Problem 1 An equipment belonging to PT. KLM has data as follow: Original Cost............ ... $35.000 Estimated Life in years.... 8 years Estimated Residual Value... $3,000 Please prepare the table of depreciation using Straight-Line Method and declining balance method Problem 2 Please prepare the Journal Entries for the following transactions using Perpetual Method. The transactions of PT.XYZ during July 2015 are as follow: July 3 PT.XYZ sells merchandise for $1.350, the cost of goods sold is $1.020. July 5 PT. XYZ sells merchandise for $875 on account to PT. ABC. The cost of goods sold is $637. The credit term is 2/10, n/30. July 6 PT. ABC returns some merchandises to PT. XYZ for $325. The cost of goods sold is $203 July 15 PT. XYZ receives payment from PT. ABC for the transaction held on July 5, 2015. July 17 PT.XYZ purchases merchandise from PT. PQR by cash $2,730 July 20 PT. XYZ purchases merchandise from PT. DEF for $4.500 with the term of 2/10, n/30 PT. XYZ returns $2,000 of the merchandise to PT. DEF. July 21 July 25 PT. XYZ purchases merchandise from PT. TUV for $3.420 by cash, FOB shipping point. PT. XYZ pays transportation cost for S230 by cash. PT.XYZ pays to PT. DEF for the transaction held on July 20, 2015. July 30 July 31 PT.XYZ sells merchandise to PT. HIJ for S560 with credit term of 1/10, n 30. The cost of goods sold is $340. Problem 3 The cash book of J.Jones showed a balance at the bank of $570 in hand on 31 January 2019. At the same date, the bank statement balance of J.Jones account was 5446 overdrawn The difference was accounted for as follows: 1) Cheques for $1,555 sent to creditors on 30 January were not paid by the bank until 8 February 2) Cheques amounting to $2,520 paid into the bank on 31 January were not credited by the bank until 1 February. 3) A standing order for a charitable subscription of S60 had been paid by the bank on 21 January but no entry had been made in the cash book. 4) A cheque paid by J.Jones for rent on 15 January for $345 had been entered in his cash book as $354. Prepare the bank reconciliation statement and the iournal entries. Problem 4 On June 1, 2010, Violet Co, provided services to its customer, Pinky Co., and received the Notes Receivable from Pinky Company with amount of $36.690 for the term of 90 days, with annual interest rate of 12%. Instructions: 1) Please calculate how much the Maturity Value is. 2) Please prepare the journal entry: a. When Violet Co, received the Notes Receivable b. When Violet Co, received the payment for this Notes Receivable from Pinky Co. on the due date. * Assumption: 1 year = 360 days Problem 5 The ledger of Nuro Company at the end of the current year shows Accounts Receivable $180,000, Sales Revenue $1,800,000, and Sales Returns and Allowances $60,000. Instructions (a) If Nuro uses the direct write-off method to account for uncollectible accounts, ournalize the adjusting entry at December 31, assuming Nuro determines that Willie's $2,900 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $4,300 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1% of net sales, and (2) 10% of accounts receivable. (c) If Allowance for Doubtful Accounts has a debit balance of $410 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 0.75% of net sales and (2) 6% of accounts receivable. Problem 1 An equipment belonging to PT. KLM has data as follow: Original Cost. ... $35,000 Estimated Life in years..... 8 years Estimated Residual Value... $3,000 Please prepare the table of depreciation using Straight-Line Method and declining balance method
