Answer the questions that are given below. 11. From the following list of balances and adjustments for
Fantastic news! We've Found the answer you've been seeking!
Question:
Answer the questions that are given below.
Transcribed Image Text:
11. From the following list of balances and adjustments for Frutte Lemon you are required to complete a Ten Column Worksheet, for the six months ended 30 June 2020. Perpetual inventory method is used. Frutte Lemon Ledger balances as at 30 June 2020 5.0% Telecom bonds Accumulated Depreciation - Equipment Bad debts Bank overdraft Capital Accounts Payable control Accounts Receivable control Discount received Electricity Equipment GST Paid GST Collected Insurance Interest on overdraft Allowance for Doubtful Debts Cost of Goods Sold Rent Rent received Salaries Sales Inventory 30/06/20 Telephone Vehicle expenses 9 Adjustments required at 30/06/2020: Salaries accrued - $700 Insurance prepaid - $100 Write off a further bad debt of $198 including GST Allowance for Doubtful Debts is to be adjusted to $645 Accrue interest on Telecom bonds for three months $113 Depreciation @20% per annum on equipment at cost July rent received in June - $140 $4,500 2,299 706 1,786 ? 7,602 20,303 296 963 8,800 1,400 1,650 1,853 1,417 420 56,096 5,760 1,733 8,912 83,890 14,853 950 2,163 Frutte Lemon Ten Column Worksheet for the six months ended 30 June Chapter 17 RQ# 11 Account Trial Balance Dr Cr Adjustments Trading Account Cr Dr Profit & Loss B... Dr Dr Cr 10% Telecom Bonds Accum Dep Equip Bad Debts Bank Overdraft Capital Accounts Payable Accounts Receivable Discount Received Electricity Equipment GST Paid GST Collected Insurance Interest on O/draft Allow Doubt Debts Cost of Goods Sold Rent Rent Received Salaries Sales Inventory 30/06/20 Telephone Vehicle Expenses Dr Cr Cr PAVA Chapter 17 Final Reports 293 11. From the following list of balances and adjustments for Frutte Lemon you are required to complete a Ten Column Worksheet, for the six months ended 30 June 2020. Perpetual inventory method is used. Frutte Lemon Ledger balances as at 30 June 2020 5.0% Telecom bonds Accumulated Depreciation - Equipment Bad debts Bank overdraft Capital Accounts Payable control Accounts Receivable control Discount received Electricity Equipment GST Paid GST Collected Insurance Interest on overdraft Allowance for Doubtful Debts Cost of Goods Sold Rent Rent received Salaries Sales Inventory 30/06/20 Telephone Vehicle expenses 9 Adjustments required at 30/06/2020: Salaries accrued - $700 Insurance prepaid - $100 Write off a further bad debt of $198 including GST Allowance for Doubtful Debts is to be adjusted to $645 Accrue interest on Telecom bonds for three months $113 Depreciation @20% per annum on equipment at cost July rent received in June - $140 $4,500 2,299 706 1,786 ? 7,602 20,303 296 963 8,800 1,400 1,650 1,853 1,417 420 56,096 5,760 1,733 8,912 83,890 14,853 950 2,163 Frutte Lemon Ten Column Worksheet for the six months ended 30 June Chapter 17 RQ# 11 Account Trial Balance Dr Cr Adjustments Trading Account Cr Dr Profit & Loss B... Dr Dr Cr 10% Telecom Bonds Accum Dep Equip Bad Debts Bank Overdraft Capital Accounts Payable Accounts Receivable Discount Received Electricity Equipment GST Paid GST Collected Insurance Interest on O/draft Allow Doubt Debts Cost of Goods Sold Rent Rent Received Salaries Sales Inventory 30/06/20 Telephone Vehicle Expenses Dr Cr Cr PAVA Chapter 17 Final Reports 293
Expert Answer:
Answer rating: 100% (QA)
ANSWER To complete the Ten Column Worksheets for both Frutte Lemon and Gibraltar Moon we need to follow the adjustments provided for each company Lets ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
he kinetic energy in a collision between molecules can go into dissociating one or both molecules, provided the kinetic energy is At room temperature (300 K), is it likely that He2 molecules will...
-
You are asked by Julia Kreiger to prepare an 8-column worksheet and then an income statement and balance sheet for the year ended 30 June 2022. Use the account balances in figure 11.38 and the...
-
If A = -2 6 1 -7 1 then det (A) = an and A-1 =
-
On December 31, 2017, Day Company leased a new machine from Parr with the following pertinent information: Lease...
-
A government department generates information which should not be disclosed to anyone who works outside of the department. There are many other government departments working within the same...
-
The feed to a pentane isomerization process consists of \(650 \mathrm{kmol} / \mathrm{hr}\) of n-pentane and \(300 \mathrm{kmol} / \mathrm{hr}\) of isopentane. The effluent from the catalytic...
-
Prepare a balance sheet and income statement for the Warner Company from the following scrambled list of items: Depreciation expense...............$ 66,000 Cash .................... 225,000 Long-term...
-
Explain: Standard cost ideal standard vs practical standard Talk about Flexible budget+ (+ Variances actual) Do you will use ideal standard in the accounting computation? Target costing (pricing) +...
-
A centrifugal pump delivers water through a 40-cm-diameter, 1,000-m-long commercial steel pipe from reservoir A to B with EA = 920.5 m and 8 = 935.5 m. Friction losses vary according to the Moody...
-
Examine the comparative trade-offs inherent in various sorting algorithms, namely quicksort, mergesort, and heapsort, with nuanced consideration towards factors encompassing time complexity,...
-
Three point charges, +5.8 C, +2.4 C, and -2.4 C, lie along the x-axis at 0 cm, 2.4 cm, and 5.7 cm, respectively. What is the force exerted on q by the other two charges? (To the right is positive.)...
-
How much energy does a refrigerator have to remove from 2 . 0 2 . 0 kg of soup at 2 0 . 0 2 0 . 0 deg C to make it 1 5 . 0 - 1 5 . 0 deg C ? ( ? ( Assume that the soup can be approximated as...
-
1 . Suppose we have two infinite planes. One is the x - y plane, and the other is parallel, but goes through z = 2 5 cm . a . If the plane at 2 5 cm is at 1 0 Volts, and the plane at 0 cm is at 0...
-
In the nation of Wakanda, GDP is $ 5 0 0 billion, Exports are $ 5 0 billion, Consumption is $ 3 7 0 billion, Investment is $ 1 2 0 Billion, and Government Spending is $ 3 0 billion then what would...
-
In 2020, new 5G compatible cell phones become available. For a given supply, the equilibrium price of a cell phone A. falls and the equilibrium quantity increases if the demand for cell phones...
-
On 1 February 2021 , Design Thinking Pty Ltd obtained a three year bank loan of $90,000 at an annual interest rate of 3.5% p.a. Record the adjusting entry for the year ending 31 August 2021 by...
-
Figure displays a 12.0 V battery 3 four uncharged capacitors of capacitances C1 = 4.00F, C2 = 6.00F, and C3 = 3.00F. The switch is thrown to the left side until capacitor 1 is fully charged. Then the...
-
Phil and Linda are 25-year-old newlyweds and file a joint tax return. Linda is covered by a retirement plan at work, but Phil is not. a. Assuming Phil's wages were $27,000 and Linda's wages were...
-
On July 1, 2012, Ted, age 73 and single, sells his personal residence of the last 30 years for $365,000. Ted's basis in his residence is $35,000. The expenses associated with the sale of his home...
-
Deborah purchases a new $30,000 car in 2012 to use exclusively in her business. If Deborah does not elect to expense or take bonus depreciation in 2012 and holds the car until it is fully...
-
A company with a price-earnings ratio of 14 has an earnings yield closest to: A. 7.14% B. 14.00% C. 92.86%
-
Which of the following is not produced by a company to communicate its financial results? A. Schedule 13D. B. Annual report. C. 10-K statement.
-
The role of the 8-K filing with the Securities and Exchange Commission is best described as to disclose: A. the annual report. B. executive compensation. C. holdings of beneficial owners.
Study smarter with the SolutionInn App