Transcription of CHAPTER 22
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CHAPTER 22
CHAPTER 22 Liabilities entries for various journal entries for employee Provision for warranty claim Finance of an asset purchase by mortgage Comparative ratios for analysing liabilities and comparing different 22: LIABILITIES WILEY Mad Prices Ltd completed the following selected transactions during 2002 and financial year for the company ends on 30 June. Required: Show how the above transactions, including any necessary adjusting entries on 30 June2003, would be recorded in the general and cash journals of the company. office furniture and equipment from Office Supplies Ltd for $9600, and issued a 9%, 90-day promissory note for the purchase price plus Office Supplies Ltd 50% of the amount due on the 4 August promissory note. Accepted a new 10%, 30-day bill of exchange to cover the balance owing on the original an invoice dated 1 October from Office Renovations for $25 000 for work performed in the company s administration building.
CHAPTER 22: LIABILITIES 22.2 WILEY MAD PRICES LTD General Journal 2002 Aug. 4 Office Furniture & Equipment 9600.00 Accounts Payable - Office Supplies Ltd 9600.00
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