Accounting Report

Published: 2017-12-04 12:43:44
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Wesleyan University
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JOURNAL ENTRIES
Receivables150 000  
Inventory 150 000 
To record the sale of inventory   
    
Cash165 000  
Receivables 165 000 
To record cash collections   
    
Allowance for bad debt30 000 R
Receivables 30 000R
To record sale of inventory   
As this is highly likely to be a bad debt, it will be reversed when the customer honours their obligation
   
    
Bad debt15 000  
Receivables 15 000 
To record bad debts not recoverable
   
    
Allowance for bad debts25 000 R
Receivables 25 000R
To record doubtful debts   
This transaction will be reversed when the customer pays
   
    
Inventory140 000  
Payables 140 000 
To record purchase of inventory on account
   
    
Payables100 000  
Cash/bank 100 000 
To record payment to account payables
   
    
Dividends payable2 000  
Retained earnings 2 000 
To record dividends declared and paid
   
    
Retained earnings20 000  
Dividend payable 20 000 
To record dividends declared   
    
Wages28 000  
Cash/bank 18 000 
To Record Payment of wages   

Accounting assignment

ABC Ltd
Trial Balance for year ended dec 2017
Bank127 000,00 
Accounts receivable175 000,00 
Allowance for doubtful acconts 55 000,00
Prepaid expenses and deposits6 000,00 
Automobiles40 000,00 
Accumulated depreciation 16 000,00
Equipment140 000,00 
Accumulated amortization 98 000,00
Inventory116 500,00 
Computer hardware16 500,00 
Accrued amortization 5 500,00
Accounts payable 55 000,00
Accrued liabilities  
Longterm debt 250 000,00
Capital stock 100,00
Retained earnings 27 000,00
Dividends 40 000,00
General revenue 1 545 000,00
Interest income 3 400,00
Cost of goods sold1 000 000,00 
Supplies25 000,00 
Subcontracting75 000,00 
Equipment rentals5 000,00 
Small tool purchases10 000,00 
Wages295 000,00 
Accounting and legal8 000,00 
Insurance36 000,00 
Bad debts20 000,00 
 2 095 000,002 095 000,00 
sheldon

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