Week 5 Accounting

"Use this page to type out problems that do not require the use of the other worksheets "The other worksheets contained in the workbook include useful templates for each week 's assignment "Exercise 16 .1 "The actual cost of the machine will be calculated as follows "Invoice amount "30000 "Less discount "3000 "Amount paid "27000 "Freight charges "500 "Assembly charges "1400 "Special base "505 "2905 "Exercise 16 .2 "Depreciations "a ) Straight line method "Cost - residual "Useful life "1440-240 240 "5 "Cost "1440 "Depreciation "240 "1200 "DEPRECIATIO 2nd year "240 "Balance at 2nd year "960 "b ) Unit of production "Cost - residual

x production "Units of production "Cost "1440 "Depreciation "200 "1240 "DEPRECIATIO 2nd year "200 "Balance at 2nd year "1040 "C "DECLINING METHOD "Cost "1440 "Depreciation "480 "960 "DEPRECIATIO 2nd year "320 "Balance at 2nd year "640 "D ) SUM OF DIGITS "Cost "1440 "Depreciation "480 "960 "DEPRECIATIO 2nd year "256 "Balance at 2nd year "704 "16 .3 DEPERECIATION "Cost "6800 "Depreciation "600 "6200 "DEPRECIATIO 2nd year "600 "Balance at 2nd year "5600 "DECLINING METHOD "Cost "6800 "Depreciation "1200 "5600 "DEPRECIATIO 2nd year "988 "Balance at 2nd year "4612 " SUM OF DIGITS "Cost "6800 "Depreciation "1236 "5564 "DEPRECIATIO 2nd year "910 "Balance at 2nd year "4654 "14 .5 "A "Interest "17000 x 7 /100 "1190 "b "interest "20000 x 10 /100 x 7 /12 "1167 "c "interest "9000x 12 /1000 x 80 /365 "237 "14 .5 "a "17-Feb "b "13-Oct "c "01-Oct "d "09-Sep "14 .5 "A ) issued January 17th "No of days remaining in January (31 - 17 "14 "days in February ro reach 30 "16 "term of the note "30 "therefore the maturity date of the note is Febriury 16th "20x4 "B ) issued July 14th "no of days remaining in July (31 - 14 "17 "days in Augost "31 "days in September "30 "days remaining to maturity of October "12 "term of the note "90 "therefore the maturity date is 12th October 20x4 "C ) issue date May 31st "days remaining in May 0 "1st month June "2nd month July "3rd Month Augost "4th month September "therefore maturity date is 30th September 20x4 "D ) issue date June 25th "days remaining in June (30-25 "5 "days in July "31 "days in Augost "31 "remaining days to maturity of September "8 "term of the note "75 "therefore the maturity date is 8th September "Name "General Journal "GENERAL JOURNAL " Date " Account Titles and Explanation "P . R "Debit "Credit "Name "Part 1 "Name "General Ledger "GENERAL LEDGER " Accounts Receivable "Cash "ACCOUNT NO . ____ " Date " Explanation "P .R "DEBIT "CREDIT "BALANCE " Office Supplies "Accounts Receivable "ACCOUNT NO . ____ " Date " Explanation "P .R "DEBIT "CREDIT "BALANCE " Prepaid Insurance "Inventory "ACCOUNT NO . ____ " Date " Explanation "P .R "DEBIT "CREDIT "BALANCE "Computer Equipment "Long-Term Notes Payable "ACCOUNT NO . ____ " Date " Explanation "P .R "DEBIT "CREDIT "BALANCE "Sales "ACCOUNT NO . ____ " Date " Explanation "P .R "DEBIT "CREDIT "BALANCE " Buildings "Sales Discounts "ACCOUNT NO . ____ " Date " Explanation "P .R "DEBIT "CREDIT "BALANCE "XX Services "Trial Balance "January 31 , 200x "Cash "Accounts Receivable "Prepaid...