Prepare journal entries to record the following transactions. You are required to show all calculations: 3.1...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Prepare journal entries to record the following transactions. You are required to show all calculations: 3.1 3.2 The company adopted the straight-line depreciation method. Record the 15% depreciation on the plant and equipment purchased On 1 December 2020 for R125 000. The allowance for credit losses account has an opening balance of R4 500. The policy requires the allowance to equate 8% of the total accounts receivable. The debtors sub-ledger totaled R52 000 prior receiving 40c in the rand on an account of R3 000. The financial manager instructed the write off on the balance. Prepare journal entries to record the following transactions. You are required to show all calculations: 3.1 3.2 The company adopted the straight-line depreciation method. Record the 15% depreciation on the plant and equipment purchased On 1 December 2020 for R125 000. The allowance for credit losses account has an opening balance of R4 500. The policy requires the allowance to equate 8% of the total accounts receivable. The debtors sub-ledger totaled R52 000 prior receiving 40c in the rand on an account of R3 000. The financial manager instructed the write off on the balance.
Expert Answer:
Answer rating: 100% (QA)
31 The journal entry to record the depreciation on plant and equipment purchased on 1 December 2020 ... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
Students also viewed these accounting questions
-
Prepare journal entries to record the following transactions for a retail store. Assume a perpetual inventory system. Apr. 2 Purchased merchandise from Lyon Company under the following terms: $4,600...
-
Prepare journal entries to record the following transactions for a retail store. Assume a perpetual inventory system. Apr. 2 Purchased merchandise from Johns Company under the following terms: $5,900...
-
Prepare journal entries to record the following transactions for a retail store. Assume a perpetual inventory system. Apr. 2 Purchased merchandise from Blue Company under the following terms: $3,600...
-
First United Bank Inc. is evaluating three capital investment projects by using the net present value method. Relevant data related to the projects are summarized as follows: Instructions 1. Assuming...
-
Robert Mendoza declared that he bought a winning lottery ticket and was entitled to collect the 5.5 million dollar prize. He had lost the ticket and was unable to claim the prize because lottery...
-
a. Find d/dx (x 2 ln x). b. Hence evaluate 1 e 4x ln x dx.
-
Fill in the blanks: 8 NUMBER OF YEARS 18 28 Amount of annual cash inflow* $10,000 $ 7,000 Required initial investment $80,000 $29,099 Internal rate of return 18% 16% % Minimum desired rate of return...
-
On April 1, 2013, CMV Corp. issued $600,000, 5%, 5-year bonds at face value. The bonds were dated April 1, 2013, and pay interest annually on April 1. Financial statements are prepared annually on...
-
6. A company that custom makes products to customer specifications would use process costing, rather than job-order costing. a. true b. false The following information applies to questions 7 through...
-
1. Which pricing tactics does each company utilize? Evaluate the effectiveness of each one of these tactics for the particular pizza chain. 2. How might the current price wars change the pricing...
-
Given the following information concerning European options on a non-dividend paying stock: Call price $4.00 Put price $3.10 Strike price $30.00 Time to expiry 3 months Stock price $31.00 Risk free...
-
Malander Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During November, the kennel budgeted for 3,400 tenant-days, but...
-
Wehrs Corporation has received a request for a special order of 9,400 units of product K19 for $46.90 each. The normal selling price of this product is $52.00 each, but the units would need to be...
-
This the same data from the Starbucks example. Again, we want to make a forecast for the 19th week. This time, we will try use MSE to choose the best forecasting method. You are already given the...
-
2-3 54 Q9. Find minors and cofactors of the elements of the determinant 6 0 5 - 71 Q10. Discuss the continuity of the function f(x) = x3 + x-1 at x = 1.
-
What are the ethical implications of resilience-focused interventions, particularly concerning issues of autonomy, agency, and cultural sensitivity ?
-
what are the major audit risk areas of Coles? explain thepotential impact of the audit risk on the company??s financialstatements and detail the auditing procedures to verify the accountbalances i 2...
-
Kim Ries, Tere Bax, and Josh Thomas invested $40,000, $56,000, and $64,000, respectively, in a partnership. During its first calendar year, the firm earned $124,500. Required Prepare the entry to...
-
Good accounting systems help with the management and control of cash and cash equivalents. 1. Define and contrast the terms liquid asset and cash equivalent. 2. Why would companies invest their idle...
-
Ramirez Company is considering a project that will require a $500,000 loan. It presently has total liabilities of $220,000, and total assets of $620,000. 1. Compute Ramirezs (a) Present...
-
United Limited, a company that manufactures sporting equipment and accessories, owns a number of properties, which are listed below: 1. Trafford Lane: a freehold factory and office block used...
-
Helix Limited (Helix) purchased three identical properties (Right, Left and Up), and leased a fourth (Down), which has been classified as a right-of-use asset in accordance with IFRS 16 Leases,...
-
What are the principal accounting and disclosure differences between IAS 40 and FRS 102, Section 16?
Study smarter with the SolutionInn App