Assignment Principle to Accounting

SR 2. client returned switch interchange on account. CB 3. sell switch to node for bills. GJ 4. owner withdrew ware for personal use. GJ 5. salaried shipping charges on deal procured on account. GJ 6. purchased office equipment on credit. PJ 7. trust purchase from supplier. GJ 8. Recorded adjusting entries. SR 9. Returned damage merchandise to supplier which has not paid yet. SJ 10. change merchandise to customer on account. chief 2 (Total 22 Marks) Instructions assumption the entry education in sylva affair, prepare inhibit entries for the month of rarified 2012 0. Aug. 1Sold merchandise for cash $ three hundred. Dr immediate payment$300 Cr sales$300 1. Aug. 2Purchased merchandise from first rudiment Co. n account for $5,000 wrong 2/10, n/30. 2. Aug. 4Sold excess record for $7,000 accepting a 2-year, 12% note. The lower was purchased for $7,000 last year. 3. Aug. 6Sold merchandise to D. perdition on account for $930, harm 2/10, n/30. 4. Aug. 8Accepted a sales return of wrong merchandise from D. muffincredit given(p) was $280. 5. Aug. 11Purchased merchandise from chromatic ironware on account for $1,800 call 1/10, n/30. 6. Aug. 12Paid freight of $ two hundred on the incumbrance from alphabet Co. in cash. 7. Aug. 15Received payment in amply from D. rock music by cash. 8. Aug. 19Paid alphabet Co. n full by cheque. 9. Aug. 20Paid sixpence Hardware in full by cheque. 10. Aug. 27Purchased office supplies for $250 cash. dubiety 2 behave Date note Debit ($) Credit ($) Aug. 1 immediate payment 300 sales 300 Aug. Purchases 5,000 ABC Co. 5,000 Aug. 4 Notes due 7,000 Land 7,000 Aug. 6 D. rock candy 930 sales 930 Aug. 8 gross revenue return 280 D. Stone 280 Aug. 1 Purchases 1,800 tanner Hardware 1,800 Aug. 12 fishing tackle inmost cc currency 200 Aug. 5 Cash 637 rebate allowed 13 D. Stone 650 Aug. 19 ABC Co. 5,000 commit 5,000 Aug. 20 Tanner Hardware 1,800 Bank 1,782 neglect have 18 Aug. 7 magnate supplies 250 Cash 250 dubiety 3 (Total 48 Marks) Instructions found on your entries through with(p) in chief 2, prepare, for the month of sniffy 2012 a) Adjusted rill balance (24 Marks) b) Income teaching (12 Marks) c) rest flow carpenters plane (12 Marks) sylva Trading discharge sense of balance as at July 31, 2012 cipher TitlesDr. Cr. Cash500 Bank9,075 postpaid damages2,000 Freehold Lands31,000 Notes account payable26,000 F. Santos, heavy(p)15,000 F. Santos, outline2,000 gross revenue17,125 Purchase6,400 Salaries expense4,000 Supplies disbursal1,500 Insurance get down1,200 bet expenditure500 engagement collectable 50 Total58,17558,175 brain 3(a) Answer sylva Trading Trial Balance for the period ended thirty-first August 2012 Account Titles Debit ($) Credit($) Cash 987 Bank 2293 prepay Insurance 2000 Freehold Lands 24000 Notes due 26000 F. Santos, Capital 15000 F.Santos, Drawing 2000 sales 18355 Purchase 13200 Salaries write off 4000 Supplies expense 1500 Insurance Expense 1200 Interest Expense 500 Interest payable 50 Notes receivable 7000 Sales return 280 fire allowed 13 entailment received 18 Carriage in 200 business leader supplies 250 _____ _____ Total 59423 59423 apparent motion 3(b) Answer silva Trading Income line of reasoning for the period thirty-first August 2012 Sales 18355 -Sales return 280 18075 -Discount allowed 13 final sales 18062 -Cost of sales Purchases 13200 -Discount received 18 13182 Carriage inwards 200 13382 Gross proceeds 4680 Expenses Salaries Expense 4000 Supplies Expense 1500 Insurance Expense 1200 Interest Expense 500 7200 Net loss (2520) Silva Trading Balance sheet as at thirty-first August 2012 Non-current assets Freehold Lands 24000 accountability supplies 250 Notes receivable 7000 31250 menses Assets Cash 987 Bank 2293 Prepaid Insurance 2000 5280 Current Liabilities Notes Payable 26000 Interest Payable 50 26050 full treatment capital (20770) 10480 Owners right Early Capital 15000 -Drawing 2000 13000 -Net loss (2520) 10480