User Account

All Pages

Prepare necessary properly formatted general journal entery

Assignment Help Financial Accounting
Reference no: EM132546268

The following information relates to the business of Stonebridge Pty Ltd for the year ending 30 June 2019. The company had a closing balance of $9,000 credit in its allowance for doubtful debts account and $54,000 debit balance in accounts receivable.

  • On 10th July 2019, the business provided services on credit to Rain Passion Pty Ltd, of $11,000 (GST inclusive).
  • Unfortunately Rain Passion Pty Ltd notified Stonebridge on 31st July 2019 that they had declared bankruptcy and as a result could not pay their bill.
  • The business received on 7th August 30% of $22,000 owed by Essence Pty Ltd from sales in a previous period.
  • Rain Passion Pty Ltd contacted Stonebridge on 5th September 2019 to confirm they had paid $2,200 that was previously thought to be uncollectable.
  • On 30th September 2019, Management informs you that they have reassessed the allowance for doubtful debts and have decided on a closing balance at the end of September of $15,000 (GST exclusive) under the ageing of receivables approach.

REQUIRED:

Question 1: Prepare the necessary properly formatted general journal entries to record the transactions as shown above. You should allow for GST where applicable when completing your journal entries.

Reference no: EM132546268

Questions Cloud

Prepare the investing section of the statement of cash flows : Prepare the investing section of the statement of cash flows for Lilac Ltd for the year ended 30 June 2019.(Show amounts that decrease cash flow)
Potential risks involved with cloud computing : What are some of the potential risks involved with cloud computing?
Describe the strategies you would use to gain the support : Describe the strategies you would use to gain the support needed for this issue through individual advocacy. Describe the strategies you would use to attract.
Calculate value of the plane at the date of disposal : Citano Company has a used executive charter plane that originally cost $800,000. Calculate value of the plane at the date of disposal
Prepare necessary properly formatted general journal entery : Prepare the necessary properly formatted general journal entries to record the transactions as shown above. You should allow for GST
How much unrealized net gain from the equipment transfer : You are preparing the worksheet for the 2020 fiscal year. How much unrealized net gain from the equipment transfer remains at the beginning of 2020
Describe ethical dilemma in providing stephen an education : Identify and describe the ethical dilemma in providing Stephen an education that allows him to flourish, based on his case study. Discuss why moving LRE.
Public service announcement : Research disease-related topic of interest to you in healthcare. Find recent statistics on that topic and write public service announcement
What would be the amount of product sales revenue recorded : What would be the amount of product sales revenue recorded on Jan 1, 2020? Sold and delivered product to customer. Customer to pay $3000 in three years interest

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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