NAME OF ACCOUNTS Dr. Balance £ Cr. Balance £ Opening stock 8,000 Buildings 15,000 Debtors 4,000...

NAME OF ACCOUNTS Dr. Balance £ Cr. Balance £ Opening stock 8,000 Buildings 15,000 Debtors 4,000 Purchases 22,000 Salaries 1,200 Sales 36,000 Discounts 800 Sales returns 1,000 Furniture 3,000 Office expense 300 Wages 600 Purchase returns 600 Interest 500 Travelling expenses 400 Insurance 600 Machinery 8,000 Carriage on purchases 800 Commission 600 Cash in hand 1,400 Rent and rates 2,400 Capital 25,000 Creditors 8,000 70,100 70,100 Following adjustments need to be made: a) Closing stock was valued at £ 9,000 b) Office expenses: £ 2,000 and wages: 300 are outstanding c) Depreciate building by 2%, machinery by 10% and furniture by 20% d) Prepaid Insurance: £ 100 Required: 1) Prepare Trading & Profit and Loss account for the year ended 31 December 2017 2) Prepare Balance Sheet as on 31 December 2017

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REVISION EXERCISES ACCOUNTS CLASSIFICATION AND NORMAL BALANCE OF ACCOUNTS NAME: Accounts name Assets/Liabilities/Equity/income/Expense normal balance (DR/CR)...

REVISION EXERCISES ACCOUNTS CLASSIFICATION AND NORMAL BALANCE OF ACCOUNTS NAME: Accounts name Assets/Liabilities/Equity/income/Expense normal balance (DR/CR) 1 Cash at Bank 2 Loan Payable 3 Interest payable 4 Salaries expense 5 Prepaid insurance 6 Accounts receivable 7 Office equipment 8 Accumulated depreciation-office equipment 9 Advertising expense 10 Depreciation expense-office equipment 11 Electricity expense 12 Land 13 Salaries payable 14 Building 15 Accumulated depreciation-building 16 Goodwill 17 Sales revenue 18 Interest income 19 Marketing expenses 20 Inventory 21 Allowance for doubtful debts...

The partial worksheet for laredo as follows Income statemetn Balance sheet DR CR DR CR Cash...

The partial worksheet for laredo as follows Income statemetn Balance sheet DR CR DR CR Cash 9000 accounts recevi 11000 supplies 5500 equipments 30000 acum dept 8000 account payable 9000 capital 32000 drawing 2000 fees income 23300 salaries expense 12200 rent expense 1000 supplies exp 600 dep exp 1000 total net income 23300 23300 57500 57500 prepare income statment, owners equity and balance sheet

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The trial balance before adjustment for Sheridan Company shows the following balances. Dr. Cr. Accounts receivable $88,000 Allowance for doubtful accounts 2,300 Sales revenue $489,400 The following cases are independent: 1. To obtain cash, Sheridan factors without recourse $19,900 of receivables with Anila Finance. The finance charge is 11% of the amount factored. 2. To obtain a one-year loan of $56,000, Sheridan assigns $67,100 of specific accounts receivable to Ruddin Financial. The finance charge is 8% of the loan; the...

The trial balance before adjustment of Wildhorse Inc. shows the following balances. Dr. Cr. Accounts Receivable...

The trial balance before adjustment of Wildhorse Inc. shows the following balances. Dr. Cr. Accounts Receivable $92,100 Allowance for Doubtful Accounts 1,910 Sales Revenue (all on credit) $645,700 Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 5% of gross accounts receivable and (b) 6% of gross accounts receivable and Allowance for Doubtful Accounts has a $1,689 credit balance.

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The trial balance before adjustment for W. Company shows the following balances. Dr. Cr. Accounts Receivable $83,000 Allowance for Doubtful Accounts 2,140 Sales Revenue $477,700 Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 1. To obtain additional cash, W. factors without recourse $26,900 of accounts receivable with S. Finance. The finance charge is 10% of the amount factored. 2. To obtain a 1-year loan of $59,400, W. assigns...

The trial balance before adjustment of Culver Inc. shows the following balances. Dr. Cr. Accounts Receivable...

The trial balance before adjustment of Culver Inc. shows the following balances. Dr. Cr. Accounts Receivable $77,400 Allowance for Doubtful Accounts 1,505 Sales Revenue (all on credit) $584,800 Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 4% of gross accounts receivable and (b) 5% of gross accounts receivable and Allowance for Doubtful Accounts has a $1,700 credit balance. (If no entry is required, select "No Entry"...

Account Adj Trial Balance Titles Dr. Cr. Cash 10,000 Accounts Receivable 5,000 Unearned Revenue 1,000 Capital...

Account Adj Trial Balance Titles Dr. Cr. Cash 10,000 Accounts Receivable 5,000 Unearned Revenue 1,000 Capital (Common Stock) 15,000 Withdraw (Dividends) 2,000 Service Revenue 5,000 Supplies Expense 1,000 Depreciation Expense 3,000 Totals 21,000 21,000 Using the partial adjusted trial balance above … prepare closing entries

Debtors 'balance is considered one of the most important asset accounts in commercial companies, and this...

Debtors 'balance is considered one of the most important asset accounts in commercial companies, and this balance is shown in the budget after deducting part of the balance in order to meet the possibility of not collecting any of the debtors' accounts, and that is through an estimate dedicated to doubtful debts, and the accountant may rely on several methods to calculate and estimate them, as well as It takes into account the bad debts, what is the best method...

DR. (RM) CR. (RM) Account receivables 109,658 Buildings 1,372,680 Cash 1,314,264 Cost of goods sold 856,152...

DR. (RM) CR. (RM) Account receivables 109,658 Buildings 1,372,680 Cash 1,314,264 Cost of goods sold 856,152 Equipment 504,000 Patent 60,276 Income tax expense 60,340 Inventory 551,950 Land 766,800 Maintenance and repair expenses 11,953 Office expense 14,086 Prepaid insurance 48,000 Property tax expense 1,680 Salaries and wages expenses 25,334 Sales returns and allowance 1,176 Accounts payable 36,936 Accumulated depreciation - buildings 137,268 Accumulated depreciation - equipment 252,000 Deferred tax liability 21,600 Gain on revaluation of properties 29,640 Gain on sale land...

A partial trial balance of Indigo Corporation is as follows on December 31, 2021. Dr. Cr....

A partial trial balance of Indigo Corporation is as follows on December 31, 2021. Dr. Cr. Supplies $2,900 Salaries and wages payable $1,500 Interest Receivable 5,100 Prepaid Insurance 95,700 Unearned Rent 0 Interest Payable 15,400 Additional adjusting data: 1. A physical count of supplies on hand on December 31, 2021, totaled $1,200. 2. Through oversight, the Salaries and Wages Payable account was not changed during 2021. Accrued salaries and wages on December 31, 2021, amounted to $4,400. 3. The Interest...

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