Homework Answers
| Account debited | Account credited | Assets | Owner's Equity | |||
| Effect | reason | Effect | reason | |||
| 1 | Purchases | Bank | -2400 | Cheque issued, bank decreased | -2400 | Purchase of merchandise- expense |
| 2 | Goods/Inventory | Bank | -1450 | Cheque issued, bank decreased | -1450 | Purchase of Goods- expense |
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Activity 2.6 Analyse the transactions according to the table below. An cumple has already been completed....
Activity 2.8 Analyse the following transactions according to the table below. An example has already been...
Activity 2.8 Analyse the following transactions according to the table below. An example has already been completed. (66) Example Paid the telephone account at Grocery Garden, R312. General Ledger Assets Date Account Account Effect Reason credited Telephone Bank -R32 Cash decreases Owner's Equity Effect Reason -R312 Telephone expense Transactions 01 M Eugan increased his capital contribu to R250 000. Was issued with receipt ne the amount directly into the busines business has a profit margin of 25%.) iral contribution from...
Analyse the following transactions according to the table below. An example has already been completed. (66)...
Analyse the following transactions according to the table below. An example has already been completed. (66) Example Paid the telephone account at Grocery Garden, R312. General Ledger Assets Date Account Account Effect Reason credited Telephone Bank -R32 Cash decreases Owner's Equity Effect Reason -R312 Telephone expense 01 M Eugan increased his capital contribu TO R250 000. Was issued with receipt no. 33. Hed the amount directly into the busi business has a profit margin of 25%.) receipt no. 33. He...
Transactions Activity 2.8 Analyse the following transactions according to the table below. An example has already...
Transactions
Activity 2.8 Analyse the following transactions according to the table below. An example has already been completed. (66) Example Paid the telephone account at Grocery Garden, R312. General Ledger Assets Date Account Account Effect Reason credited Telephone Bank -R32 Cash decreases Owner's Equity Effect Reason -R312 Telephone expense 21 Issued a cash cheque to the owner for own use, R570. 26 Received Ri 110 from J Summers for the past month's rent. Cash sales of goods, R2 550 29...
>> Activity 2.7 Interpret the transactions according to the table below. An example has already been...
>> Activity 2.7 Interpret the transactions according to the table below. An example has already been completed. Example Sold trading stock for cash, R120 (cost price R80) General Ledger No. Account Account debited credited e.q. Bank Sales Assets Effect Reason Owner's Equity Effect Reason +40 Profit earned + 120 -80 Cost of sales Trading stock Cash increased Trading stock decreased Transactions 1. Sold trading stock for cash, R230 (cost price R100). (10) 2. Issued a cash register slip for the...
ai o Question 2 [36] ACCOUNTING EQUATION The following transactions occurred during January 2020 in the...
ai o Question 2 [36] ACCOUNTING EQUATION The following transactions occurred during January 2020 in the entity Andromeda Lynx Enterprises. The entity uses the perpetual inventory system and all inventory is marked up at 50% on cost. 1. A Hatman, the owner, increased his capital contribution from R50 000 to R250 000. Cash sales of goods, R18 225. Purchased a second-hand delivery vehicle on credit, R65 000. Paid R3 000 to Ram Motors for fuel for the delivery vehicle. Purchased...
REQUIRED Show the effect of the following transactions of Cheshire Stores on the Accounting equation.Use “+” to denote a...
REQUIRED Show the effect of the following transactions of Cheshire Stores on the Accounting equation.Use “+” to denote an increase, “–” to denote a decrease and “0” to denote no change tothe elements of the equation. Copy the table in your answer book and follow the example given. Assume that the bank balance is favourable at all times. Example: Paid the telephone account by cheque, R800 No. Assets = Equity + Liabilities e.g. –R800 –R800 0 2.1.1 2.1.2 2.1.3 2.1.4...
Note: Ignore the effect of VAT on all the transactions. Complete the following subsidiary journals in...
Note: Ignore the effect of VAT
on all the transactions.
Complete the following subsidiary
journals in the below EXACT formal:
Cash Receipts
Journal
(22)
Cash Receipts Journal of Superheroes SA for October
2019
Doc no.
D
Details
F
Analysis of Receipts
Bank
Sales
Cost of Sales
Debtors Control
Sundry Accounts
Amount
F
Details
Question 2 [70] Please read the following scenario carefully and then use the information provided to answer the questions. John Brown, the owner of Superheroes SA,...
Additional information and adjustments The rent for March 2019 has already been received. The value of...
Additional information and adjustments The rent for March 2019 has already been received. The value of inventories according to physical stocktaking as at 28 February 2019 are as follows: * Trading inventory R86 000 * Stationery R500 2. 3. An invoice received for an advertisement was erroneously debited to sundry expenses account, R2 400. 4. The telephone account for February 2019 has not yet been paid, R900. 5. Bank charges, which appeared on the bank statement for February 2019, were...
ASSIGNMENT 7: FINANCIAL ACCOUNTING Note: 1. Value Added Tax (VAT) must be ignored 2. Use the form...
All questions need to be answered please. From
questions 1 to question 5.
ASSIGNMENT 7: FINANCIAL ACCOUNTING Note: 1. Value Added Tax (VAT) must be ignored 2. Use the formats contained in your study guide to answer questions 2 to 5 (20) QUESTION 1 REQUIRED For each of the following questions, write down only the letter of the correct answer e.g. 1.6 C. Do not shovw any calculations. 1.1 he following information relates to an item of inventory sold by...
I had a question about Step 5-9. I already completed the general journal with the entries...
I
had a question about Step 5-9. I already completed the general
journal with the entries into the general ledger. Now I need help
creating the adjusted trial balance, I cant get it to equal to
$20,743. Also, I need help completing the financial statements:
income statements, statement of owners equity, and a balance sheet.
*Net Income has to equal $1024 and total assets has to equal
$18,354.
The
question is how can I balance out my adjusted trial balance...
Activity 2.8 Analyse the following transactions according to the table below. An example has already been completed. (66) Example Paid the telephone account at Grocery Garden, R312. General Ledger Assets Date Account Account Effect Reason credited Telephone Bank -R32 Cash decreases Owner's Equity Effect Reason -R312 Telephone expense Transactions 01 M Eugan increased his capital contribu to R250 000. Was issued with receipt ne the amount directly into the busines business has a profit margin of 25%.) iral contribution from...
Analyse the following transactions according to the table below. An example has already been completed. (66) Example Paid the telephone account at Grocery Garden, R312. General Ledger Assets Date Account Account Effect Reason credited Telephone Bank -R32 Cash decreases Owner's Equity Effect Reason -R312 Telephone expense 01 M Eugan increased his capital contribu TO R250 000. Was issued with receipt no. 33. Hed the amount directly into the busi business has a profit margin of 25%.) receipt no. 33. He...
Transactions
Activity 2.8 Analyse the following transactions according to the table below. An example has already been completed. (66) Example Paid the telephone account at Grocery Garden, R312. General Ledger Assets Date Account Account Effect Reason credited Telephone Bank -R32 Cash decreases Owner's Equity Effect Reason -R312 Telephone expense 21 Issued a cash cheque to the owner for own use, R570. 26 Received Ri 110 from J Summers for the past month's rent. Cash sales of goods, R2 550 29...
>> Activity 2.7 Interpret the transactions according to the table below. An example has already been completed. Example Sold trading stock for cash, R120 (cost price R80) General Ledger No. Account Account debited credited e.q. Bank Sales Assets Effect Reason Owner's Equity Effect Reason +40 Profit earned + 120 -80 Cost of sales Trading stock Cash increased Trading stock decreased Transactions 1. Sold trading stock for cash, R230 (cost price R100). (10) 2. Issued a cash register slip for the...
ai o Question 2 [36] ACCOUNTING EQUATION The following transactions occurred during January 2020 in the entity Andromeda Lynx Enterprises. The entity uses the perpetual inventory system and all inventory is marked up at 50% on cost. 1. A Hatman, the owner, increased his capital contribution from R50 000 to R250 000. Cash sales of goods, R18 225. Purchased a second-hand delivery vehicle on credit, R65 000. Paid R3 000 to Ram Motors for fuel for the delivery vehicle. Purchased...
Note: Ignore the effect of VAT
on all the transactions.
Complete the following subsidiary
journals in the below EXACT formal:
Cash Receipts
Journal
(22)
Cash Receipts Journal of Superheroes SA for October
2019
Doc no.
D
Details
F
Analysis of Receipts
Bank
Sales
Cost of Sales
Debtors Control
Sundry Accounts
Amount
F
Details
Question 2 [70] Please read the following scenario carefully and then use the information provided to answer the questions. John Brown, the owner of Superheroes SA,...
Additional information and adjustments The rent for March 2019 has already been received. The value of inventories according to physical stocktaking as at 28 February 2019 are as follows: * Trading inventory R86 000 * Stationery R500 2. 3. An invoice received for an advertisement was erroneously debited to sundry expenses account, R2 400. 4. The telephone account for February 2019 has not yet been paid, R900. 5. Bank charges, which appeared on the bank statement for February 2019, were...
All questions need to be answered please. From
questions 1 to question 5.
ASSIGNMENT 7: FINANCIAL ACCOUNTING Note: 1. Value Added Tax (VAT) must be ignored 2. Use the formats contained in your study guide to answer questions 2 to 5 (20) QUESTION 1 REQUIRED For each of the following questions, write down only the letter of the correct answer e.g. 1.6 C. Do not shovw any calculations. 1.1 he following information relates to an item of inventory sold by...
I
had a question about Step 5-9. I already completed the general
journal with the entries into the general ledger. Now I need help
creating the adjusted trial balance, I cant get it to equal to
$20,743. Also, I need help completing the financial statements:
income statements, statement of owners equity, and a balance sheet.
*Net Income has to equal $1024 and total assets has to equal
$18,354.
The
question is how can I balance out my adjusted trial balance...
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