The cash book helps track cash and bank transactions, while the purchases journal, sales journal, and returns journal assist in categorizing specific types of transactions. These books enable efficient record-keeping and facilitate financial analysis and reconciliation processes.
To prepare the necessary books for Mr. Udefien's business transactions in January 20x8, we will create a three-column cash book along with subsidiary books such as the purchases journal, sales journal, and returns journal. Here's a breakdown of the entries:
Cash Book:
Date | Particulars | Cash | Bank |
Jan 1 | Bought goods on credit from Yakubu | | |
| (Credit purchase) | | |
Jan 2 | Withdraw cash from bank for office use | 18,000 | |
Jan 3 | Sold on credit to Dauda | | |
| (Credit sale) | | |
Jan 4 | Bought goods on credit from Bashiru | | |
| (Credit purchase) | | |
Jan 6 | Sold goods to Okechukwu on credit | | |
| (Credit sale) | | |
Jan 7 | Paid rent by cash | 2,500 | |
Jan 9 | Withdraw cash from office till for personal use | 3,000 | |
Jan 10 | Bought goods from Bemigho on credit | | |
| (Credit purchase) | | |
Jan 11 | Goods returned by Dauda | | |
| (Credit sale return) | | |
Jan 12 | Sold goods on credit to Anthony | | |
| (Credit sale) | | |
Jan 14 | Cash purchases from Ekpulu paid by cheque | 40,000 | |
Jan 15 | Goods returned to Yakubu | | |
| (Credit purchase return) | | |
Jan 16 | Cost of goods taken for private use | 5,000 | |
Jan 17 | Sold goods to Akintola | | |
| (Credit sale) | | |
Jan 25 | Goods returned to Bemigho | | |
Jan 26 | Purchased goods on credit from Aminu | | |
| (Credit purchase) | | |
Jan 27 | Paid cash to Bemigho after discount | 18,000 | |
Jan 29 | Received cash from Dauda | 150,000 | |
Jan 29 | Cheque received from Anthony | | |
Jan 30 | Deposited cash into bank | | |
Jan 30 | Paid salaries by cash | 80,000 | |
Jan 31 | Withdrew cash from bank to pay son's school fees | 5,000 | |
Jan 31 | Paid Bashiru by cheque | | 130,000 |
Purchases Journal:
Date | Supplier | Amount |
Jan 1 | Yakubu | 120,000 |
Jan 4 | Bashiru | 180,000 |
Jan 10 | Bemigho | 100,000 |
Jan 26 | Aminu | 70,000 |
Sales Journal:
Date | Customer | Amount |
Jan 3 | Dauda | 150,000 |
Jan 6 | Okechukwu | 220,000 |
Jan 12 | Anthony | 140,000 |
Jan 17 | Akintola | 20,000 |
Returns Journal:
Date | Supplier/Customer | Amount |
Jan 11 | Dauda | 17,000 |
Jan 15 | Yakubu | 8,200 |
Jan 25 | Bemigho | 5,000 |
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Please look at the attached document
When compared to previous years, if the provision for doubtful debts rises in the coming year, it indicates that the business believes there is a greater chance that consumers would miss payments. That is the additional information an analyst would determine from the variability concern.
In 2016 the company's doubtful debts increase to 45,236 which is higher than we compared with the doubtful debts of 2015 43,230 it means that increases in the provision for doubtful debts are a sign of potential risks and uncertainties in the business's receivables, but they do not guarantee that all of the company's customers would be unable to payment their bills. The corporation is being proactive by taking this action to maintain a conservative financial position and account for potential losses.
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The Learning Activity titled “Presentation Aids” discusses the importance of using visual aids when presenting. What is one example that the reading mentions is an appropriate visual aid for a presentation about Abraham Lincoln? Now, imagine you are giving a presentation on your favorite car. Using the guidelines given in this Activity on what an appropriate presentation aid is, name a presentation aid you would use for your presentation? Why did you pick this presentation aid? How does it meet the criteria given in this Activity
We pick this presentation aid because it will align with the purpose and context of your presentation while effectively conveying information to your audience. This presentation aid meets the criteria given in the activity because of Relevance, Visual Appeal, Supportive Role.
For a presentation on Abraham Lincoln, an appropriate visual aid could be a slideshow featuring relevant images of Lincoln, such as photographs, paintings, or illustrations depicting significant events or milestones in his life. This visual aid helps to engage the audience, create visual interest, and reinforce the key points being discussed about Lincoln's life, accomplishments, or historical context.
Now, considering a presentation on your favorite car, an appropriate presentation aid could be a physical prop or model of the car. By bringing an actual model or prop to the presentation, you provide a tangible representation of the car, allowing the audience to see its design, features, and overall appearance.
This presentation aid meets the criteria given in the activity because:
Relevance: The prop or model directly relates to the topic of the presentation, which is your favorite car. It helps to convey information about the car's physical attributes, aesthetics, and unique features.
Visual Appeal: The physical presence of the prop or model adds visual interest to the presentation. It allows the audience to see and potentially interact with the representation of the car, enhancing their understanding and engagement.
Supportive Role: The prop or model serves as a supporting visual aid, reinforcing your spoken content and helping the audience visualize the car's details. It complements your verbal explanations and can create a more memorable and immersive experience for the audience.
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Keesha Company borrows $175,000 cash on November 1 of the current year by signing a 180-day, 9%, $175,000 note
After 180 days from the borrowing date, Keesha Company must pay the lender a total of $183,219.18.
Given
Borrowing = $175,000
Rate = 9%
Time = 180 days
Assume: 365 days
Required to calculate the total repaid amount after 180 days
Interest = Borrowing x rate x time / 365 x 365
= $175,000 x 9 x 180 / 365 x 100
= $8219.18
Amount repaid = borrowing + interest
= $175,000 + $8219.18
= $183,219.18
Therefore, After 180 days from the borrowing date, Keesha Company must pay the lender a total of $183,219.18.
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Assignment Directions: You're the assistant to the chief executive in charge of technology acquisition, and your boss wants to change cell phone carriers for the entire company! It's your job to determine your company's cell phone needs, research different service plans, and make a presentation on the pros and cons of each plan for the purposes of your company. Does your business need more minutes; more texting; more data; international calling; or more super-fancy phones? In this project, you will conduct research on three cell phone service plans. Find the following information: the company; the most suitable available phones; the price; features; and length of service. Compare and contrast the services provided and the cost of extra services. When you compare and contrast, be sure to compare apples to apples. For example, compare data plan features to data plan features, not cell phone camera pixels to Words with Friends capability. Which would you choose for your business and why? Which do you think Shirley Bobirley, Chief Executive Cell Phone Officer, is going to choose, based on your presentation? Assignment Guidelines: Create a business presentation that presents a clear point of view with support. This presentation may be via PowerPoint (minimum 6 slides) or paper (minimum 500 words). Your project should present all of the information effectively and clearly. Regardless of which presentation you choose, you should be prepared to actually present your findings to an audience. Submission Requirements: Business presentation When submitting written assignments, please remember to: Submit the assignment question(s) and your responses. Proofread for spelling, grammar, and punctuation. Remember to use complete sentence structure. Make sure paragraphs have at least six sentences.
I will take on the assignment of figuring out our company's cell phone needs, researching several service plans, and creating a presentation on the benefits and drawbacks of each plan as the chief executive's assistant in charge of purchasing technology.
Find out how many employees need cell phone services. Specify the particular attributes and functions necessary, such as data service plans, phone minutes, text messaging, international calling, etc. Take into account any particular industry standards or laws that may have an impact on the service plans you choose.
Examine the service packages each provider offers, taking into account elements like cost, contract details, and billing alternatives. Including internet allotments, voice minutes, text messaging, international roaming, and device compatibility, compare the features and advantages of each package.
Examine any extra benefits or services provided, such as device insurance, free use of particular apps, or corporate discounts. Think about the technical support and customer care that each service provider offers.
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