User Account

All Pages

Make journal entries for each of the above transactions

Assignment Help Accounting Basics
Reference no: EM132564678

Question - Peanut Ltd has an accounts receivable ledger debit balance of $36,520 and an allowance for doubtful debts with a credit balance of $4,380 on 1 January 2019.

On 3 February 2019, they provided services on credit for $1,980 (GST inclusive) to Snow Ltd.

The business received, on 10 March 2019, 40% of $6,160 (GST inclusive) owed by Maple Ltd from sales in the previous period and wrote off the remainder as uncollectable.

Maple Ltd contacted Peanut Ltd on 2 June 2019, to confirm they had made another payment of $880 that was previously thought to be uncollectable.

Snow Ltd declared bankruptcy on 15 June 2019.

On 30 June 2019, Management of Peanut Ltd re-assessed the allowance for doubtful debts at year end and decided on a closing balance of $5,610 (GST exclusive) under the ageing of receivables approach.

Required - Make journal entries for each of the above transactions/events.

Reference no: EM132564678

Questions Cloud

Identify processes create or aggravate msds : Discuss a variety of strategies that can be used to identify operations or processes with the potential to create or aggravate MSDs
How much did this cost the US taxpayers in the first year : In 2008 a major bank in the US borrowed 10 million dollars for the US government, How much did this cost the US taxpayers in the first year
Calculate and compare the load moment for lifting pound : Calculate and compare the load moment for lifting a 12-pound electrical motor held close to the body with the load moment for lifting same motor held 20 inches
Why the event caught interest on a strong reference source : Why the event caught your interest and is based on a strong reference source. The event can be something that humans did to the environment
Make journal entries for each of the above transactions : On 3 February 2019, they provided services on credit for $1,980 (GST inclusive) to Snow Ltd. Make journal entries for each of the above transactions
Rock samples you encountered while completing : The rock samples you encountered while completing this exercise are called hand samples because you can pick them up with your hand and study them.
Prepare the necessary adjusting entries at may : The April 30 deposit of $2,190 was included on the May bank statement. Prepare the necessary adjusting entries at May
State the type of audit report that you should issue : Required - For each independent situation, state the type of audit report that you should issue and give reasons for your answer
Majority of scientist believe the current warming : Why do an overwhelming majority of scientist believe the current warming of the planet is because of human activity?

Reviews

Write a Review

Accounting Basics Questions & Answers

  A company is considering selling a piece of factory

a company is considering selling a piece of factory equipment and buying new equipment to replace it. identify two cash

  Waltons warehouse reported sales of 640000 a contribution

waltons warehouse reported sales of 640000 a contribution margin of 8 per unit fixed costs of 314000 and a profit of

  The cost driver that the stamping department uses is

the stamping department accepted job 051507a on may 15th to make 1000 funnels.to complete the job they requisitioned

  The cash price of this machine was 38000 related

the cash price of this machine was 38000. related expenditures included sales tax 1700 shipping costs 150 insurance

  The general manager of qantas had two concerns the companys

the general manager of qantas had two concerns the companys worsening cash position 3000 cash and no bank loan at the

  Determine and assuming a tax rate is

This amount included a $50,000 loss on discontinued operation. The amount reported as income from continuing operations, assuming a tax rate of 25%, is

  What would be the effect on the net increase or decrease

selected account balances before adjustment for newhouse realty at march 31 2012 the end of the current year are as

  Compute the proceeds from the bond sale

On January 2, 2014, Weatherly Company issued $8,000,000 of their 10-year bonds at 96. Compute the Proceeds from the bond sale

  Business is leveraging information technology

Each Member is responsible for researching a company of their choice and preparing a presentation discussing how that business is leveraging Information Technology - this means how this company is using information technology internally to conduct..

  What amount would be included on the statement of cash flows

Given only, the following information. What amount would be included on the statement of cash flows under "Cash flows from Investing Activities"?

  Analyze the rationale of executives in cases

Analyze the rationale of executives in cases

  List the names of the taxpayers

Prepare Form 1040 for the Stanleys. Taxpayers had qualifying health care coverage at all times during the tax year

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd