User Account

All Pages

Provide adjusting general journal entries as at august

Assignment Help Accounting Basics
Reference no: EM132670842

On 1 August 2016 Sipho started a garden services business. The following is an extract of certain accounts from his trial balance on 31 August 2016:

Prepaid expenses (insurance) R1500

Equipment R8000

Loan (credit) R10000

Fees earned R2000

Income received in advance (fees) R1500

The following relates to the above accounts:

a. The insurance premium was paid for the month of September 2016.

b. Depreciation on equipment for August 2016 amounts to R300.

c. The loan was negotiated on 1 August 2016 at an interest rate of 15% per annum.

d. A client paid R1500 on 1 August 2016, for the next four months (September, October, November and December).

e. A client, who received services valued at R250 during August, has not yet paid for them.

Sipho would like to prepare statements on a monthly basis.

REQUIRED:

Problem 1: Provide adjusting general journal entries as at 31 August 2016. Show all calculations.

Reference no: EM132670842

Questions Cloud

Why security architecture is important to an organization : In your own words explain why security architecture is important to an organization? and what does an assessor need to understand before she or he can perform.
New hazard emergency plan project : Assume you are the local emergency manager for your community. You have conducted a risk analysis and identified a hazard that presents an imminent threat
Discuss about the general ledger bank account balance : Discuss the items that can cause differences between the general ledger bank account balance (as prepared by the bookkeeper) and the balance as per bank
Common elements used to derive occupational exposure limits : Discuss the common elements used to derive occupational exposure limits (OELs). Provide your opinion as to which of the elements is the most important.
Provide adjusting general journal entries as at august : Provide adjusting general journal entries as at 31 August 2016. Show all calculations. Sipho would like to prepare statements on a monthly basis.
Compute the total overhead variance for world company : Compute the total overhead variance. World Company Expects to operate at 90% of it productive capacity of 17,000 units per month.
What is Missy recognized gain : What is Missy's recognized gain if she rejects the $330,000 offer and accepts another offer of $340,000 three months later i.e 14 months after the listing date
Definition of initial direct cost : Definition of initial direct cost. The classification criteria for when a lessee classifies a lease as a finance and a lessor classifies a lease as a sales-type
What the amount of depreciation for the third year would be : Using the sum-of-the-years-digit method, the amount of depreciation for the third year would be? Estimated salvage value $ 12,000

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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