37. Shiny Kar Company had the following transactions. For each transaction, show the effect on the accounting equation by putting the amount and direction (+, -, or NC for no change) in each box of the table below.
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- The company made a sale of goods for RO. 15000 (cost RO 10000) and received 30% in cash and balance on the account. Which of the following is the correct presentation on the accounting equation? Select one: a. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +12000 (Cash ) = 0 + + 2000 (Profit) b. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +4500 (Cash) + 10500 (Receivables) = 0 + + 5000 (Profit) c. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +12000 (Cash ) = 0 + + 2000 (Profit) d. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +4500 (Cash) = + 11500 (Receivables) + + 3000 (Profit)The company made a sale of goods for RO. 15000 (cost RO 10000) and received 30% in cash and balance on the account. Whích of the following is the correct presentation on the accounting equation?Calculate Total Net Assets(Total Assets) Extract of Balance sheet items as at 31 December 2020 OR Equipment 20000 Goodwill 4500 Creditors 1000 Land 35000 Account 3500 receivables Сapital 11500 Closing Stock 15000 3000 MC Loan Bank overdraft 3200 Cash 2500 Mortagage loan 7500 Machinery 1650 Trade payables 5700 Accumulated Depreciation (Equipment) 1000 Short term Investments 2200 Trade marks 6000 Drawings 1000 Retained Earnings 9150 Prepaid Expenses 2300
- Кеquired: Prepare current assets sectión of the báláncé šhéét. Q7. Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made a sales of OMR 25,000 with term 3/15, n/45. Prepare the required journal entries, if: (a) On July 7 Rasheed company received full payment. (b) On July 22 Rasheed company received full payment. Q8. Ahmed construction began work on a OMR 10,000,000 contracts in 2016 to construct a bridge. During 2016, it incurred cost of OMR 2,450,000, billed their customers for 1,350,000, and collected OMR 1,200,000. At December 31, 2016, the estimated cost to complete the construction is OMR 4,500,000. Prepare journal entries by following Cost-recovery method. Page 3 Section C Answer Any ONE Question (1 x 6 marks = 6 marks) Q9. Al-Duqum Construction Company has a contract to construct a OMR 9,000,000 bridge at an estimated cost of OMR 8,000,000. The contract is to start in July 2020, and the bridge is to be completed in October 2022. The…Galaxy S21+ 5G Problem 4-2 (IAA) Credible Company provided the following T-account summarizing the transactions affecting the accounts receivable for the current year: Jan. 1 balance Charge sales Shareholders' subscriptions Deposit on contract Claims against common carrier for damages IOUS from employees Cash advance to affiliates Advances to a supplier Accounts Receivable 600,000 Collections from customers 5,300,000 6,000,000 Writeoff 35,000 Merchandise returns 200,000 Allowances to customer 120,000 40,000 for shipping damages Collections on carrier claims 100,000 Collection on subscriptions 10,000 100,000 50,000 25,000 40,000 50,000 Required: a. Compute the correct amount of accounts receivable. b. Prepare one compound entry to adjust the accounts receivable. c. Compute the amount to be presented as "trade and other receivables" under current assets. d. Indicate the classification and presentation of the other items. Problem 4-3 (ACP) Problem 4-4 (ACP) credit to accounts receivable.…Cash and Discount. Villora Corp. received an invoice dated on November 2nd with an amount of $4,700.00. The terms on the invoice are 5/10, n/30; and Villora Corp. paid $1,500.00 on November 10th. What is the outstanding balance owned on the invoice? O a. $3,296.00 O b. $2,965.00 Oc $3,125.00 Od. $3,121.05
- The following list of account balances were extracted from the accounting records of Don's Electrical Services as at 28 February 2021: List of accounts Debit - R Credit - R Land and buildings at cost 250 000 Vehicles at cost 155 000 Accumulated depreciation: Vehicles -1 March 2020 90 00 Equipment at cost 85 000 Accumulated depreciation: Equipment -1 March 2020 12% Fixed deposit: Lock Bank 40 000 30 000 Inventory: Consumables -1 March 2020 21 000 Debtors' control 25 000 Allowance for credit losses 1 125 Bank 80 373 Long tem borowing: 10% per year 37 500 Creditors' control 20 835 Capital: Don Dude 197 500 Drawings 89 327 Service fees 524 835 Interest on fixed deposit 1 888 Rent income 19 180 Advertising 9735 Credit losses 2 100 Communication costs 5 078 Consumables purchased 84 148 Other operating expenses 92 902 Interest on borrowings 3 000 932 663 932 663 Additional information that needs to be taken into account: 1. Stock taking was done on 28 February 2021 and the consumable…ABC Company bought a computer for P30,000. Paid % and issued a note for the balance. This is recorded in the A. General Journal B. General Journal and Cash Disbursements Journal C. Purchases Journal and Cash Disbursements Journal D. None of the aboveComplete the General Journal using the appropriate account names below: (note GST is 10%) Cash (101) Accounts Receivable (102) Inventory (103) Office Supplies (104) GST Paid (111) Prepaid Insurance (141) Prepaid Rent (142) Interest Receivable (143) Computer Equipment (151) Accum. Depreciation - Computer Equipment (152) Office Furniture (155) Accum. Depreciation - Office Furniture (156) Motor vehicle (158) Accum. Depreciation - Motor Vehicle (159) Accounts Payable (201) GST Collected (222) Interest Due (240) Unearned Revenue (241) Wages Payable (242) Utilities Payable (243) Consulting Fees Payable (244) Bank Loan (251) PAYG Withheld (261) Capital (301) Drawings (302) Sales Revenue (401) Service Revenue (402) Interest Revenue (403) Cost of Goods Sold (501) Computer Expense (601) Office Supplies Expense (602) Interest Expense (603) Consulting Expense (604) Insurance Expense (605) Rent Expense (606) Sales Commission Expense (607) Utilities Expense (608) Wage Expense (609) Advertising…
- On January 1, 2021, the general ledger of Tripley Company included the following sccount balances: Accounts Debit Credit $250, 0e 78,0ee Cash Accounts receivable Allowance for uncollectible accounts Inventory Building Accunulated depreciation Land $ 35,800 33,000 223,0ee 48, e00 248,6e0 Accounts payable Notes payable (8x, due in 3 years) 170, e00 216,e00 113,600 242, e00 Conmon stock Retained earnings Totals $816,680 $816, 600 The $33,000 beginning balance of inventory consists of 330 units, esch costing $100. During January 2021, the company had the following transsctions: January 2 Lent $58,000 to an employee by accepting a 6% note due in six Tonths. 5 Purchased 5,000 units of inventory on account for $550,eee ($110 cach) with terms 1/1e, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold 4,8ae units of inventory on account for $768,000 ($16e cach) with terms 2/10, n/30. 17 Customers returned 20e units sold on January 15. These units were initially…1. On September 1, 2021, Lily Company had an initial accounts receivable control account balance of $72,000. The subsidiary ledger contains 3 accounts: Jasmine Company, balance $25,200; Sunflower Company, balance $14,400; and Orchid Company. The following were information regarding Lily Company's accounts receivable during September. Purchases Payments Returns Jasmine Company $57,500 $50,000 $2,000 Sunflower Company $82,000 $32,800 $ - Orchid Company $43,700 $52,000 $ - Instructions: What was the September 1 balance in the Orchid Company subsidiary account? b. What was the September 30 balance in the control account? c. Compute the balance in the subsidiary accounts at the end of the month! d. Which September transaction would not be recorded in the four common types of the special journal?Directions: Record the following transactions in the appropriate journals. Lloyd Gurango Co. completed the following sales transactions during the month of June 2021. A credit sales have terms of 3/10, n/30, and all invoices are dates as at the transaction date. June 1 4 7 9 13 ಈ 15 18 20 Mr. Gurango invested P52 000 of his funds in the business Sold merchandise on account to KRA Company, P32 000. Invoice number 377 Sold P46 000 of merchandise for cash. Received payment from KRA Company, fewer discounts. Received payment from LRM Trading, fewer discounts. Sold merchandise to JPT Store on account, P62 000. Invoice number 379. Collected the amount due from JPT Store. Fewer discounts. Paid the employees' wages for the month amounting to P5,000 Acquired merchandise to YMC Trading worth P15, 000 payable next month Acquired merchandise on credit from ABS Manufacturing worth P15, 000. The invoice number is 201 and the credit term is n/30