The following transactions relating to ABC Ltd for the month
of 20x1
a) Services performed in relation to income recieved in
advance total $1500
b)Supplies expense includes $400 of supplies that are still
on hand at 30 June
c)Interest accrued on the bank loan is 750
d)At the end of june paid rent for 3 months (June, july Aug)
$6000
e)Credit sales for the month of June 2009 amounted to
$50000. Past expierence shows that around 1.5% of net credit
sales are written off as bad debts. XYZ ltd, previously
notified ABC ltd that they have gone bankrupt, will be able
to pay $1000, which was recieved at the end of the month.
The provision of doubtful debt has an opening balance of
$800.
f) The owners of ABC Ltd wish to revise the balance of the
provision of doubtful debts account to $3500.
g) Depreciation of one year on the delivary van is $1500.
h) On 30 June 2009, ABC Ltd sold an item of equipment for
$40000 cash. The cost of equipment was $50000 and had a
accumulated depreciation balance of $2000
REQUIRED:
Prepare the relevant adjusting journal entries for the month
of June 20x2
No Answer is Posted For this Question
Be the First to Post Answer
A computer purchased for the use of Branch & payment would be made by company. What would be the entry in the books of Branch ?
what is the differece between salary and remuneration?
How the Depreciation will calculate in Company?
By saying, perpetual or periodic inventory system; what do we mean?
Define the term material facts in accounting?
If current liabilities shown in assets side of balance sheet.... what they did wrongly??? how can change the liabilty side from asset side???
2 Answers ADI, Blue Pearl, BridgeStone, Confidential, Orion, PIPL, Vignesh, Wipro,
Tell us depreciation and its types?
Can pls tell me difference between simple cash book & accrued cash book?
Define offset accounting?
Can u explain Invoice format in details?
What is journalizing?
IN OUR COMPANY I GOT TELEPHONE BILL IN WHICH TELEPHONE COMPANY HAS CHARGE SERVICE TAX . WHAT ABOUT THESE SERVICE TAX. IS I HAVE TO FILE RETURN FOR THESE.