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 |
Cite this page
Accounting Report Essay Sample. (2017, Dec 04). Retrieved from https://speedypaper.net/essays/accounting-report
Request Removal
If you are the original author of this essay and no longer wish to have it published on the SpeedyPaper website, please click below to request its removal:
- An Essay Sample on Hermaphroditus and Mygale
- Check City Branding Examples in Our Free Essay
- Evolved Thesis Based on the Wizard of Oz Movie, Essay Sample for Everyone
- The Odyssey Book XI Close Reading and Critical Analysis Essay Sample
- Significant Event in My Life - Personal Experience Essay Sample
- Essay Example on Preventive Care Within the Health Unit
- Essay Sample on Three of the Perspectives of Psychology
Popular categories