Jo Question: Dealing with credit transactions On Monday, Jo goes out and buys 20 trees for...

Jo Question: Dealing with credit transactions

On Monday, Jo goes out and buys 20 trees for $120 each from Georgie the tree seller and pays $1200 with a debit card, and the seller agrees that Jo can pay another $1200 later on. Jo also thinks that trees are getting expensive and looks around for another seller. The sales are not very good and Jo only sells 2 trees for $250 each, so he decides to start selling trees on the Internet on Q-bay. By the end of the week Jo has sold 2 trees to Da for $250 each and 3 to Fa for $300 each, Da and Fa both promise to pay by Waypal. Jo has also had to buy packaging for $300 and has opened up an account with Pack and Go who say they will send a bill for the goods. In the shop Jo has sold 10 more trees for a total of $3000. Jo pays $2000 into the bank and sends Georgie an electronic transfer for $1000.The following week Jo finds a new supplier of trees called Dando and buys another 25 trees for $2500, which he pays with a debit card. Jo receives a waypal payment for $500 from Da, but nothing from Fa. Jo sells 5 trees on Q-bay for $1200 to Jay, who promises to pay by waypal.

What is the closing Trial Balance for Jo ?

Expert Solution

In order to arrive at Trial transactions will have to be Journalised as hereunder

Trial Balance

Note Cash has a credit balance hence it is safe to assume that all the Accounts Receivables had been received or there was cash loan taken to the extent of deficit.Accordingly additional entry will be.We assume former :

Addition Journal

Accordingly the Trial will appear as hereunder (note AR and Cash have no balance) :

ekkarill92 answered 1 year ago

QUESTION 2 A. State 20 items that goes into the preparation of income statement and balance...

QUESTION 2 A. State 20 items that goes into the preparation of income statement and balance sheet B. Differentiate between fixed and valuable cost, support your answer with examples. C. Distinguish between the following and support your answer with examples: i. Current and long-term assets ii. Current and long-term liabilities

A single man in his mid 20’s likes to socially drink. He frequently goes out with...

A single man in his mid 20’s likes to socially drink. He frequently goes out with friends after work and exceeds the recommended 1-2 drinks per day for men. Sometimes he can’t remember how much he drank the night before. He has gained 10 pounds in 2 months and thinks he should cut carbohydrates from his diet to adjust for the calories from the beer. Lately, he has not been feeling well, complaining that he may have a virus due...

Not yet answered Marked out of 1.0 Flag question Question text Which of the following transactions...

Not yet answered Marked out of 1.0 Flag question Question text Which of the following transactions is not an example of an end of period adjustment? Select one: a. Supplies account is adjusted to the actual amount of supplies on hand. b. Interest is accrued on the loan from the bank, although it has not yet been paid. c. Depreciation is recorded on equipment. d. New store equipment is purchased on account.

Question 1 (1 point) Samsung’s stock price goes up 30% but the Korean won falls 20%...

Question 1 (1 point) Samsung’s stock price goes up 30% but the Korean won falls 20% against the Japanese yen. From the perspective of a Japanese investor, what is the yen return on an investment in Korea’s Samsung? [Hint: Assume that Ptd = Ptf Std/f, where, Ptd = domestic price; Ptf = foreign price and Std/f = spot price; return from asset price: (1+rd) = (Ptd/Pt-1d) and return from FX spot price: (1+sd/f) = (Std/f/St-1d/f)]. Question 1 options: a) loss...

QUESTION TWO [20] Show the effect of the following transactions of Mac Limited on the accounting...

QUESTION TWO [20] Show the effect of the following transactions of Mac Limited on the accounting equation using the format provided. Use + if the element increases, - if the element decreases and 0 if the element remains unchanged. Also indicate the amount. E.g. Mac bought stationery on credit, R900. No. Assets = Equity + Liabilities E.g. 0 -900 +900 Transactions: 2.1 Bought invoice books on credit, R1 300. 2.2 Bought a computer by cheque, R230 000. 2.3 Cash received...

Question What are two common methods used when accepting deposits for credit card and debit card transactions?

QUESTION 4 [20 MARKS] a. Thirty women out of 100 interviewed preferred a certain lotion being...

QUESTION 4 [20 MARKS] a. Thirty women out of 100 interviewed preferred a certain lotion being manufactured at a factory in Gaborone. A sample of 15 women was chosen. At 90% level of significance, determine the confidence interval. b. The manager of a cosmetic shop believes that the average age of women who frequent the shop in 25 years. You however disagree. A sample of 51 women was taken and the average age was found to be 26.7 years with...

11.1.2 FINANCIAL MANAGEMENT [100] QUESTION ONE [20] Pukri Ltd is deciding whether to pay out R90...

11.1.2 FINANCIAL MANAGEMENT [100] QUESTION ONE [20] Pukri Ltd is deciding whether to pay out R90 000 in excess cash in the form of an extra dividend or a share repurchase. Current profits are R2,40 per share and the share sells for R20. The abbreviated balance sheet before paying out the dividend is: Equity 240 000 Bank/cash 90 000 Debt 160 000 Other Assets 310 000 400 000 400 000 Evaluate each alternative (i.e: pay the dividend or repurchase the...

Question