Question
In: Accounting
Below is information related to Dubai Trading Co. though September 2019 1- On October 1, the...
Below is information related to Dubai Trading Co. though
September 2019
1- On October 1, the company started the Business with Capital of
400,000 Dhs.
deposited in the ADIB Bank
2- On October 3, Dubai Trading Co. Borrowed 50,000 Dhs. from ABC
Bank (Bank
lone) received the amount cash
3- On October 6, Dubai Trading Co. purchased office equipment from
Noor Co.
on Credit costs 60,000 Dhs.
4- On October 10, Dubai Trading Co. transferred 20,000 Dhs. from
the cash to
the ADIB Bank.
5- On October 12, Dubai Trading Co. Purchased product from Liza Co.
for 30,000
Dhs. , paid 10,000 Cash the balance on Credit
6- On October 15, Dubai Trading Co. sold product for 16,000 Dhs.
cash
7- On October 20, Dubai Trading co. sold product for 35,000 Dhs. to
Ali on
credit.
8- On October 25, Dubai Trading co. paid 10,000 DHS. to Liza by
chick at ADIB
Bank.
9- On October 28, Dubai trading co. paid 45,000 DHS. Employees’
salaries from
ADIB Bank.
10- On October 30, Dubai Trading co. paid 2000 Dhs Utilities
Expanses
Cash.
Instructions
1- Journalize these transactions in the Dubai Co. General
Journal
2- Post all accounts to the General ledger
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Information related to Harwick Co. is presented below.
Information related to Harwick Co. is presented below. 1. On April 5, purchased merchandise from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $900 on merchandise purchased from Botham. 3. On April 7, purchased equipment on account for $26,000. 4. On April 8, returned damaged merchandise to Botham Company and was granted a $3,000 credit for returned merchandise. 5. On April 15, paid the amount due to Botham Company in full. Instructions (a) Prepare the journal entries...
The extracted financial information of Ilya Trading for 2019 and 2018 are presented below: 2019 2018...
The extracted financial information of Ilya Trading for 2019 and
2018 are presented below:
2019
2018
RM
RM
Fixed Assets
7,288
5,870
Current Assets
17,693
16,357
Current Liabilities
9,829
9,027
Long Term Liabilities
1,509
583
Share Capital
4,965
4,965
Retained Profit
8,678
7,652
Sales
35,395
40,192
Net Profit
1,801
2,149
Required:
Compute the following ratios for both year 2019 and 2018.
Profit...
Satellite Incorporation begins operations on September 1, 2019. Below is the information from job cost sheets:...
Satellite Incorporation begins operations on September 1, 2019.
Below is the information from job cost sheets:
Manufacturing Costs Assigned
Job No.
September
October
November
SI 12
7,350
SI 13
9,150
7,050
$13,500
SI 14
$19,500
$6,150
SI 15
3,900
4,500
SI 16
6,300
Job SI 12 was completed in September. Job SI 14 was completed in
October, and Jobs SI 13 and SI 15 were completed in November. Each
job was sold for 35% above its cost in the month...
ABC Co. lends DEF Co. $30,000 with 6% on October 1, 2019. The note is due...
ABC Co. lends DEF Co. $30,000 with 6% on October 1, 2019. The
note is due on September 30, 2020. Both companies use December 31
as their fiscal year-end.
Please make all journal entries for ABC Co.
assuming
a. The note is an interest bearing note
b. The note is a non-interest bearing note
Please make all journal entries for DEF Co.
assuming
c. The note is an interest bearing note
d. The note is a non-interest bearing note
ABC Co. lends DEF Co. $30,000 with 6% on October 1, 2019. The note is due...
ABC Co. lends DEF Co. $30,000 with 6% on October 1, 2019. The
note is due on September 30, 2020. Both companies use December 31
as their fiscal year-end.
Please make all journal entries for ABC Co.
assuming
a. The note is an interest bearing note
b. The note is a non-interest bearing note
Please make all journal entries for DEF Co.
assuming
c. The note is an interest bearing note:
d. The note is a non-interest bearing note:
Cheddar cheese, total Supply and disposition2 September 2019 October 2019 November 2019 December 2019 January 2020...
Cheddar cheese, total
Supply and
disposition2
September 2019
October 2019
November 2019
December 2019
January 2020
Tonnes
Supply, total
52,295
56,466
57,389
56,675
57,238
Beginning stocks
39,478
41,949
44,234
42,674
42,274
Production
12,407
13,808
12,474
13,388
14,738
Imports
410
709
680
613
226
Ending stocks
41,949
44,234
42,674
42,274
42,660
Disappearance, total
10,346
12,232
14,714
14,401
14,578
Exports
121
256
367
191
487
Domestic disappearance
10,226
11,976
14,347
14,209
14,091
Cheddar cheese, total
Supply and
disposition2
September 2019
October 2019...
Required information [The following information applies to the questions displayed below.] On October 29, Lobo Co....
Required information [The following information applies to the
questions displayed below.] On October 29, Lobo Co. began
operations by purchasing razors for resale. The razors have a
90-day warranty. When a razor is returned, the company discards it
and mails a new one from Merchandise Inventory to the customer. The
company's cost per new razor is $14 and its retail selling price is
$60. The company expects warranty costs to equal 8% of dollar
sales. The following transactions occurred. Nov....
ABC Inc. Statement of Income For the period October 1, 2018 to September 30, 2019 Revenue &nb
ABC Inc.
Statement of Income
For the period October 1, 2018 to September 30,
2019
Revenue
$15,800,000
Operating Expenses:
Rent
1,350,000
Advertising
expense
1,105,000
Bad
Debts
179,000
Salaries and
wages
3,800,000
Interest
3,150,000
Accounting and legal
195,000
Meals and
entertainment
1,300,000
Amortization
750,000
Repairs and
maintenance
500,000
Automotive
2,120,000
Net Income from
Operations
1,351,000
Gain on disposal of
asset
350,000
Net income before
taxes
1,701,000
Income
Taxes ...
E5-2 Information related to Duffy Co., Ltd. is presented below
E5-2 Information related to Duffy Co., Ltd. is presented below. 1. On April 5, purchased merchandise from Thomas Company, Ltd. for £25,000, terms transactions. 2/10, net/30, FOB shipping point. (LO2) 2. On April 6, paid freight costs of £900 on merchandise purchased from Thomas. 3. On April 7, purchased equipment on account for £26,000. 4. On April 8, returned damaged merchandise to Thomas and was granted a £2,600 credit for returned merchandise. 5. On April 15, paid the amount due to Thomas in full. Instructions (a) Prepare...
METU Bank agrees to lend $125,000 on September 1, 2019, if EMU Co. signs a $125,000,...
METU Bank agrees to lend $125,000 on September 1, 2019,
if EMU Co. signs a $125,000, 12%, four-month note maturing on
January 1.
Instructions
a) Prepare the entry on September
1st.
b) Prepare the adjusting entry on December
31st, assuming monthly adjusting entries have not been
made.
c) Prepare the entry required on January 1,
2020, the maturity date.
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