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  • Assignment CHPT 10 (Liability)

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    Sultan Limit
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    This document contains accounting information for Alexander Steven Themas including transactions dated from January 5th to January 31st. It lists cash receipts and payments, revenue and expense adjustments, and calculates current liabilities as of January 31st which total £74,448. The document provides an accounting of various revenue, expense, asset and liability accounts over the monthly period.

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    Assignment Chpt 10 (liability)

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    This document contains accounting information for Alexander Steven Themas including transactions dated from January 5th to January 31st. It lists cash receipts and payments, revenue and expense adjustments, and calculates current liabilities as of January 31st which total £74,448. The document provides an accounting of various revenue, expense, asset and liability accounts over the monthly period.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    7 views2 pages

    Assignment CHPT 10 (Liability)

    Uploaded by

    Sultan Limit
    This document contains accounting information for Alexander Steven Themas including transactions dated from January 5th to January 31st. It lists cash receipts and payments, revenue and expense adjustments, and calculates current liabilities as of January 31st which total £74,448. The document provides an accounting of various revenue, expense, asset and liability accounts over the monthly period.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    Name : Alexander Steven Themas

    Student ID : 008201800046
    Subject : Principles of Accounting 2

    (a) Jan. 5 Cash............................................................ 22,470


    Sales Revenue (£22,470 ÷ 107%) ...... 21,000
    Sales Taxes Payable
    (£22,470 – £21,000)......................... 1,470

    12 Unearned Service Revenue ...................... 10,000


    Service Revenue ................................ 10,000

    14 Sales Taxes Payable ................................. 5,800


    Cash .................................................... 5,800

    20 Accounts Receivable ................................ 32,100


    Sales Revenue.................................... 30,000
    Sales Taxes Payable
    (600 X £50 X 7%)............................. 2,100

    21 Cash............................................................ 14,000
    Notes Payable .................................... 14,000

    25 Cash............................................................ 12,947
    Sales Revenue (£12,947 ÷ 107%) ...... 12,100
    Sales Taxes Payable
    (£12,947 – £12,100)......................... 847
    (b) Jan. 31 Interest Expense........................................ 31
    Interest Payable ................................. 31
    (£14,000 X 8% X 1/12 = (£93; £93 X 1/3)
    (c) Current liabilities
    Notes payable .................................................................... £14,000
    Accounts payable.............................................................. 52,000
    Unearned service revenue (£14,000 – £10,000)............... 4,000
    Sales taxes payable (£1,470 + £2,100 + £847) ................. 4,417
    Interest payable ................................................................. 31
    Total current liabilities........ £74,448

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