| Type of paper:Â | Essay |
| Categories:Â | Accounting |
| Pages: | 2 |
| Wordcount: | 372 words |
4
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143Â views
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| JOURNAL ENTRIES | |||
| Receivables | 150 000 | ||
| Inventory | 150 000 | ||
| To record the sale of inventory | |||
| Cash | 165 000 | ||
| Receivables | 165 000 | ||
| To record cash collections | |||
| Allowance for bad debt | 30 000 | R | |
| Receivables | 30 000 | R | |
| To record sale of inventory | |||
As this is highly likely to be a bad debt, it will be reversed when the customer honours their obligation |
|||
| Bad debt | 15 000 | ||
| Receivables | 15 000 | ||
To record bad debts not recoverable |
|||
| Allowance for bad debts | 25 000 | R | |
| Receivables | 25 000 | R | |
| To record doubtful debts | |||
This transaction will be reversed when the customer pays |
|||
| Inventory | 140 000 | ||
| Payables | 140 000 | ||
To record purchase of inventory on account |
|||
| Payables | 100 000 | ||
| Cash/bank | 100 000 | ||
To record payment to account payables |
|||
| Dividends payable | 2 000 | ||
| Retained earnings | 2 000 | ||
To record dividends declared and paid |
|||
| Retained earnings | 20 000 | ||
| Dividend payable | 20 000 | ||
| To record dividends declared | |||
| Wages | 28 000 | ||
| Cash/bank | 18 000 | ||
| To Record Payment of wages | |||
Accounting assignment
| ABC Ltd | ||
| Trial Balance for year ended dec 2017 | ||
| Bank | 127 000,00 | |
| Accounts receivable | 175 000,00 | |
| Allowance for doubtful acconts | 55 000,00 | |
| Prepaid expenses and deposits | 6 000,00 | |
| Automobiles | 40 000,00 | |
| Accumulated depreciation | 16 000,00 | |
| Equipment | 140 000,00 | |
| Accumulated amortization | 98 000,00 | |
| Inventory | 116 500,00 | |
| Computer hardware | 16 500,00 | |
| Accrued amortization | 5 500,00 | |
| Accounts payable | 55 000,00 | |
| Accrued liabilities | ||
| Longterm debt | 250 000,00 | |
| Capital stock | 100,00 | |
| Retained earnings | 27 000,00 | |
| Dividends | 40 000,00 | |
| General revenue | 1 545 000,00 | |
| Interest income | 3 400,00 | |
| Cost of goods sold | 1 000 000,00 | |
| Supplies | 25 000,00 | |
| Subcontracting | 75 000,00 | |
| Equipment rentals | 5 000,00 | |
| Small tool purchases | 10 000,00 | |
| Wages | 295 000,00 | |
| Accounting and legal | 8 000,00 | |
| Insurance | 36 000,00 | |
| Bad debts | 20 000,00 | |
| 2 095 000,00 | 2 095 000,00 | |
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