pare the nature of expense SCI for the following accounts below: Account titles Balance Account titles Balance Sales return P 5,555 Sales P 764,953 Sales discount 13,800 Purchases 467,532 Depreciation Expense 25,600 Purchase return and allowances 5,087 Amortization Expense 10,200 Gain on sale of PPE 5,800 Advertising Expense 40,000 Interest Income 8528 Purchase discount 8,000 Interest Expense 4,968 Freight In 9,800 Salaries Expense 70,000 Utilities Expense 50,000 Rent Expense 56,000 Increase in Inventory 35,800 Bad Debts 4% of net sa

pare the nature of expense SCI for the following accounts below: Account titles Balance Account titles Balance Sales return P 5,555 Sales P 764,953 Sales discount 13,800 Purchases 467,532 Depreciation Expense 25,600 Purchase return and allowances 5,087 Amortization Expense 10,200 Gain on sale of PPE 5,800 Advertising Expense 40,000 Interest Income 8528 Purchase discount 8,000 Interest Expense 4,968 Freight In 9,800 Salaries Expense 70,000 Utilities Expense 50,000 Rent Expense 56,000 Increase in Inventory 35,800 Bad Debts 4% of net sa

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 4RE: Refer to RE6-3. Assume Long records accounts receivable and sales using the net price method....

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Refer to RE6-3. Assume Long records accounts receivable and sales using the net price method. Prepare the related journal entries for Long.
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OkyOTcw/a/MjUwNDEyNDM20TEx/details Particulars Credit (RM) 48,400 Debit (RM) Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases retums Wages and salaries Discounts allowed Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 200 300 700 2,400 950 350 10,000 3,000 20,000 Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank TOTAL 330 14,800 102.050 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year…
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Account titles	Balance	Account titles	Balance
Sales return	P 5,555	Sales	P 764,953
Sales discount	13,800	Purchases	467,532
Depreciation Expense	25,600	Purchase return and allowances	5,087
Amortization Expense	10,200	Gain on sale of PPE	5,800
Advertising Expense	40,000	Interest Income	8528
Purchase discount	8,000	Interest Expense	4,968
Freight In	9,800	Salaries Expense	70,000
Utilities Expense	50,000	Rent Expense	56,000
Increase in Inventory	35,800	Bad Debts	4% of net sales