Question

In: Accounting

Question 4 (25 Marks) The following transactions are from R. Mugabe Trading Enterprise for 28 February...

Question 4 The following transactions are from R. Mugabe Trading Enterprise for 28 February 2017 financial year. February 2017 04 Credit sale to Game Store, N$ 25 600 and MTC, N$ 18 500; 05 Bought goods from Checkers Store paying by cheque 001, N$ 10 000; 07 Issued a cheque with an amount of N$ 5 200 to pay City of Windhoek for the water; 09 Received a cheque from Game Store, N$ 17 500 for settlement of their account; 11 Received part-payment from MTC of N$ 8 000. REQUIRED: Record the above transactions in their respective Ledgers and post the transactions to a Trial Balance.

Solutions

Expert Solution

Accounts Receivable Sales
Date Details Debit credit Balance Date Details Debit credit Balance
Debit Credit Debit Credit
Feb.4,2017 Sale 25600 25600 Feb.4,2017 A/R 25600 25600
Feb.4,2017 Sale 18500 44100 Feb.4,2017 18500 44100
Feb.9,2017 Cash 17500 26600 44100
Feb.11,2017 Cash 8000 18600 44100
Inventory Cash
Date Details Debit credit Balance Date Details Debit credit Balance
Debit Credit Debit Credit
Feb.5, 2017 Cash 10000 10000 Feb.5, 2017 Inventory 10000 -10000
10000 Feb.7, 2017 Utility 5200 -15200
Feb.9, 2017 A/R 17500 2300
Feb.11,2017 A/R 8000 10300
Utility Expense
Date Details Debit credit Balance
Debit Credit
Feb.7, 2017 Cash 5200 5200
5200
5200
Accounts Receivable - -Subsidiary Ledger
Accounts Receivable - Game Store
Date Details Debit credit Balance
Feb.4,2017 Sale 25600 25600
Feb.9. 2017 Cash 17500 8100
Accounts Receivable - MTC
Date Details Debit credit Balance
Feb.4,2017 Sale 18500 18500
Feb.11,2017 Cash 8000 10500
R.Mugabe Trading Enterprises
Trial Balance
Account Transactions
Debit Credit
Cash 25500 15200
Accounts Receivable 44100 25500
Inventory 10000
Accounts Payable
Sales 44100
Utility Expense 5200
Total 84800 84800

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Question 4 (25 Marks) The following transactions are from R. Mugabe Trading Enterprise for 28 February...
Question 4 The following transactions are from R. Mugabe Trading Enterprise for 28 February 2017 financial year. February 2017 04 Credit sale to Game Store, N$ 25 600 and MTC, N$ 18 500; 05 Bought goods from Checkers Store paying by cheque 001, N$ 10 000; 07 Issued a cheque with an amount of N$ 5 200 to pay City of Windhoek for the water; 09 Received a cheque from Game Store, N$ 17 500 for settlement of their account;...
Question 1 25 Marks Malali Traders had the following transactions for 29 February 2020 financial year....
Question 1 25 Marks Malali Traders had the following transactions for 29 February 2020 financial year. The following transactions was extracted from the books of Tesco Traders for February 2019. 1. Malali Traders borrowed N$ 18 400 from East Bank, and was deposited into AC Traders bank account. AC Traders’ is Malali Traders cement supplier. 2. Malali Traders acquired a Motor Vehicle on 01 February 2020 for N$ 10 600 from MZ Motors and it was paid on the 2nd...
Question 4 (25 Marks) The following figures are from the books of Pala-Pala Investment for the...
Question 4 The following figures are from the books of Pala-Pala Investment for the year ended 30 June 2017. Motor Vehicle - Cost 180 000 Cash 1 400 Loan: SME Bank 35 500 Loan: Std Bank 15 000 Accrued Income 7 000 Drawings 22 000 Uniform 28 000 Salary paid for 31.07.2017 5 600 Net Profit 45 800 Debtors 12 500 Creditors 18 000 Bank Overdraft 2 500 Telephone 16 000 Machinery – Cost 50 000 Motor vehicle expenses 12...
QUESTION 4 ( 8 marks) A telemarketer is able make a sale on 28% of the...
QUESTION 4 ( 8 marks) A telemarketer is able make a sale on 28% of the phone calls he makes. Assume that he makes 11 calls in an hour. Answer the following questions, assuming a binomial probability distribution: Required: What is the probability that he will make exactly four sales in the course of an hour? ( 3 marks) What is the probability that he will make at least three sales in the course of an hour? Hint: Use the...
Question 2 (25 Marks) Mr Tisha-Nyama has been trading for some years. The following list of...
Question 2 Mr Tisha-Nyama has been trading for some years. The following list of balances has been extracted from his ledger as at 28 February 2018, the end of his recent financial year. N$ Sales 62 330 Bank Account 25 900 Salary Expense 15 580 Stationery Expense 10 390 Rent Expense 4 500 Provision for doubtful debts 380 Telephone Expense 3 860 Creditors 5 000 Bad Debts 1 280 Motor Vehicle - Cost 12 500 The following additional information as...
Question 4 25 Marks Jimmy Reynolds is considering investing R12,000 in a project with the following...
Question 4 25 Marks Jimmy Reynolds is considering investing R12,000 in a project with the following cash revenues and expenses: Revenues Expenses Year 1 R20,000 R18,000 Year 2 R22,000 R19,000 Year 3 R22,000 R20,000 Year 4 R22,000 R17,000 Year 5 R25,000 R17,000 Jimmy requires a minimum rate of return of 8%. A. Calculate the net cash inflows in each of the 5 years. B. What is the payback period? C. What is the net present value of the investment?
The T-accounts below summarize transactions of Dansko Integrated from February 22 to February 25, 2020: Cash...
The T-accounts below summarize transactions of Dansko Integrated from February 22 to February 25, 2020: Cash Balance 9,900 90 16 65 10 4 49 PP&E, Net Balance 16,800 49 Accounts Payable 4 Balance 2,700 17 Other Liabilities Balance 1,000 Accounts Receivable Balance 4,500 10 Other Assets Balance 1,600 Debt Balance 3,500 65 Paid-In Capital Balance 8,000 90 Inventory Balance 3,800 17 13 Retained Earnings Balance 21,400 3 What is the final amount in Total Equity? Gulf Shipping Company Balance Sheet...
QUESTION 28 For a 25-year, 5% annual pay bond currently trading at 6%, calculate the approximate...
QUESTION 28 For a 25-year, 5% annual pay bond currently trading at 6%, calculate the approximate convexity based on a change in yield of 100 basis points. a. 200.15 b. 130.05 c. 259.07
AWL also received a $10,000,000 mortgage at 4% was received from the bank on February 28,...
AWL also received a $10,000,000 mortgage at 4% was received from the bank on February 28, 20X1 to pay for the warehouse. The mortgage required monthly payments of $101,246 on the last day of each month commencing March 31, 20X1. We calculated at the end of the period AWL had a mortgage payable of xx Payment Interest Principal Balance Feb28 100,000 Mar31 101,246 33,333 67,913 9,932,087 Apr30 101,246 33,107 68,139 9,863,948 May31 101,246 32,880 68,366 9,795,582 June30 101,246 .. .....
Write the adjusting entry for the following transactions: Insurance expense: On February 28, 2020 Stark Industries...
Write the adjusting entry for the following transactions: Insurance expense: On February 28, 2020 Stark Industries paid $1,212 for a sixmonth insurance policy on the automobile purchased that date; on March 31, 2020, Stark Industries renewed and paid for the one-year policy on the equipment at a cost of $960.
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT