On September 1, the balance of the Accounts Receivable control account in the general ledger of John’s Produce, Inc., was K11,960. The customers’ subsidiary ledger contained account balances as follows: Jana Seafood K2,440; Bingston Bakery K2,640; Cavanaugh Pancakes K2,060; Bickford Grille K4,820. At the end of September, the various journals contained the following information: Sales journal: Sales to Bickford Grille K800; to Jana Seafood K1,260; to Iman Groceries K1,030; to Cavanaugh Pancakes K1,100. Cash receipts journal: Cash received from Cavanaugh Pancakes K1,310; from Bickford Grille K2,300; from Iman Groceries K380; from Kingston Bakery K1,800; from Jana Seafood K1,240. General journal: An allowance is granted to Bickford Grille K220. Instructions (a) Set up control and subsidiary accounts, and enter the beginning balances. Do not construct the journals. (b) Post the various journal information given in the question above onto the Ledger Accounts. (c) Prepare a list of customers, and prove the agreement of the controlling account with the subsidiary ledger at September 30, 2008.

The following adjusted account information, in alphabetical order, was taken from the worksheet of John’s Electronics for the month ended April 30, 2023. A physical count on April 30, 2023, revealed a merchandise inventory balance actually on hand of $2,540. John’s ElectronicsUnadjusted Trial BalanceFor Month Ended April 30, 2023No. Account Debit   Credit  201 Accounts payable       $ 2,198  154 Accumulated depreciation, trucks         16,400  101 Cash $ 2,000        611 Depreciation expense, delivery trucks   720        633 Interest expense   110        301 John Yu, capital         27,176  302 John Yu, withdrawals   9,600        119 Merchandise inventory   6,500        507 Purchase discounts         36  506 Purchase returns and allowances         100  505 Purchases   16,940        413 Sales         37,700  414 Sales returns and allowances   1,820        688 Telephone expense, office   140        689 Telephone expense, store   420        508 Transportation-in   460        153 Trucks   30,400        623 Wages expense, office   5,700        624 Wages expense, selling   8,800          Totals $ 83,610   $ 83,610  Required:a. Calculate net sales.b. Calculate cost of goods sold. c. Prepare a classified multiple-step income statement for the month ended April 30, 2023. (Input all amounts as positive values.)

State the reasons for maintaining control accounts. (4 Marks)(a) The following figures were extracted from the records of Ukweli Limited for 6 months ended30th June 2019KshsOpening Balances on 1st January 2019-Sales Ledger Dr 142,800Purchases Ledger Dr 1,050Sales Ledger Cr 4,050Purchases Ledger Cr 55,380Sales Ledger debit balances offset against purchases ledger 3,690Discounts-Allowed 20,970Discount - Received 14,250Purchases (Including Cash purchase of KSh 2,000) 120,200Cash sales 61,800Credit sales 206,820Credit notes to customers for goods returned 7,500Payments to creditors 115,920Cash purchase 13,200Interest charged by creditors on overdue accounts 6,900Receipts from customers 157,800Bad debts written off 3,720Customers ‘unpaid cheques 2,610Interest charged to customers 9,600Debt collection expenses charged to debtors 1,080Credit notes received for goods returned to suppliers 2,670Required:Prepare the Purchases and sales Ledger Control accounts for the six months ended 30thJune 2019 (16 Marks)*END*

John Paul Mondo is the bookkeeper for the Eating Place Enterprises. John hasbeen trying to get the balance sheet of the Eating Place Enterprises to balance. Itfinally balanced, but now he’s not sure it is correct.Eating Place EnterprisesBalance Sheet as at December 31, 2018Assets Liabilities and capitalCash 28,500 Creditors 6,000Inventory 4,500 Debtors (15,000)Equipment 30,000 Capital 42,000Drawings 10,000 Net income for the year 40,000Total assets 73,000Total liabilities andcapital 73,000Required:Prepare a corrected balance sheet in vertical format

Your audit disclosed that on December 31, 2018, the accounts receivable control account of Alilem Company had a balance of P2,865,000.  An analysis of the accounts receivable account showed the following: Accounts known to be worthlessP    37,500Advance payments to creditors on purchase orders150,000Advances to affiliated companies375,000Customers’ accounts reporting credit balances arising from sales return (225,000)Interest receivable on bonds150,000Other trade accounts receivable – unassigned750,000Subscriptions receivable for common stock due in 30 days825,000Trade accounts receivable  - assigned (Finance company’s equity in assigned accounts is P150,000) 375,000Trade installment receivable due 1 – 18 months, including unearned finance charges of P30,000 330,000Trade receivables from officers due currently22,500Trade accounts on which post-dated checks are held (no entries were made on receipts of checks)        75,000 P2,865,000 Based on the above and the result of your audit, determine the adjusted balance of the trade accounts receivable as of December 31, 2018.Select one:a.P1,447,500b.P1,485,000c.P1,147,500d.P1,522,500

Selected information on ABC Company’s accounts receivable is available:Accounts receivable had an opening balance on 1 July 2021 of $68,000. Allowance for doubtful debts had an opening balance on 1 July 2021 of $4,700.During 2021/22, credit sales were $713,600 (including GST) of which $584,700 has already been collected from customers and $3,266 were written off.On 30 June 2022, an “aging of accounts receivable” analysis shows that $5,300 (excluding GST) will probably not be collected.What is the adjusting entry for the bad debts expense?Question 10Answera.DR Bad debts expense $3,880; and CR Accounts receivable $3,880b.DR Allowance for doubtful debts $3,440; and CR Accounts receivable $3,440c.DR Bad debts expense $3,880; and CR Allowance for doubtful debts $3,880d.DR Bad debts expense $3,440; and CR Allowance for doubtful debts $3,440