Reference no: EM132591383
Question - Jordan, a sole trader, had the following assets and liabilities on 1st May 2010. Cash in hand Ts. 900 Cash at Bank 1,800, Office Furniture 20,000
Debtor: Brown 3,500
Creditors: Juma 3,000
Transactions for the month of May 2010 are as follows: 2010 8 Purchased goods on credit from Juma Ts.1700/=
16 Received payment by cheque from Brown Ts.3,000/= net of discount; Discount allowed Ts.200/=
17 Sold goods on credit to Ben Ts.2,600/=
20 Paid cheque to Juma Ts.2,600/= less 5% cash discount.
24 Cash sales Ts.1,280/=
27 Received cheque from Ben Ts.1,400/= less 5% cash discount
28 Cash from office paid into bank Ts.850/=
29 Paid rent Ts.1,400/= by cheque
Required -
i. Record the opening entries in the general journal.
ii. Prepare books of original entry to record the above transactions
iii. Post the transactions from the journals to the ledger.
iv. Balance the accounts at the end of the month.
|
What is the company key objective
: What is the company's key objective (that is, are they focused on profits, market share, growth, brand positioning, etc.)?What products or services do they sell
|
|
What annual deposit will be required to accumulate
: If the first deposit is made at the end of this year, what annual deposit will be required to accumulate the $85 million
|
|
Determine taxable income in each of the instances
: Book income of $59,000 including capital gains of $5,000, a charitable contribution of $1,200, Determine taxable income in each of the instances
|
|
Prepare the journal entries to record the gain
: Prepare the journal entries to record the gain on Troubled's books. What entry should Troubled make on January 1, 2021
|
|
Record the opening entries in the general journal
: Jordan, a sole trader, had the following assets and liabilities on 1st May 2010. Record the opening entries in the general journal
|
|
Compute Grouse ending inventory using the FIFO method
: The invoice cost of goods on hand at the end of the year is $3 million. Compute Grouse's ending inventory using the FIFO method
|
|
Evaluate evidence-based human resource strategies
: Evaluate evidence-based human resource strategies in the application of operation management. Apply critical thinking to use principles of sound reasoning.
|
|
Discuss the statement regarding health care costs
: Discuss the following statement: "Health care costs are out of control in the United States, and increasing conflicts between employers and employees are.
|
|
How disasters affect logistics of for-profit companies
: Explain how disasters and crises affect the logistics of for-profit companies. Based on research, determine the two most detrimental aspects of these scenarios.
|