FAC1502 Assignment 2 Second Semester 2022

VERSION 1 1.The inexperienced accounting clerk wrongfully entered the manager's salary of R11 000 into the insurance account. The correcting double-entry would be ... Select one: A. dr salaries, R11 000 and cr bank, R11 000. B. dr salaries, R22 000 and cr insurance, R22 000. C. dr capital, R11 000 and cr salaries, R11 000. D. dr insurance, R11 000 and cr salaries R11 000. E. dr salaries, R11 000 and cr insurance, R11 000. Clear my choice Question 2 Answer saved Marked out of 1.00 Question text Flag question The financial manager of Steven Traders hired an inexperienced bookkeeper, on 1 February 20.19, who was immediately required to assist with the creation of an allowance for credit losses (current financial year ends on 28 February 20.19). The auditors of Steven Traders raised an audit finding in the previous financial period, stating that trade and other receivables were overstated since no allowances for credit losses has been created although there was evidence that some of the debtors did not pay their accounts in the previous financial periods. The financial manager wants to avoid this audit finding in the current financial period. The financial manager requested the bookkeeper to write a memo and indicate which accounts will be affected when the allowance for credit losses is created? The bookkeeper has written the following statement down and requires you to confirm whether the statement is true or false when the allowance for credit losses is created. When the allowance for credit losses is created, you will debit the credit losses account and credit the allowance for credit losses account. Select one: True False Question 3 Answer saved Marked out of 1.00 Question text Flag question Indicate by choosing the correct option whether the following statement is true or false: Trade discount is the discount offered to debtors to encourage quick settlement of their debts within the stated credit term. Select one: True False Question 4 Answer saved Marked out of 1.00 Question text Flag question Indicate by choosing the correct option whether the following statement is true or false: It is acceptable accounting practice to write off credit losses as they occur against the allowance for credit losses account if an allowance for credit losses exists. Select one: True False Question 5 Answer saved Marked out of 6.00 Question text Flag question The following information relates to Fruit and Veggie Spaza Shop, who is registered as a VAT vendor (The VAT rate applicable is 15%). The periodic inventory system and control accounts are in use: (The VAT period of the business ends on equal months.) FRUIT AND VEGGIES SPAZA SHOP EXTRACT OF BALANCES AS AT 31 AUGUST 20.20 R VAT input 13 500 VAT output 67 500 Additional information that still needs to be taken into account: On 4 August, an account was received from Strawberry Stationers for the printing of documents, R5 060. What will the correct general journal entry regarding the printing of documents for Fruit and Veggies be: Instructions: Drag the correct answer into the correct space. An option can be used more than once.. If an options has been provided and it is not applicable to the specific questions please put N/A in the accounts column and a 0 in the amounts column. Question 6 Answer saved Marked out of 1.00 Question text Flag question The bookkeeper will record the transactional information on a duplicate credit note in the … Select one: A. Sales returns journal B. Cash receipts journal C.