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help with journal entries

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › help with journal entries

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by John Moffat.
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    Posts
  • November 11, 2017 at 1:24 pm #415256
    adalda
    Member
    • Topics: 5
    • Replies: 5
    • ☆

    Flowing business transactions:
    A- if a business sells products for $ 190000 on credit.

    B- 25% of the balance is recived cash and 10% by cheque.

    C- 5% of the balance has become irrecoverable and written off.

    D- a provision of 5% is made for the remaining balance, in year one and 3% in year two where the balance remained unchanged.

    required to pass journal entries to accommodate the above transactions

    November 12, 2017 at 10:16 am #415364
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    Please do not ask full questions and expect a full answer. You must have an answer in the same book in which you found the question, so ask about whatever it is in the answer – then I will help you.

    All a journal entry is is writing the debits and credits in works instead of in t-accounts. So for A, for example, if we sell goods on credit we debit receivables and credit sales with $190,000. So this is the journal entry!

    Do watch my free lectures because everyone in B, C and D is explained with examples in my lectures (in the lectures on irrecoverable and doubtful debts) and you cannot expect me to write out all of my lectures here 🙂

    The lectures are a complete free course for Paper F3 and cover everything needed to be able to pass the exam well.

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