Question

Analyze these transaction ( Say which account to debit and which account to credit for how much)

Session Date – Jan 7, 20xx

⃝           Purchase Invoice #KC-2252                         Dated January 2/xx

From Kopy Center, $452 for photocopying registration and donation forms. Terms net 25 days.

⃝           Purchase Invoice #LI-10116                        Dated January 2/xx

From LIME, $678 for cellular handset. Deposit required and balance due at end of month.               Create a new Group account 2140 A/P – LIME.

⃝           Cheque Copy #167                                        Dated January 2/xx

To LIME, $300 deposit on cellular handset. Reference invoice #LI-10116.

⃝           Memo #1                                                         Dated January 2/xx

From Event Manager: Give T-shirts to volunteers. Cost of T-shirts given out is $240. (HINT: Reduce T-shirt asset a/c and increase Cost of T-shirt expense a/c)

⃝           Memo #2                                                         Dated January 4/xx

From Event Manager: Issue cheque #168 for $7,000 to transfer funds to Cash on Hand for snack purchases for the tournament.

⃝           Cash Purchase Invoice #SC-2168                Dated January 4/xx

From Snack City, $6,780 for drinks and snacks for participants and patrons. Invoice total paid            from Cash on Hand.

Session Date – Jan 14, 20xx

⃝           Purchase Invoice #DW-9493                       Dated January 8/xx

               From Designs n’ Wear, $2,468 for T-shirts to sell to patrons at tournament. Terms: net 20 days.

⃝           Cash Purchase Invoice #NAS-4632             Dated January 12/xx

               From Nato Art Supplies, $226 for Bristol board and paint supplies to make signs. Paid from Cash on Hand. (HINT: Dr. Office Supplies A/c)

⃝           Cheque Copy #169                                        Dated January 13/xx

               To Central College, $21,000 reference invoice #CC-47221

⃝           Funds Received Form #FR-11-7                  Dated January 13/xx

               Cash and cheques received on first two weekends of event. Create a new Group account 4160     Revenue: T-shirts Sales

                              Participant registration                                $60,000

                              Sale of snack foods and drinks                        7,000

                              Sale of T-shirts                                                    2,000

                              Sale of surprise bags                                         1,120

               Total of cash and cheques received were deposited in Bank: HOOPS

Session Date – Jan 21, 20xx

⃝           Purchase Invoice #KC-5306                         Dated January 18/xx

From Kopy Center, $1,130 for printing flyers and information leaflets. Terms net 25 days.

Answer 1

Dear Student

Here is the table as required in the solution:

Transaction Number	Account head	Account	Amount ($)
1	Debit Account	Printing and Stationery Expense	452
	Credit Account	Kopy Center	452
2	Debit Account	Cellular Handset A/c	678
	Credit Account	Lime A/c	678
		(Assumed that full invoice is due and is on credit to be paid at the end of the month)
3	Debit Account	Lime A/c	300
	Credit Account	Bank A/c	300
		(Being paid for Handset Purchase)
4	Debit Account	Cost of T-Shirt Expense A/c	240
	Credit Account	T-shirt Asset A/c	240
		(Being T-shirts given to volunteers)
5	Debit Account	Cash A/c	7000
	Credit Account	Bank A/c	7000
		(Being Cash withdrawn for snack purchase)
6	Debit Account	Snacks and Drink Expenses A/c	6780
	Credit Account	Cash A/c	6780
		(Being Snaks and Drinks bill paid in cash)
7	Debit Account	T-shirt Asset A/c	2468
	Credit Account	Designs n’ Wear A/c	2468
		(Being Purchase of T-shirts to sell to patrons at tournament)
8	Debit Account	Office Supplies A/c	226
	Credit Account	Cash A/c	226
		(Being expenses for Bristol board and paint supplies)
9	Debit Account	Central College A/c	21000
	Credit Account	Bank A/c	21000
		(Being paid to Central College for eference invoice #CC-47221)
10	Debit Account	Cash A/c / Cheques Received A/c	70120
	Credit Account	Revenue from Registration Fees A/c	60000
		Revenue form sale of Snack Food and Drink A/c	7000
		Revenue from Sale of T-shirt A/c	2000
		Revenue from Sale of Surprise Bags A/c	1120
		(Being revenue received in the form of cash and cheques for various items)
	Debit Account	Bank A/c	70120
	Credit Account	Cash A/c / Cheques Received A/c	70120
		(Being all cash and cheques deposited into bank)
11	Debit Account	Printing and Stationery Expense	1130
	Credit Account	Kopy Center	1130
		(Being Bill for printing flyers and information leaflets)

Regards