The following information was taken from the books of Towel Talk for January and February 2021: List of balances in the Debtors Ledger of Towel Talk as at 31 January 2021: Debtor Fol Amount
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- Please assist with the following: Required: use the information provided below to prepare the following: 2.1 The correct Debtors Control Account properly balanced for May 2021. 2.2 Reconciliation of the debtors list with the debtors control account for themonth ended 31 May 2021. Sport Enterprises have individual accounts for their debtors in a debtors subsidiary ledger and have a debtors control account in the general ledger. The balance of the debtors control account at 1 May 2021 is R169 200. The following information was provided for the month ending 31 May 2021:1. Journals provided the following totals for relevant transactions: For the month ended 31 May 2021: R Sales journal: Debtors column- 762 000Sales returns journal- 6 300Cash receipts journal: Debtors column- 586 800General Journal: Interest charged on overdue debtors’ accounts- 2 100General Journal: Debtors balances written off as irrecoverable- 2 700 2. The debtors ledger clerk submitted the following : List of…Sport Enterprises have individual accounts for their debtors in a debtors subsidiary ledger and have a debtors control account in the general ledger. The balance of the debtors control account at 1 May 2021 is R169 200. The following information was provided for the month ending 31 May 2021: 1. Journals provided the following totals for relevant transactions: For the month ended 31 May 2021 R Sales journal: Debtors columnSales returns journalCash receipts journal: Debtors columnGeneral Journal: Interest charged on overdue debtors’ accountsGeneral Journal: Debtors balances written off as irrecoverable 762 0006 300586 8002 1002 700 2. The debtors ledger clerk submitted the following : List of debtors balances as at 31 May 2021 – debit balances R C GaleH BoltG HuntI KhuneR Nadal 31 500132 300182 70018 9009 000 3. Additional information to be taken into account (not included in the above): 3.1 No entry has been made for a credit sale of…The following information was taken from the books of Dumbledore Magic World for April and May 2019. List of balances in the Debtors ledger of Dumbledore Magic World as at 30 April 2019 Debtor Fol. Amount(R) H. Potter D1 16 780.45 H. Granger D2 20 750.22 R. Weasley D3 13 240.33 L. Voldermort D4 8 650.12 D. Malfoy D5 12 400.08 Debtors Journal of Dumbledore Magic World – May 2019 Doc No. Date Details Fol. Debtors Control Output VAT Sales INV478 2 H. Granger D2 24 560.26 3 203.51 21 356.75 INV479 8 L. Voldemort D4 45 970.65 5 996.17 39 974.48 INV480 13 H. Potter D1 14 600.76 1 904.45 12 696.31 INV481 15 D. Malfoy D5 18 730.55 2 443.12 16 287.43 INV482 18 R. Weasley D3…
- ! Required information Exercise 9-24 (Algo) Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Debit $ 11,300 34,200 Credit $ 1,900 152,100 Land Buildings Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals 68,300 121,000 9,700 18,800 201,000 155,500 $ 386,900 $ 386,900 During January 2024, the following transactions occur: January 1 Borrow $101,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $1,953 are required at the end of each month for 60 months. January 4 January 10 Pay cash on accounts payable, $12,000. Receive $31,100 from customers on accounts receivable. January 15 Pay cash for salaries, $29,000.…QUESTION 1 The following debtor control account and debtors list were prepared by the owner of Siyadula Traders. The owner is unsure if he has correctly prepared it. REQUIRED: Jse the following information to prepare the correct account and list: Debtors control account for January 2021 Debtors list at 31 January 2021. General Ledger DEBTORS CONTROL ACCOUNT Jan 01 Balance b/d 54 300 Jan 31 Bank and discount CRJ5 36 200 Sales Returns SRJ 6 200 Sales SJ 62 110 Balance c/d 37 810 98 310 98 310 Feb 01 Balance b/d 37 810 Debtors List as at 31 January 2021 Debit Credit B. Afleck 12 525 M. Damon 19 085 J. Peter 18 100 A. Paul 9 200 D. Carter 17 900 76 810Sport Enterprises have individual accounts for their debtors in a debtors subsidiary ledger and have a debtors control account in the general ledger. The balance of the debtors control account at 1 May 2021 is R169 200. The following information was provided for the month ending 31 May 2021: NB: Insert the amount of R4 500 for the credit note in additional amount 3.4 1. Journals provided the following totals for relevant transactions: For the month ended 31 May 2021: Sales journal: Dehtors column 762 000 Sales returns journal 6 300 Cash receipts journal: Debtors column 586 800 2 100 General Journal: Interest charged on overdue debtors' accounts General Journal: Debtors balances written off as irrecoverable 2 700 2. The debtors ledger clerk submitted the following: List of debtors balances as at 31 May 2021 – debit balances C Gale 31 500 Н Bot 132 300 G Hunt 182 700 I Khune 18 900 R Nadal 9 000 3. Additional information to be taken.into.account (not included in the above): 3.1 No entry…
- Entity A has the following liabilities as of December 31, 2021. a. Trade accounts payable, net of debit balance in supplier's account of P10,000, net of unreleased checks of P8,000, and net of postdated checks of P4,000 P600,000 b. Credit balance in customers’ accounts 4,000 c. Financial liability designated at FVPL 100,000 d. Bonds payable maturing in 10 equal annual installments of P200,000 2,000,000e. 12%, 5-year note payable issued on Oct. 1, 20x1 200,000 f. Deferred tax liability 10,000 g. Unearned rent 8,000 h. Contingent liability 20,000 i. Reserve for contingencies 50,000 j. Income taxes withheld from employees 50,000 k. Cash in bank at Siniloan Bank 352,000 l. Cash overdraft at Famy Bank 60,000m. Estimated premium claims outstanding 70,000n. Claims for increase in wages covered in a pending lawsuit 190,000 Requirement: How much is the total current liabilities? a. 2,430,000 c. 968,000 b. 1,120,000 d. 940,000kk.2 The note about debt included in the financial statements of Healdsburg Company for the year ended December 31, 2023 disclosed the following:Q.2.1) Open, post to and balance the debtors control account in the general ledger of Towel Talk for February 2021. (Round off to the nearest rand)
- The following accounting records show information regarding the debtors of funky tunes; Cash receipt Journal for the month ended 31 January 2020. Date (January) Receipts Details Total VAT Debtors Cash sales Other 5 712 H Stoop 1 035 135 900 8 714 - 718 Cash 27 600 3 600 24 000 12 457 M Lubbe 1 150 1 150 21 923 B Zaba 575 515 27 418 S Nintendo 2 300 2 300 31 Interest received 150 150 Total 32 810 3 735 4 865 24 000 150 Sales Journal for the month ended 31 January 2020. Date (January) Invoice Details Total VAT Sales 5 582 S Nintendo 966 126 840 6 583 M Lubbe 456 56 400 12 586 B Fouche 920 120 800 14 587 B Riley 1 000 1 000 22 590 S Nintendo 345 45 345 Total 3 687 347 3 385 The accountant prepared the following debtor's control account in the general ledger: Debtors Control A/C Date Details Amount Date Details Amount 1 Jan 2020 Balance 14 800 31 Jan 2020 Sales (SJ) 3 340 31 Jan 2020 Bank (CRJ)…Godo At May 31, 2019, FOR Deliveries reported the following amounts (in millions) in its financial statements:20192018Total Assets$ 70,000$ 68,000Total Liabilities46,20042,160Interest Expense736750Income Tax Expense155260Net Income7806,275 Required: 1. Compute the debt-to-assets ratio and times interest earned ratio for 2019 and 2018. 2-a. In 2019, were creditors providing a greater (or lesser) proportion of financing for FOR’s assets? 2-b. In 2019, was FOR more (or less) successful at covering its interest costs, as compared to 2018?Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown in random order as follows: Required: 1. Prepare a December 31, 2019, balance sheet for Baggett. 2. Compute the debt to-assets ratio.