S. Mahlangu's farm books indicate that on 1 March 2021 the value of fertilizer stocks on-hand...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
S. Mahlangu's farm books indicate that on 1 March 2021 the value of fertilizer stocks on-hand was R32 000. On 16 September 2021, the farm sold fertilizer to the value of R22 000 to Farm Supply and offered him a 5% discount for paying immediately by an EFT. On 14 October 2021, the farm purchased fertilizer to the value of R150 000 on credit from Farmers' Co-op. The Farmers' Co-op account was settled in full on 30 November 2021 by way of an EFT payment. On 28 February 2022, the value of fertilizer stock on-hand was R30 000. You are required to: 2.1 Show the Ledger entries for the above transactions, and 2.2 Close off the fertilizer account to determine the cost of fertilizer used by S. Mahlangu's farm during the 2021/22 financial year. (2) S. Mahlangu's farm books indicate that on 1 March 2021 the value of fertilizer stocks on-hand was R32 000. On 16 September 2021, the farm sold fertilizer to the value of R22 000 to Farm Supply and offered him a 5% discount for paying immediately by an EFT. On 14 October 2021, the farm purchased fertilizer to the value of R150 000 on credit from Farmers' Co-op. The Farmers' Co-op account was settled in full on 30 November 2021 by way of an EFT payment. On 28 February 2022, the value of fertilizer stock on-hand was R30 000. You are required to: 2.1 Show the Ledger entries for the above transactions, and 2.2 Close off the fertilizer account to determine the cost of fertilizer used by S. Mahlangu's farm during the 2021/22 financial year. (2)
Expert Answer:
Answer rating: 100% (QA)
Answer A Post your adjusting journal entries to the general ledger and prepare the Adjusted Trial Balance as of December 31 Adjusted Trial Balance Accounts Receivable 2175000 Allowance for Doubtful Ac... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324659139
11th edition
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
Posted Date:
Students also viewed these accounting questions
-
An intangible asset with an estimated useful life of 30 years was acquired on January 1, 2009, for $540,000. On January 1, 2019, a review was made of intangible assets and their expected service...
-
An intangible asset with an estimated useful life of 30 years was acquired on January 1, 2002, for $540,000. On January 1, 2012, a review was made of intangible assets and their expected service...
-
A firm purchases machinery, which has an estimated useful life of 10 years and no salvage value , for $48,000 at the beginning of the accounting period. What is the adjusting entry for depreciation...
-
Verify that A and AÌ = p -1 AP have the same spectrum. 19 4 2 12 1 P.
-
Use MATLAB to carry out the following multiplication of polynomials: x(x - 1.7)(x + 0.5)(x - 0.7)(x + 1.5) Plot the polynomial for -1.6 < x < 1.8.
-
A company that purchases inventory costing $10,000 onterms 2/30, n/60, but first returns one-half of those goods,will receive a discount of what amount if it pays on the last day of the discount...
-
Modify the predictor-corrector formulas (10.27)-(10.30) for the method that uses the second-order Adams-Bashforth time-integration scheme (see Section 7.4.1) instead of the simple explicit scheme.
-
Parry Company has accounts receivable of $95,400 at March 31, 2012. An analysis of the accounts shows these amounts. Credit terms are 2/10, n/30. At March 31, 2012, there is a $2,100 credit balance...
-
Early in January 2021, DeVille Company purchased machinerycosting $880,000. For financial reporting purposes, DeVille Companyhas a December 31st year end and uses straight-line depreciation.DeVille 2...
-
1. If you were in Jimmies shoes, would you sell Greg an equity stake in Lees Ice Cream? Explain. If Jimmie does sell equity to Greg for $3,300, what percentage of the business should he offer? 2....
-
Refer to the following selected financial information fromHelpful Hardware. Compute the company??s days?? sales in inventoryfor Year 2. (Use 365 days a year.)Year 2Year 1Merchandise inv 1 answer
-
In each of the cases below, assume Division X has a product that can be sold either to outside customers or to Division Y of the same company for use in its production process. The managers of the...
-
The goose has a mass of 16.2lb (pounds) and is flying at 9.50miles/h (miles per hour). What is the kinetic energy of the goose in joules? Please Show all work
-
The Sanding Department of Oriole Furniture Company has the following production and manufacturing cost data for March 2025, the first month of operation. Production: 7,700 units completed and...
-
The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and a racing bike. Data on sales and expenses for the past quarter follow: Sales Variable manufacturing and...
-
Suppose during 2022 that Federal Express reported the following information (in millions): net sales of $33,400 and net income of $150. Its balance sheet also showed total assets at the beginning of...
-
help. Juist do the genera ledger Brothers Herm and Steve Hargenrater began operations of their tool and die shop (H \& H Tool) on January 1, 1987, in Meadville, PA. The annual reporting period ends...
-
Give codons for the following amino acids: (a) Th (b) Asp (c) Thr
-
Boise Corporation issues a two-for-one disproportionate stock split. The original par value of the 10,000 common shares was $12 per share. The new par value for the 20,000 shares is $5 per share....
-
List the acceptable cost flow assumptions under IFRS. Be sure to explain the reasoning as to why IFRS find certain cost flow assumptions unacceptable.
-
On April 1, 2010, Ranee Company borrowed $20,000 from its bank by issuing a 9%, 12-month note, with the interest to be paid on the maturity date. Prepare journal entries to record the issuance of the...
-
On September 1, 1998, Susan Chao bought a motorcycle for \($10,000.\) She paid \($1,000\) down and financed the balance with a five-year loan at a stated annual interest rate of 9.6 percent,...
-
You have recently won the super jackpot in the Illinois state lottery. On reading the fine print, you discover that you have the following two options: a. You receive \($160,000\) at the beginning of...
-
Peter Green bought a \($15,000\) Honda Civic with 20 percent down and financed the rest with a four-year loan at 8 percent stated annual interest rate, compounded monthly. What is his monthly payment...
Study smarter with the SolutionInn App