Financial accounting , Financial Accounting

a. Create a worksheet in your excel file and name it "Part A Q2". In column A to E set up general journal and input the necessary journal entries to record the transactions and events listed above. Explanations (narrations) for your journal entries are required. Copy it to the word document.

Clearly show all supporting calculations in the columns to the right of the journal entries.  Leave column G empty and input the heading "Calculations area:" in cell H2.  Perform all calculations in this area of the worksheet.  Show the calculations in narrative form in the cell next to the cell containing the formula (e.g. "(=$20,000*0.08=$1,600)").  Calculations should be rounded to the nearest cent (i.e. to two decimal places). Copy all the calculations to the word document.

b.  Based on the transaction on 5th January 2010, do you think that the bad debt estimation was correct in 2009?  Record your answer in word file.

c.  In the rows below your journal, create a running balance ledger account. Prepare the account for Allowance for Bad Debts. To arrive at closing you must use the formula and these formulae will be checked. Copy it to the word document.

d.  What closing balance of Allowance for Bad Debts you have arrived at? Is this balance equal to 2% of net credit sales? Why or why not? Give explanations. Record your answer in word document.

e.  In the rows below the running balance ledger account, provide an extract from the balance sheet for the end of December 2010, showing how the assets from the transactions above would be reported under the Current Assets heading in the balance sheet. Copy it to the word document.

Posted Date: 3/8/2013 6:00:53 AM | Location : United States







Related Discussions:- Financial accounting , Assignment Help, Ask Question on Financial accounting , Get Answer, Expert's Help, Financial accounting Discussions

Write discussion on Financial accounting
Your posts are moderated
Related Questions
Do you anyone on staff with the above experience? Notes cannot be copied from any real company''s financial report.

In January 2013, Mitzu Co. pays $2,600,000 for a tract of land with two buildings on it. It plans to demolish Building I and build a new store in its place. Building 2 will be a co

You are considering whether to replace an existing flow meter in an ongoing operation. A change in the meter will have not affect revenues but will reduce costs. The existing meter

Identify the various prices for job To identify the various prices for job, there are numerous points to be considered, including: ?How many garages shall we visit? ?What

GOODS AT BRANCH MARKED DOWN, OR MARKED UP BY AN ADDITIONAL AMOUNT If goods at the branch are not selling well, branch could be authorized by the Head office to mark-down the good

In January, 2008, Sanford Corporation purchased a patent for a new product for $1,200,000. The patent was valid for fifteen years but it was estimated to have a useful life of ten

The principle that (1) requires revenue to be recognized at the time it is earned, (2) allows the inflow of assets associated with revenue to be in a form other than cash and (3

Q. What do you mean by Operating Agreement? Operating Agreement - Agreement, generally a written document which sets out the rules by which a LIMITED LIABILITY COMPANY (LLC) is

CHARACTERISTICS OF PARTNERSHIP

Shannon Kampa is in talks with Resul Ozbayrak Leaseco, a leasing company, to rent store space for new stores that Shannon is considering adding to her high-end natural foods chain.