Financial Accounting Adjusting Entries And Debt Assignment Homework Help
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1.On 31 May 2012 Interactive Ltd had a cash balance as per company records of $10 949 debit. The bank statement from Community Bank on that date showed a credit balance of $15 569.20. A comparison of the statement with the cash account revealed the following facts:
1. The statement included a debit entry of $120 for the printing of additional company cheques.
2. Cash sales of $1672.30 on 12 May were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $1692.30. The bank credited Interactive Ltd for the correct amount.
3. Unpresented cheques at 31 May totalled $2552.50, and outstanding deposits were $1672.30.
4. On 18 May Interactive Ltd issued cheque no. 1181 for $1370 to M. Helms on account. The cheque, which cleared the bank in May, was incorrectly journalised and posted by Interactive Ltd for $1730.
5. A $6000 note receivable was collected by the bank for Interactive Ltd on 31 May plus $160 interest. The bank charged a collection fee of $40. No interest has been accrued on the note.
6. Included with the cheques paid was a cheque issued by Teller Pty Ltd to P. Jonet for $1200 that was incorrectly charged to Interactive Ltd by the bank.
7. On 31 May the bank statement showed a dishonoured cheque of $1400 that had been issued by W. Hoad, a customer, to Interactive Ltd.
(a) Prepare the bank reconciliation as at 31 May 2012.
(b) Prepare the necessary adjusting entries as at 31 May 2012.
2.At 30 June 2012, the trial balance of Gleason Ltd contained the following amounts before adjustment:
|Allowance for Doubtful Debts||$1500|
(a) Based on the information given which method of accounting for bad debts is Gleason Ltd using — the direct write-off method or the allowance method? How can you tell?
(b) Prepare the adjusting entry at 30 June 2012 to record bad debt expense assuming that the ageing schedule indicates that $16 750 of accounts receivable will be uncollectable.
(c) Repeat part (b) assuming that instead of a credit balance there is a $1500 debit balance in the Allowance for Doubtful Debts.
(d) During the next month, July 2012, a $4500 account receivable is written off as uncollectable. Prepare the journal entry to record the write-off.
(e) Repeat part (d) assuming that Gleason Ltd uses the direct write-off method instead of the allowance method in accounting for uncollectable accounts
(f) Gleason Ltd is contemplating of using the direct write-off method. As you are the accountant in this company, give your advice on the preference of using either the direct write-off method or the allowance method.
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3. Stephanie Design purchased a piece of equipment for $105,000 on 1 September 2013. At this time it was estimated that its useful life was 8 years,
with a residual value of $15,000. On the 1 January 2014 Stephanie Design decided to revalue the equipment to $92,000 with no residual value, due to its excessive use in the previous period and a revised useful life of 5 years. Stephanie Design’s financial year ends on the 31 December and business uses straight-line deprecation for its equipment calculated to the nearest whole dollar and for whole months.
You are required to show all the necessary general journal entries to record the above information to ensure that the equipment is properly reported in Stephanie Design’s balance sheet as at 31 December 2014 (Hint: make sure that you include all necessary entries as required, not just at the 31 December 2014)
4.Discuss how to identify the difference between allocating costs to expenses or capital expenditure during an assets useful life.
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