Question

Question 5 Fill in the missing amounts from the folloving T accounts. Accounts Receivable Aug. 10 15 16,80 6,70 Aug. 23 (a) Bal. 8,90 Sept. 5 (b) Sept. 15 8,300 Bal. 4,30 Accounts Payable Aug. 5 (c) 18 3,100 Aug. 29 5,20 Bal. Sept. 12 4,500 7,100 Sept. 23 5,30 Bal. Sales Aug. 10 54,700 Aug. 12 50 15 48,100 Bal. Sept. 12 (f) Sept. 25 40 106,800

Answer 1

The calculation of Aug 23 (a) is shown below

Amount on Aug 10 + Amount on Aug 15 - Balance = Amount of Aug. 23(a)

$16,800 + $6,700 - $8,900 = Amount of Aug. 23(a)

$14,600

Amount of Aug. 23(a)

Since this is the T-account of accounts receivable the transactions of Aug 10 and 15 represents the sales made on credit

and the transaction on Aug 23(a) represents partial payment received from customer which is calculated by adding the sale on credit less the closing balance given

Therefore answer to (a) is $14,600

The calculation of Sept 5 (b) is shown below

Amount on Sept 15 + Ending Balance - Beginning Balance = Amount of Sept. 5 (b)

8,300 + 4,300 - 8,900 = amount of sept 5 (b)

$3,700

Amount of Sept 5 (b)

The transation on Sept 15 represents amount received from customer and on Sept 5 represents the sale on credit made in Sept

which is calculated by adding customer payment with ending balance and deducing opening balance of accounts receivable

Therefore answer to (b) is $3,700

The calculation of Aug 5 (c) is shown below

Amount on Aug 29 + Ending Balance - Amount on Aug 18 = Amount of Aug 5 (c )

5,200 + 4,500 - 3,100 = Amount of Aug 5 (c )

$6,600

Amount of Aug 5 (c )

Since this is the T- account of accounts payable which is created for credit purchases, the transaction on Aug 23 represents payment to the supplier

and on Aug 5 and Aug 18 represents the purchases which are made on credit

Answer to (c ) is $6,600

Ending balance (d)

Beginning Bal + amount on Sept 12 - amount on Sept 23 = End balance

4,500 + 7,100 - 5,300 = End balance

6300

End balance

The transaction on Sept 12 represents credit purchase and that on Sept 23 represents payment made to supplier, the ending balance is calculated as

Beginning bal plus credit purchase less payment to supplier

Answer to (d ) is $6,300

Bal (e )

Amount on Aug 10 + Amount on Aug 15 - Amount on Aug 12 = End balance

54,700 + 48,100 - 500 = End balance

102300

End balance

Since this is the T-account of sales the transactions on 10th and 15th represents the sales made and on 12th represents discount or return, the net sales is calculated as

Sales - return/discount

Answer to (e ) is $102,300

Amount of Sept 12 (f)

Bal + Sept 25 = amount of Sept 12 (f)

106,800 + 400 = amount of sept 12 (f)

107,200 = amount of sept 12 (f)

This is the T-account of sales and the bal represents the net sales of sept which is calculated as sales less the discount/return

Answer to (f ) is $107,200