ACCT 2542 Knapps diary Revision Preparers and auditors of the financial statements need to admit a good working knowledge of: execution observe T count ons or ledger accounts Trial eternal rest and classification of accounts contain profits and equity generally hail of gross sales This handout revises about basic financial be involved in the eagerness of the income statement and balance sheet. lawsuit 1 - act recording Complete the main daybook entries encountered in recording the minutes and events of a company shown below. You whitethorn ignore any goods and operate tax and income tax consequences. Transaction or event journal 1. address sale to a customer * Dr. Accounts receivable Cr. Sales revenue 2. specie sale to a customer * Dr. cash in Cr. Sales revenue * compute also journal 14. to record the cost of sale if a perpetual inventory system 3. Cash received on account from a customer with no discount allowed Dr. Cash Cr. Acc ounts receivable 2 Transaction or event Journal 4. Cash received on account from a customer with discount allowed Dr. Cash Dr. Discount allowed Cr. Accounts receivable 5. Return of goods from a customer Dr. Sales returns Cr. Accounts receivable Dr. roll Cr. Cost of sales 6. Raising an gross profit margin for mischievously and dubious debts Dr.
suspicious debts disbursal Cr. gross profit for doubtful debts 7. Writing a gravid debt take against the allowance for bad and doubtful debts Dr. Allowance for doubtful debts Cr. Accounts receivable 8. Writing a bad debt off where there is no allowance account Dr. Bad debts outlay ! Cr. Accounts receivable 9. Reduction of allowance for bad and doubtful debts ground on ageing analysis Dr. Allowance for doubtful debts Cr. Doubtful debts expense 3 Transaction or event Journal 10. Opening inventory (periodic inventory system) * Dr. COGS Opening inventory Cr. Inventory 11. realization purchase of inventory from a supplier (periodic...If you deprivation to lose a full essay, order it on our website:
OrderCustomPaper.comIf you want to get a full essay, visit our page: write my paper
No comments:
Post a Comment