One has been done for you. Assume that the bank balance is favourable at all times. Note and the effect on the Accounting Equation for each of the transactions provided. The first
Use the table provided to list the documents, journals, double entries in the General Ledger
You are provided with transactions relating to Bell Stationery Shop.
Required:
that some amounts and details have already been inserted on the table.
No.
Doc.
Journal
Entries in General Ledger
Effect on
Accounting
Equation
D
с
1.
Invoice
Dr
Equipment
CJ
Cr
Amount
Creditors control R600
A
E
+
+
Transactions:
1.
2.
3.
4.
5.
6.
7.
8.
Bought equipment on credit from Stevens Stationers, R600.
The bank statement reflected a transfer of a loan into the account from Sanlam
Lenders, R40 000.
Opened an account with a supplier, Bic Ltd, and bought stock on credit, R8 000.
Returned 20% of the stock bought from Bic Ltd.
Settled the account of Bic Ltd with a cheque for R6 400.
Paid R730 for paint. This paint is to be used in repairing the owner's home.
Sold goods to B. Foster on credit, R1 600. The cost price was R1 200.
B. Foster returned stock which had a selling price of R240 and a cost price of
R180.
B. Foster settled his account with a cheque for R1 360.
The bank statement reflected bank charges of R770.
9.
10.

The balance sheet contains the following major sections: current assets long-term investments property, plant, and equipment intangible assets other assets current liabilities long-term liabilities contributed capital retained earnings accumulated other comprehensive income required: the following is a list of accounts. using the letters a through j, indicate in which section of the balance sheet each of the accounts would be classified. if an account does not belong under one of the sections listed, select "not under any of the choices" from the classification drop down box. for all accounts, indicate if the account is a contra account or an account that would normally be deducted on the balance sheet by selecting "yes" from the second drop down box, otherwise select "no". account classification contra or deducted (yes/no) 1. cash 2. bonds payable (due in 8 years) 3. machinery 4. deficit 5. unexpired insurance 6. franchise (net) 7. fund to retire preferred stock 8. current portion of mortgage payable 9. accumulated depreciation 10. copyrights 11. investment in held-to-maturity bonds 12. allowance for doubtful accounts 13. notes receivable (due in 3 years) 14. property taxes payable 15. deferred taxes payable 16. additional paid-in capital on preferred stock 17. premium on bonds payable (due in 8 years) 18. work in process 19. common stock, $1 par 20. land 21. treasury stock (at cost) 22. unrealized increase in value of available-for-sale securities

Diversified semiconductors sells perishable electronic components. some must be shipped and stored in reusable protective containers. customers pay a deposit for each container received. the deposit is equal to the container’s cost. they receive a refund when the container is returned. during 2018, deposits collected on containers shipped were $856,000. deposits are forfeited if containers are not returned within 18 months. containers held by customers at january 1, 2018, represented deposits of $587,000. in 2018, $811,000 was refunded and deposits forfeited were $41,000. required: 1. prepare the appropriate journal entries for the deposits received and returned during 2018. 2. determine the liability for refundable deposits to be reported on the december 31, 2018, balance sheet.

Jaynet spends $50,000 per year on painting supplies and storage space. she recently received two job offers from a famous marketing firm – one offer was for $95,000 per year, and the other was for $120,000. however, she turned both jobs down to continue a painting career. if jaynet sells 35 paintings per year at a price of $6,000 each: a. what are her accounting profits? b. what are her economic profits?