Prepare general journal entries to record the march sale

Assignment Help Accounting Basics

Reference no: EM133207631 , Length: Word Count: 1500 Words

Assignment Question -

Q1- A. What is a bank reconciliation and why is it important for companies to do it periodically?

B. Prepare a Bank Reconciliation Statement for XYZ company that has:

Bank statement of SR9,000.

Cash account of SR7,500.

Additional information for the reconciliation:

Deposit in transit.

NSF Check.

Outstanding check.

Collections made by the bank.

Required - provide an amount of each information to bring the adjusted balances to be equal.

Q2 - Assume that you have a company. And the management estimates that 2.5% of sales will be uncollectible.

Provide an amount of sales and prepare the journal entry using the percent of sales method.

Q3 - A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory.

January 1: Purchased 100 units at SAR10 per unit

February 5: Purchased 60 units at SAR 12 per unit

March 16: Sold 40 Units for SAR 16 per unit

Prepare general journal entries to record the March 16 sale using the FIFO inventory valuation method and LIFO inventory valuation method.

Q4 - A company wants to implement good internal control. What are the policies and procedures you can suggest to minimize human frauds and errors?

Reference no: EM133207631

Questions Cloud

Roles and responsibilities of the supreme court : 5 U.S. Supreme Court questions. Use academically appropriate websites for your research, and cite your sources. you are encouraged to incorporate this week's vo

Evaluate the agencys approach to lgbtq issues : Evaluate the agency's approach to LGBTQ issues, highlighting the strengths and weaknesses. Strayer University. PAD 530.

How do rocks respond to differential stress : How do rocks respond to differential stress at different depths inside the Earth? Explain the mechanisms of how earthquakes occur.

How would you evaluate this employees power : How would you evaluate this employees power and What might he have done to increase his power and call notice to the ethical and legal problems

Prepare general journal entries to record the march sale : Prepare general journal entries to record the March 16 sale using the FIFO inventory valuation method and LIFO inventory valuation method

Discuss arguments for canadas price floor for milk : One of ways is to impose a price floor for milk. Discuss arguments for and against Canada's price floor for milk. University of Southern California. ECON 200.

Research and list current cultural realities : Research and list current cultural realities that should be addressed to encourage full participation in your service by Aboriginal

Eliminate specific responsibilities and ksaos : Eliminate specific responsibilities and KSAOs from the formal job description which pertains to employee safety. What should you do?

Discuss the various communication challenges : Discuss the various communication challenges faced by employees in the present-day workplace environment.

User Account

All Pages