ACCT 531 notes and test papers

ACCT 531 notes and test papers - Requirement (a) Date...

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Requirement (a) Date Journals Debit Credit Name: Umme Fatema Siddique 2-Feb Purchases [$46,000x (100%-2%) $45,080.00 Student Number: 805 936 291 Accounts Payable $45,080.00 Course Code/Number: ACCT 531 Assignment Number: 2 26-Feb Accounts Payable $45,080.00 Loss on Discount Purchase $920.00 Cash $46,000.00 1-Apr Truck $50,000.00 Cash $5,000.00 Notes Payable $45,000.00 31-Dec Interest Expense [$45,000 x 8% x 3/4] $2,700.00 Interest Payable $2,700.00 1-May Cash $83,000.00 Notes Payable $83,000.00 31-Dec Interest Expense [($92,000-83,000) x 8/12] $6,000.00 Notes Payable $6,000.00 30-Jun Income Tax Expense $19,000.00 Cash $19,000.00 31-Dec Income Tax Expense $19,000.00 Cash $19,000.00 14-Aug Retained Earnings $13,000.00 Dividends Payable $13,000.00 10-Sep Dividends Payable $13,000.00 Cash $13,000.00 5-Dec Cash Customer Deposit Liability $750.00 $750.00 10-Dec Display Cases [$8,000 x 1.08] $8,640.00 GST Recoverable [$8,000 x 5%] $400.00 Accounts Payable $9,040.00 31-Dec Cash $89,270.00 Sales $79,000.00 GST Payable [$79,000 x 5%] $3,950.00 *PST Payable[[$79,000 x 8%] $6,320.00 *PST=Sales Tax 31-Dec Rental Expense [$2,500 + ($79,000 x 3%)] $4,870.00 Rental Payable $4,870.00 31-Dec Parking Lot $86,000.00 Asset Requirement Obligation $86,000.00 31-Dec Income Tax Expense[($205,000 x 20%) - ($19,000 x 2)] $3,000.00 Income Tax Payable $3,000.00 Requirement (b) The current liabilities that will be reported on the December 31 balance sheet is given below: Pendlebury Department Store Ltd.
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This note was uploaded on 01/01/2012 for the course ACCT 531 taught by Professor Janicecharko during the Winter '11 term at Humber.

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ACCT 531 notes and test papers - Requirement (a) Date...

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