The following debtor control account and debtors list were prepared by the owner of Siyadula Traders....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following debtor control account and debtors list were prepared by the owner of Siyadula Traders. The owner is unsure if he has correctly prepared it. REQUIRED: Use the following information to prepare the correct account and list: 1.1 Debtors control account for January 2021 (8 Marks) 12 Debtors list at 31 January 2021. (5 Marks) General Ledger DEBTORS CONTROL ACCOUNT Jan 01 Balance b/d 54 300 Jan 31 Bank and discount CRJ5 36 200 Sales Returns SRJ 6 200 Sales SJ 62 110 Balance cld 37 810 98 310 98 310 Feb 01 Balance b/d 37 810 Debtors List as at 31 January 2021 Debit Credit B. Afleck 12 525 M. Damon 19 085 J. Peter 18 100 A. Paul 9 200 D. Carter 17 900 76 810 The following errors and omissions were discovered after the above was drawn up: 1) The opening balance is R800 less than it should be. 2) The debtors' column in the cash receipts journal was overcast by R2 000. 3) Goods returned by B. Afleck valued at R300 were not processed. 4) Credit sales of R4 800 made to J. Peter was incorrectly posted to the account of D. Carter. 5) A cheque for R2 400 received from A. Paul in payment of his account was incorrectly entered in the cash receipts joumal as R4 200. 6) No entry has been made for a cheque for R2 340 that was retuned by the bank marked "R/D - insufficient funds". The cheque was previously received from debtor C. Walken in settlement of a debt of R 2 600. The account must also be written off as C. Walken cannot be traced. The following debtor control account and debtors list were prepared by the owner of Siyadula Traders. The owner is unsure if he has correctly prepared it. REQUIRED: Use the following information to prepare the correct account and list: 1.1 Debtors control account for January 2021 (8 Marks) 12 Debtors list at 31 January 2021. (5 Marks) General Ledger DEBTORS CONTROL ACCOUNT Jan 01 Balance b/d 54 300 Jan 31 Bank and discount CRJ5 36 200 Sales Returns SRJ 6 200 Sales SJ 62 110 Balance cld 37 810 98 310 98 310 Feb 01 Balance b/d 37 810 Debtors List as at 31 January 2021 Debit Credit B. Afleck 12 525 M. Damon 19 085 J. Peter 18 100 A. Paul 9 200 D. Carter 17 900 76 810 The following errors and omissions were discovered after the above was drawn up: 1) The opening balance is R800 less than it should be. 2) The debtors' column in the cash receipts journal was overcast by R2 000. 3) Goods returned by B. Afleck valued at R300 were not processed. 4) Credit sales of R4 800 made to J. Peter was incorrectly posted to the account of D. Carter. 5) A cheque for R2 400 received from A. Paul in payment of his account was incorrectly entered in the cash receipts joumal as R4 200. 6) No entry has been made for a cheque for R2 340 that was retuned by the bank marked "R/D - insufficient funds". The cheque was previously received from debtor C. Walken in settlement of a debt of R 2 600. The account must also be written off as C. Walken cannot be traced.
Expert Answer:
Answer rating: 100% (QA)
DOMS e No Date Sou Debtoms contuol Account Balonu b... View the full answer
Related Book For
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date:
Students also viewed these general management questions
-
Required Use the following information to prepare a multistep income statement and a balance sheet for Sherman Equipment Co. for 2016. Salaries Expense$ ............. 69,000 Common Stock...
-
Required Use the following information to prepare a multistep income statement and a classified balance sheet for Eller Equipment Co. for 2016. Salaries expense ............ $ 72,000 Common stock...
-
Use the following information to prepare a multistep income statement and a balance sheet for Belmont Equipment Co. for 2013. Salaries Expense ................ $ 78,000 Common Stock ...................
-
A car is randomly selected at a traffic safety checkpoint, and the car has 6 cylinders. Determine whether the given values are from a discrete or continuous data set.
-
Prepare a statement of estimated cash receipts and disbursements for October 20X7 for the Herbal Magic Company, which sells one product, herbal soap, by the case. On October 1, 20X7, part of the...
-
Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory Oct. 13 Sale Oct. 22 Purchase Oct. 29 Sale 320 units at $20 200 units 380 units at $22 300 units a. Assuming a...
-
Explain the various methods of conflict resolution that can be used in rule-based expert systems. For each of these, give an example of a scenario where using it would not give the correct result.
-
Compare and contrast the following techniques based on costs and benefits: Test data method Base case system evaluation Tracing Integrated test facility Parallel simulation
-
A 22.0-cm-diameter cylinder with length of 60.0 cm which it is falling vertically on its circular side has a terminal speed of 80 m/s in the air. What is the cylinder's mass?Density of air is 1.3...
-
[5] A marksman is firing a pistol at a 5 cm diameter, circular bullseye some distance away. The center of the target is considered (0, 0). This marksman pulls a little to the right (positive x) and a...
-
Describe and provide an example of the way in which you monitor each of the following operational activities: a) On-site safety b) Team member license, certificate and ticket requirements c) Client...
-
What two key models of communication were introduced in this chapter and when would one be preferred over the other?
-
What does mapping stakeholders in the Contribution/Commitment Grid enable the project manager to do?
-
What does the control strategy 'escalate' mean to the project manager?
-
What are the four directions of communication the project manager may have to consider when planning communications?
-
Define 12 questions that you could use at an interview for a project manager that would test their (your!) soft skills and leadership ability.
-
A conducting ball of radius a = 5 cm is given a potential of 5 volts. A thin spherical shell with radius b = 10 cm is placed at the center of the conducting ball and given a potential of 2 volts....
-
Show, if u(x, y) and v(x, y) are harmonic functions, that u + v must be a harmonic function but that uv need not be a harmonic function. Is e"e" a harmonic function?
-
The following information pertains to the inventory of the Bryant Company: During the year, Bryant sold 3,500 units of inventory at $50 per unit and incurred $21,000 of operating expenses. Bryant...
-
On January 1, 2016, Mason Corp. sold $100,000 of its own 6 percent, 10-year bonds. Interest is payable annually on December 31. The bonds were sold to yield an effective interest rate of 5 percent....
-
Presented here are the average days to collect accounts receivable for four companies in different industries. The data are for 2013. Average Days to Collect Company Accounts Receivable Boeing...
-
What would the QA/QC planning grid (see Figure 12. 6) look like for a project you have been involved in? Data from Figure 12. 6 Table 12.6 QA/QC planning grid, with examples Quality assurance...
-
Why is the definition of quality critical to the success and acceptance of a project?
-
What is the purpose of the Quality Management Plan?
Study smarter with the SolutionInn App