3 General ledgerCREDITORS CONTROLDATEDETAILSFOLAMOUNTDATEDETAILSFOLAMOUNT Question 3You are provided with the following extracts and information taken from the books of LeopardTraders for the month of June 2021. Leopard Traders sells clothing that they buy from varioussuppliers. Leopard Traders uses the perpetual inventory system.1. You are provided with an incomplete Creditors Control for the month of June 2021. Thebalance at the beginning of the month is correct.CREDITORS CONTROLB5DATEDETAILSFOL AMOUNT DATEDETAILSFOL AMOUNT30 June Sundry returns CAJ2 800 1 JUNEBalanceb/d55 13020212021BankСВР24 000SundryCJ13 000purchasesSettlementGJ250discountreceivedThe following errors/omissions were noted:A.The total of the creditors journal has been overcast by R600.В.No entry has been made for inventory bought on credit from Gemsbok Suppliers for R2 400(including VAT) less 10% trading discount..C.An original credit note received from Giraffe Dealers for R435 was entered incorrectly inthe Creditors Allowances journal as R345O The independent institute of Education (Py Ltd 2021Page 7 of212021No entry has been made for interest charged at 12% p.a. on the overdue account of R9 000D.due to Zebra Stores at 30 June 2021. The account is four months overdue.E. Lion Wholesalers is also a debtor and shows a credit balance of R400 in the Debtors ledger.Management has decided to transfer this amount to Lion Wholesalers account in thecreditor's ledger. No entry has been made.Q.3.1 Taking into account all the errors/omissions noted above, prepare the correctedCreditors Control account for the month of June 2021.Balance the account.

The given errors/omissions can be corrected by: A. The overcast balance can be reduced by crediting…

Answered: Taking into account all the…

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

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Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 1M

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19:10 Question 3 You are provided with the following extracts and information taken from the books of Leopard Traders for the month of June 2021. Leopard Traders sells clothing that they buy from various suppliers. Leopard Traders uses the perpetual inventory system. You are provided with an incomplete Creditors Control for the month of June 2021. The 1. balance at the beginning of the month is correct. CREDITORS CONTROL B5 DATE DETAILS FOL AMOUNT DATE DETAILS FOL AMOUNT 30 June Sundry returns CAJ 2 800 1 JUNE Balance b/d 55 130 2021 2021 Bank СВР 24 000 Sundry CJ 13 000 purchases Settlement GJ 250 discount received The following errors/omissions were noted: A. The total of the creditors journal has been overcast by R600. B. No entry has been made for inventory bought on credit from Gemsbok Suppliers for R2 400 (including VAT) less 10% trading discount. C. An original credit note received from Giraffe Dealers for R435 was entered incorrectly in the Creditors Allowances journal as R345…
Oa column for the date the check was made Barbie Merchandising Company Adjusted Trial Balance For the Period Ended December 31, 2020 Account Title Sales Sales returns and allowances ంజు doaouint Purchases Purchase returns and allow3nces Purchase discount Freight in Selling expense Debit Credit P1.652.000 P35.000 13.000/ 1.120,500 18:C00 36.000 55.000 40,000 P2,322,000 1o ఉ P2,322,000 Beginning and ending balance of Merchandissinvertchyamcuredto P56.500 and P65500 respectively How much is the net profit
Prepare the correct Creditors Control account for May 2020 after taking into account the additional information, errors and omissions. Balance the account Balance b/d June R112 000 Additional information, errors and omissions1. The debit balance in the account of a creditor, R300, must be transferred to the Debtors ledger.2. An invoice for goods purchased from Super Suppliers was entered in the Purchases journal as R6 400 instead of R4 600.3. A credit purchase of equipment from Minto Enterprises was not recorded, R5 000.4. A credit note received from HD Wholesalers for trading goods returned was not recorded in the Purchases Returns Journal, R1 000.5. Stardom Traders, a creditor, charged Oyster Traders interest on overdue account, R50
Current Attempt in Progress Oriole Inc. is a retailer operating in Calgary, Alberta. Oriole uses the perpetual inventory system. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Oriole for the month of January 2025. Date Dec. 31 Jan. 2 Jan. 6 Jan. 9 Jan. 10 Jan. 23 Jan. 30 (a1) Jan. 1 Description Ending inventory Purchase Sale Purchase Sale Purchase Sale $ Quantity 170 102 180 76 56 105 154 Unit Cost or Selling Price $19 21 44 25 44 26 Calculate weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) 51
Knowledge Check 01 A buyer uses a perpetual inventory system, and on December 7, it contacts its supplier to report that some of the merchandise purchased on December 5 was defective. The seller offered to reduce the merchandise price by $400. The buyer agreed to keep the defective merchandise under those terms. Complete the buyer's necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet
Journalize the following transactions that occurred in November 2018 for Sarah’s Special Place, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Sarah’s Special Place estimates sales returns at the end of each month. Proper narrations are required
1. Maribeth Villion Store has a: Merchandise Inventory 12/1/2021 30,000 Merchandise Inventory 12/31/2021 24,000 What is the adjusting entry to update the merchandise inventory account as at Dec. 31, 2021? 2. The merchandise inventory account balance in the teial balance columns of a worksheet for a merchandising entity that uses the periodic inventory system... a. Appears in both debit and credit columns b. Appears in credit column only c. Is correct as stated d. Is the same as it was at the beginning of the period 3. Failure to make an adjusting entry for accrued expenses leads to: a. Overstatement of expenses b. Overstatement of liabilities c. Understatement of liabilities d. Understatement of capital 4. What is the final step of accounting cycle?
APPLYING THE CONCEPTS: Purchases and sales in action This is a list of purchases and sales transactions that occurred in the month of November. Correctlyjournalize these transactions below. Use Smart Entry when dropdowns are not available. Forcompound entries, if amount box does not require an entry, leave it blank. If required, round to the nearest cent. November 1 Purchased inventory on account with credit terms 2/10, n/30, $4900. November 2 Paid freight-in costs FOB shipping point, $200. November 6 Returned part of inventory purchased on 11/1 for a credit, $980. November 8 Sold inventory on credit, terms 2/10, n/30, $3600. November 10 Paid one half of the amount due for the purchase on 11/1. November 15 Accepted return of part of inventory sold on 11/8 for credit, $720. November 16 Paid the remaining balance of the amount due for the purchase on 11/1. November 17 Collected in full for the sale on 11/8.
B. Journalize the following transactions using the Perpetual method: Sta. Rosa Trading completed the following merchandising transactions in the month of October 2020: 11-Purchased merchandise on account from Vera Supply P4,000, 2/10, n/30. 12-Sold merchandise on account to Sanchez Variety P4,300, terms: 2/10, 1/20, n/30. The cost of merchandise sold was P3,600. 13 - Received credit from Vera Supply for merchandise returned P250. 14 - Paid P150 freight on October 12 sales. 15 - Purchased supplies for cash P850. 16 -Purchased merchandise for cash P2,700. 20 -Sold merchandise for cash P6,300. The merchandise sold had a cost of P4,800.
PB3. LO 6.2 Costume Warehouse sells costumes and accessories and purchases their merchandise from a manufacturer. Review the following transactions and prepare the journal entry or entries if Costume Warehouse uses A. the perpetual inventory system B. the periodic inventory system Jun. 4 Costume Warehouse purchases 88 costumes on credit at a purchase price of $15 per costume. The terms of the purchase are 5/15, n/30, with an invoice date of June 4. Jun. 12 Costume Warehouse returns 20 costumes to the manufacturer for a full refund. Jun. 19 Costume Warehouse pays in full for the remaining costumes, less the return.
View Policies Current Attempt in Progress Your accounts receivable clerk, Helen Adams, to whom you pay a salary of $1,540 per month, has just purchased a new Acura. You decide to test the accuracy of the accounts receivable balance of $85,700 as shown in the ledger. The following information is available for your first year in business. Collections from customers Merchandise purchased (1) (2) (3) Ending merchandise inventory (4) Goods are marked to sell at 40% above cost $196,400 321,300 98,550 Compute an estimate of the ending balance of accounts receivable from customers that should appear in the ledger and any apparent shortages. Assume that all sales are made on account. The ending balance of accounts receivable from customers $ Apparent shortage
ILLUSTRATIVE EXAMPLE Record the following credit purchases transactions in the Creditors Journal of Topsy Traders for July 2010. Post to the relevant ledger accounts in the General Ledger and the Creditors Ledger. Prepare a creditors list on 31 July 2010. Balances/Totals on 1 July 2010: Creditors control... R23 100 Trading stock Equipment.. Consumable stores R17 500 R35 000 R4 000 Repairs Stationery R8 500 RI 390 List of Creditors on 30 June 2010: R10 000 Longwane Suppliers. Richy Dealers... ww Wholesalers. R12 000 R1 100- Transactions: July 2010 Purchased the following from Richy Dealers and received credit invoice no. XX413: 6. R1 300 trading goods.. • stationery R220 10. Longwane Suppliers delivered the following per credit invoice no. 7865: merchandise R1 500 Office computer R5 400 NB: A trade discount of 10% must be deducted on merchandise supplied and thereafter R200 must be included for carriage on purchases. Office computer is not subject to carriage and trade discount. 16. WW…

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Taking into account all the errors/omissions noted above, prepare the corrected Creditors Control account for the month of June 2021.