Jan 20 Paid Natalie Lowe $10,800 in full settlement of the balance outstanding by cheque having...
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Jan 20 Paid Natalie Lowe $10,800 in full settlement of the balance outstanding by cheque having received a discount of $1,200 Jan 25 Commission was received by cash, $5,000 Jan 12 Paid wages by cash $15,000. Jan 27 Purchased merchandise on credit from Kukupas Creations for $8,000. Jan 30 Paid electricity by cash $5,600, insurance $12,000 by cheque REQUIRED : A. Journalize each of the above transactions Narratives are not required. B. Post all the above transactions in the General ledger (please do not use any other ledger ) C. Extract an unadjusted trial balance with the inclusion of the appropriate headings D. Journalize and post to the ledger the below adjusting entries using the following information : > An employee was short paid $500 for the month > Seven hundred dollars ($700) of the commission February 2018 > Rent was prepaid by approximately $1,500. > The amount paid for insurance, represents the total amount for the entire year. For the first month of business depreciation is calculated at 10% per annum on the straight line basis on office furniture and office equipment for motor vehicle and the rate is 5% per annum using the straight line basis; depreciation is charged to the accounts on a monthly basis. > It appears that $3,700 of the J F Mills balance has to be written off as bad debt > of January as it relates to wages received related to the month of + Note: when doing the adjusted I accounts, only the accounts that have been affected need to be done. Jan 20 Paid Natalie Lowe $10,800 in full settlement of the balance outstanding by cheque having received a discount of $1,200 Jan 25 Commission was received by cash, $5,000 Jan 12 Paid wages by cash $15,000. Jan 27 Purchased merchandise on credit from Kukupas Creations for $8,000. Jan 30 Paid electricity by cash $5,600, insurance $12,000 by cheque REQUIRED : A. Journalize each of the above transactions Narratives are not required. B. Post all the above transactions in the General ledger (please do not use any other ledger ) C. Extract an unadjusted trial balance with the inclusion of the appropriate headings D. Journalize and post to the ledger the below adjusting entries using the following information : > An employee was short paid $500 for the month > Seven hundred dollars ($700) of the commission February 2018 > Rent was prepaid by approximately $1,500. > The amount paid for insurance, represents the total amount for the entire year. For the first month of business depreciation is calculated at 10% per annum on the straight line basis on office furniture and office equipment for motor vehicle and the rate is 5% per annum using the straight line basis; depreciation is charged to the accounts on a monthly basis. > It appears that $3,700 of the J F Mills balance has to be written off as bad debt > of January as it relates to wages received related to the month of + Note: when doing the adjusted I accounts, only the accounts that have been affected need to be done.
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A Journal Entries Jan 20 Account Title Debit Credit Accounts Payable Natalie Lowe 9600 Discount Allowed 1200 Cash 10800 Jan 25 Account Title Debit Cre... View the full answer
Related Book For
Horngrens Accounting Volume 1
ISBN: 9780136889373
12th Canadian Edition
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura
Posted Date:
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