
balanced/closed off, for Ayuri Dealers for May 2018.
You are provided with the following information for Ayuri Dealers for May 2018 Total for the cash receipts journal after taking into account the differences Total for the cash payments joumal after...
21. Which of the following is not a special journal? A) Sales journal B) Purchases journal C) General journal D) Cash receipts journal 22. All of the column totals in the cash receipts journal are posted to general ledger accounts except the A) Accounts Receivable column total. B) Cash column total. C) Sales column total. D) Other Accounts column total. 23. The entries in a sales journal will show A) all sales of merchandise. B) the cash sales of the...
Question 4 (20 marks - 36 minutes) Rocker Ltd keeps control accounts for its sales and purchases ledgers which it balances at the end of each month. The balances on these accounts at 31 March 2015 were: $782 Purchases ledger - debit balances $78, 298 Purchases ledger-credit balances Sales ledger - debit balances $95, 617 $613 Sales ledger - credit balances The following transactions and adjustments took place during April 2015 Sales on credit on credit $759, 348 $621, 591...
326A Journal entries to correct the following are required, but the narratives can be omitted. pletely omitted from sith nor ratio e) Rent Received £430 have been credited to the Commissions Received account. b) Bank charges £34 have been debited to the Business Rates account. (d Completely omitted from the books is a payment of Motor Expenses by cheque £37. (d) A purchase of a fax machine £242 has been entered in the Purchases account. le) Returns inwards £216 have...
Which of the following is not true regarding the general ledger account for Cash? Multiple Choice Each debit entry in the Cash account represents a cash receipt. O Credit entries in the Cash account represent cash payments. Debit entries are made before credit entries. o oo The balance of the account indicates the amount of cash owned by the business on a particular date.
A company's accounts payable subsidiary ledger consisted of the following customer accounts. A/P-Power Company Debit Credit Balance From Purchases Journal 2,200 2,200 From Cash Disbursements Journal 1,000 1,200 A/P-Office Depot Debit Credit Balance From Purchases Journal 14,350 14,350 From Cash Disbursements Journal 5,760 8,590 A/P- Waste Management Debit Credit Balance From Purchases Journal 820 820 From Cash Disbursements Journal 820 What would the balance be in the main accounts payable general ledger control account? $8,590 $10,610 $17,370 $1,200 $9.790
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