You are to show the journal entries necessary to record the following items which occured in 2012:
Question:
You are to show the journal entries necessary to record the following items which occured in 2012:
Transcribed Image Text:
(a) May 1 Bought a van on credit from Deedon Garage for 6,000. (b) May 3 A debt of 100 owing from P. Knight was written off as a bad debt. (c) May 8 Office furniture bought by us for 600 was returned to the supplier Timewas Ltd, as it was unsuitable. Full allowance will be given to us. May 12 We are owed 500 by R. Twig. He is declared bankrupt and we received 200 in full settlement of the debt. (d) (e) (f) (g) May 14 We take goods costing 20 out of the business inventory without paying for them. May 28 Some time ago we paid an insurance bill thinking that it was all in respect of the busi- ness. We now discover that 80 of the amount paid was in fact insurance of our private house. May 28 Bought machinery for 2,400 on credit from Electrotime Ltd.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 0% (1 review)
The following are the journal entries for the items that occurred in 2012 based on the provided info...View the full answer
Answered By
Diane Joyce Pastorin
Please accept my enthusiastic application to solutioninn. I would love the opportunity to be a hardworking, passionate member of your tutoring program. As soon as I read the description of the program, I knew I was a well-qualified candidate for the position.
I have extensive tutoring experience in a variety of fields. I have tutored in English as well as Calculus. I have helped students learn to analyze literature, write essays, understand historical events, and graph parabolas. Your program requires that tutors be able to assist students in multiple subjects, and my experience would allow me to do just that.
You also state in your job posting that you require tutors that can work with students of all ages. As a summer camp counselor, I have experience working with preschool and kindergarten-age students. I have also tutored middle school students in reading, as well as college and high school students. Through these tutoring and counseling positions, I have learned how to best teach each age group.
4.60+
2+ Reviews
10+ Question Solved
Related Book For
Frank Woods Business Accounting
ISBN: 9780273759287
12th Edition
Authors: Frank Wood. Sangster, Alan
Question Posted:
Students also viewed these Business questions
-
(5 pts.) Show that the obvious algorithm for solving (for x) the 1-by-1 system rx = b is backward stable if executed in matlab on a modern-day computer. Explain your notation and any results /...
-
Leisure City maintains a Pension Trust Fund for its employees. Following is a trial balance for the fund at December 31, 2011: The following transactions took place during 2012: 1. Both Leisure City...
-
You are to show the journal entries necessary to record the following items: (a) 20X8 May 1 Bought a van on credit from Deedon Garage for 5,395. (b) 20X8 May 3 A debt of 81 owing from P Knight was...
-
Assume that the marginal product of capital is given by the following expression: MPK = 60/K^0.7 (K is measured in trillions). a) Graph the demand curve for capital and find the equilibrium real...
-
You have a standard tuning fork whose frequency is 262 Hz and a second tuning fork with an unknown frequency. When you tap both of them on the heel of one of your sneakers, you hear beats with a...
-
Find the remainder using the remainder theorem. Do not use synthetic division. (3n 4 13n 2 + 10n 10) (n + 4)
-
What accounts are debited and credited to record the distribution of goodwill when a new partner is admitted?
-
You are to record transactions completed by Fabulous Furnishings during February of this year. Beginning balances for the accounts listed below have been provided in your Working Papers. This Company...
-
Identify Non - Marginal Investors We need to consider the future cash flow of the business to assess Santos ltd sustainability and profitability. However, the future cash flows must be discounted...
-
Show the journal entries necessary to record the following items: 2013 Apr 1 Bought fixtures on credit from Bell and Co 1,153. 4 We take goods costing 340 out of the business inventory without paying...
-
Suppose that we wish to compare the health status of two groups of people. What variable might we use to measure the status? What variables might we wish to control in order to draw the appropriate...
-
What is the correlation between ocean pH and atmospheric CO 2 ? (a) As CO 2 increases, the pH decreases. (b) As CO 2 increases, the pH also increases. (c) As CO 2 increases, the pH does not change.
-
Citibank holds $ 3 3 million in foreign exchange assets and $ 2 6 million in foreign exchange liabilities. Citibank also conducted foreign currency trading activity in which it bought $ 4 million in...
-
It was the end of the fiscal year, and Bria was looking at the MOH situation. Since her company uses normal costing, she anticipated a difference in the amount of MOH that was applied compared to the...
-
Mrs Jones unfortunately could not travel to Dubai due to a family emergency. She has therefore requested a refund for the ticket. The airline only agreed to refund us R 8 0 0 0 . Our standard service...
-
Mrs Jones booked an international ticket to Dubai with one of our consultants. The consultant charged Mrs Jones R 1 0 , 0 0 0 for the ticket and the cost of the ticket was R 9 0 0 0 . Mrs Jones did...
-
21. Draw the Lewis structure of carbonate ion (CO32) showing all possible resonance structures if there are any. Determine the formal charge of each atom. 22. Draw the Lewis structure of ozone (O3)...
-
Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2014. The company does not make entries to accrue interest except at December 31. Nov. 1...
-
Could the owner of a business prepare a statement of financial position on 9 December or 23 June or today?
-
EG Company Limited, a manufacturing business, exports some of its products through an overseas branch whose currency is florins, which carries out the final assembly operations before selling the...
-
EG Company Limited, a manufacturing business, exports some of its products through an overseas branch whose currency is florins, which carries out the final assembly operations before selling the...
-
OTL Ltd commenced business on 1 January 2017. The head office is in London and there is a branch in Highland. The currency of Highland is the crown. The following are the trial balances of the head...
-
The annual rainfall in a particular area of the country is normally distributed, with mean 100 cm and standard deviation 20 cm. A drought is said to occur after a year in which the annual rainfall...
-
Revenue $525.000 Sales Returns $13,900 Sales Discounts $12.400 Net Sales $498.700 Cost of Goods Sold $79.500 Gross Profit Gross Profit Margin % 84.0696
-
Start by entering the total units sold in B1. You get this information from the Inventory Sheet by summing the Units Soldcolumn. Hint: Don't do anything fancy with naming ranges or creating tables....
Study smarter with the SolutionInn App