Reference no: EM133000750
Question - On 1 September the balance of the accounts receivable control account in the general ledger of Whelan Company was $11,960. The customers' subsidiary ledger contained account balances as follows: Jana $2 440, Kingston $2,640, Johnson $2,060, Phillips $4,820. At the end of September the various journals contained the following information.
Sales journal: Sales to Phillips $800; to Jana $1,260; to Simons $1,030; to Johnson $1,100.
Cash receipts journal: Cash received from Johnson $1,310; from Phillips $2,300; from Simons $380; from Kingston $1,800; from Jana $1,240.
General journal: An allowance is granted to Phillips $220.
Required -
(a) Set up control and subsidiary accounts and enter the beginning balances.
(b) Post the various journals. Post the items as individual items or as totals, whichever would be the appropriate procedure. (No sales discounts given.)
(c) Create a list of customers/debtors and prove the agreement of the controlling account with the subsidiary ledger as at 30 September 2017.
|
What the cash flow on the FRA
: All the interest rates are compounded quarterly. It enters FRA rate of 4% per annum. Alpha bet can borrow at LIBOR + 0.2%. What the cash flow on the FRA
|
|
Thematic approaches to the study of literature
: Discuss whether horror legitimizes and/or valorizes acts of violence in Goddard's cabin in the Woods and Discuss whether horror legitimizes and/or valorizes
|
|
Find the effective rate
: He signs a discount note at a credit union, using his expected commission as the maturity value. The discount rate is 8%. Find the effective rate (APR).
|
|
Calculate common sized value for inventory
: A firm has sale of $1,510, current assets of $240, property, plant and equipment (net) of $450, and inventory of $90. Calculate common sized value for inventory
|
|
Post the various journals
: Post the various journals. Post the items as individual items or as totals, whichever would be the appropriate procedure. (No sales discounts given.)
|
|
How much cca tax deduction can the business claim
: The equipment qualifies for the Accelerated Investment Incentive. How much CCA tax deduction can the business claim in the third year?
|
|
Calculate the net present value
: Calculate the net present value (NPV), internal rate of return (IRR) and the payback period for each project. Indicate which project is best using NPV
|
|
Calculate the cash payments to suppliers during the year
: Stock write-offs owing to water damage caused by melting ice in the Antarctic $5,000. Calculate the cash payments to suppliers during the year
|
|
Create your personal portfolio website
: Express Portfolio Site - Create your Personal Portfolio Website using ExpressiS and Implementing the US temptating engine. Your site must be hosted live
|