Type of paper:Â | Essay |
Categories:Â | Accounting |
Pages: | 2 |
Wordcount: | 372 words |
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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Accounting Report Essay Sample. (2017, Dec 04). Retrieved from https://speedypaper.net/essays/accounting-report
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