Accounting Report

Published: 2017-12-04 12:43:44
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JOURNAL ENTRIES
Receivables 150 000
Inventory 150 000
To record the sale of inventory
Cash 165 000
Receivables 165 000
To record cash collections
Allowance for bad debt 30 000 R
Receivables 30 000 R
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 debt 15 000
Receivables 15 000
To record bad debts not recoverable
Allowance for bad debts 25 000 R
Receivables 25 000 R
To record doubtful debts
This transaction will be reversed when the customer pays
Inventory 140 000
Payables 140 000
To record purchase of inventory on account
Payables 100 000
Cash/bank 100 000
To record payment to account payables
Dividends payable 2 000
Retained earnings 2 000
To record dividends declared and paid
Retained earnings 20 000
Dividend payable 20 000
To record dividends declared
Wages 28 000
Cash/bank 18 000
To Record Payment of wages

Accounting assignment

ABC Ltd
Trial Balance for year ended dec 2017
Bank 127 000,00
Accounts receivable 175 000,00
Allowance for doubtful acconts 55 000,00
Prepaid expenses and deposits 6 000,00
Automobiles 40 000,00
Accumulated depreciation 16 000,00
Equipment 140 000,00
Accumulated amortization 98 000,00
Inventory 116 500,00
Computer hardware 16 500,00
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 sold 1 000 000,00
Supplies 25 000,00
Subcontracting 75 000,00
Equipment rentals 5 000,00
Small tool purchases 10 000,00
Wages 295 000,00
Accounting and legal 8 000,00
Insurance 36 000,00
Bad debts 20 000,00
2 095 000,00 2 095 000,00

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