Journal Entries and LedgersDuring the current financial period, the following transactions took place for Corona Ltd:1. Received cash amounting to $31,500 from customers. 2. Additional cash contribution from shareholders amounting to $265,000.            3. Purchased inventory amounting to $26,800 in cash.    4. Sold goods on credit totalling $78,500. The original cost of the goods sold is $44,500.5. Repaid loan $82,400 to the bank.The following opening balances existed before the above transactions took place:Account nameOpening balanceCash$448,000Inventory$201,000Accounts receivable $81,000Loan payable$340,000Share capital$390,000Required:(a) Record the effect of the above transactions in the journal entries below.

Accounting Worksheet and Trial BalanceDuring the current financial period, the following transactions took place for Corona Ltd:1. Damaged inventory purchased on credit at a cost of $19,300 was returned to supplier. 2. Wages totalling $21,200 were paid for the period.3. Paid $39,500 to credit suppliers. 4. Inventory worth $19,300 is bought on account.            5. Machinery is purchased for $78,200 on cash.    6. Provided services for $50,200 cash.7. Borrowed $68,800 cash from the bank.Assume that the following opening balances existed before the above transactions took place: Account name   Opening balance ($) Cash 251,000Inventory 58,000Machinery 142,000Accounts payable  82,200Loan payable 75,000Share capital 293,800

A creditor's account in the accounts payable ledger has a $2,900 beginning balance. After a transaction for $850 is posted from the purchases journal, the balance of the creditor's account is:

You were presented with the following list of balances by the bookkeeper of SA Attorneys at 30 June 2021. The balances already include all transactions and fees levied after all obligations to the clients were met in full. Client/Trust creditorTrust creditors’ ledgerClients’ ledgerB GautengR17 800 (credit)R22 100 (debit)C KwazuluR13 200 (credit)RnilD WesternR1 900 (debit)R6 000 (debit)A North            Rnil  R5 450 (debit) What is the total balance of the clients’ ledger account after all transfers have been made on 30 June 2021?Select one:a.R17 650b.R33 550c.R11 650d.R15 750

The following abstract of certain ledger balances have been provided from a company's budget [Note: These same figures will be used in the following few questions]:   Cost of goods sold 1,605Finished Goods - Closing balance 105Fixed manufacturing overhead applied 185Gross Profit 1,095Materials - Closing balance 90Materials - Opening balance 100Materials - Used 375Operating income 510Period Costs 585Revenue 2,600Total manufacturing costs incurred 1,610Total manufacturing overhead costs 500Work in Process - Closing balance 210Work in Process - Opening balance 200Calculate the value of "Direct manufacturing labour"? (enter your figure to the nearest whole number, without dollar signs ($) or comma's)

The income statement for the month of June, 2021 of Coronado Enterprises contains the following information:Revenues  $6820Expenses:           Salaries and Wages Expense$2890          Rent Expense1490          Advertising Expense730          Supplies Expense310          Insurance Expense90                  Total expenses  5510Net income  $1310The entry to close Income Summary to Retained Earnings includesSelect answer from the options belowcredits to Expenses totalling $5510.a credit to Income Summary for $1310.a credit to Retained Earnings for $1310.a debit to Revenues for $6820.