What the primary purpose of the listing is to

Assignment Help Financial Accounting
Reference no: EM132998213

Problem 1: James Gilbert Pty Ltd uses a subsidiary ledger and control account system for its accounts receivable. At the end of the accounting period a listing of customers' accounts is prepared from the subsidiary ledger. The primary purpose of this listing is to:

a. Check the amount that should be posted to the accounts receivable control account
b. Determine whether the debits equal the credits in the subsidiary ledger
c. Prove that the subsidiary ledger agrees with the control account
d. Provide information necessary for trial balance preparation
e. All of the above

Reference no: EM132998213

Questions Cloud

Evaluate cvss decision : Evaluate CVS's decision to no longer sell tobacco products.
Current trends in higher education : What are the most important current trends in higher education and why?
Why is it important that program developers know legislation : Why is it important that program developers know the legislation and regulations affecting vocational education and training (VET)?
Explain different types of mis : Explain different types of MIS and analyze their strategic and competitive opportunities for business
What the primary purpose of the listing is to : At the end of the accounting period a listing of customers' accounts is prepared from the subsidiary ledger. The primary purpose of this listing is to
Explain the four possible brand objectives : Using Milo as a brand case, explain the four (4) possible brand objectives involve at each stage in the brand resonance model.
Provide the entry to record derecognition of note payable : Provide the entry to record the derecognition of the note payable. On January 1, 20x1, an entity has outstanding note payable with carrying amount of P1,200,000
Provide the entries on january to record the conversion : The bonds mature on December 31, 20x4 and pay annual interest of 16%. Provide the entries On January 1, 20x3 to record the conversion of bonds.
Provide the entry on december to record the retirement : Provide the entry on December 31, 20x2 to record the retirement of the bonds. On January 1, 20x1, an entity issues bonds with a face amount of P4,000,000.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Determine the income effects of receivables transaction

Prepare a schedule showing the income statement effects for the year ended December 31, 2017, as a result of the above facts.

  Events for the building capital project fund

Village council of the Village of Elizabeth planning to construct a new office building. Please make journal entries for the following events for the building capital project fund. Received $50,000 short term loan from the general fund. The bond with..

  What is the gain on purchase commitment to be recognized

On February 15, 2021, the price of gold is P300 per ounce. What is the gain on purchase commitment to be recognized on February 15, 2021?

  Projects on a common chart

Problem: Graph the NPV profiles for both projects on a common chart, making sure that you identify all the crucial points.

  What is cool caps cost per cap

On February 15, 2021 Cool Caps purchased 400 caps at $18 per cap on credit (2/10, n/30). What is Cool Caps cost per cap

  Explain bishop supply company

Determined that 5 percent of the ending accounts receivable balance would be uncollectible.

  Prepare a journal entry to record cash collections

In 2013, Grant Corporation recorded credit sales of $3,200,000 and bad debts expense of $42,000. Write-offs of uncollectible accounts totaled $39,000 and one account, worth $12,000, that had been written off in an earlier year was collected in 2013. ..

  Evaluate the appropriateness of bretts plan

Brett started a new construction business in April 2016. In connection with the new business, he purchased a new backhoe for $60,000 in June 2016. The new business is struggling and expecting to show a loss for 2016. Evaluate the appropriateness of B..

  Explain the cost of capital for a firm

Question - In your words, explain the "Cost of Capital" for a firm. (How does it relate to the firm's investors?)

  Calculate the present value of the cash inflows of project

If the company requires a return of 12 percent for such an investment, calculate the present value of the cash inflows of the project.

  Outline the impact on inherent risk

For each of the independent situations described above, outline the impact, if any, on inherent risk

  Forecasting revenue-costs and estimated cash flows

Forecasting Revenue, Costs, and Estimated Cash Flows. To prepare for this Assignment, use the Netflix and Amazon Data Spreadsheet, located in this week’s Learning Resources, to generate a pro forma forecast and consider what this indicates about the ..

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd