Homework Answers
Journal entry is a primary entry of any accounting system. There are two types of purchase and sales.One is cash purchase and other is cedit purchase.and on other hand one is credit sale and other is cash sales. Some time goods purchased is returned or sold goods can be returned known as sales return and purchase return.
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ATK Manufacturing Ltd Debtors & Creditors Ledgers ATK Manufacturing Ltd. made the following transactions with its...
Record the transactions in the correct subsidiary journals, post to the general ledger, debtors ledger and creditors ledger and draw up a trial balance
Question 1
(Amounts are 14% VAT inclusive, where applicable. All calculations are to be done to the nearest cent)
Required
Record the transactions in the correct subsidiary journals, post to the general
ledger, debtors ledger and creditors ledger, and draw up a trial balance.
On 1 January 2007, Pets Traders had the following balances:
Stock R1 500 -Capital R2 287
Bank (favourable)R 1 200 - VAT control (Cr.) R900
Debtors: A. Adams R171
Debtors:B. Brown R855
Creditors: F.Farmell R1197
Creditors:...
Enter the following transactions for Rojo in ledger accounts, and then balance off the accounts and...
Enter the following transactions for Rojo in ledger accounts, and then balance off the accounts and transfer the balances into a trial balance. Date Transactions Jan 1 Started business putting £5,000 into the bank and £500 into petty cash Jan 2 Bought inventory on credit from C. Higgins, £250; F. Gulmohammed, £450; S. O’ Hare, £650, J. Ballantine, £850 Jan 3 Returned goods to J. Ballantine, £80 and F. Gulmohammed, £40 Jan 4 Sold inventory on credit to: C. Doogan,...
Updated question. Question 3 The following are the transactions of A. Sutherland for the month of...
Updated question.
Question 3 The following are the transactions of A. Sutherland for the month of January 2007: Type of Transaction Jan. 01 02 cash receipt credit purchase credit sale 03 04 cash payment credit sale credit purchase A. Sutherland paid R5 000 into a business bank account. Purchased goods for resale from W Co. Ltd. on credit, R900. Sold goods on credit to Arthur for R1 000 Purchased goods for resale and paid by cheque no. 901, R480. Sold...
The following transactions occurred in June 2018 for Borderline Ltd JuneReceved a cheque for S1 200 from Roar Ltd in...
The following transactions occurred in June 2018 for Borderline Ltd JuneReceved a cheque for S1 200 from Roar Ltd in full settlement of its account and deposited it in the bank account Sold inventory for $905(before any discounts have been applied) to Jones Ltd on credit (the company was given a trade discount of $80, then the normal credit terms) COGS was $420 Paid rent for June S1 500, chq no. 561 (Assume the rent is GST free) Purchased inventory...
Brief Exercise 6-34 Recording Purchase and Sales Transactions Raymond Company and Geeslin Company both use a...
Brief Exercise 6-34 Recording Purchase and Sales Transactions Raymond Company and Geeslin Company both use a perpetual inventory system. The following transactions occurred during the month of January: Jan. 1 8 10 30 Raymond purchased $5,000 of merchandise on account from Geeslin with credit terms of 2/10, n/30. The cost of the merchandise was $3,750. Assume that Geeslin uses the net method to record sales discounts. Raymond returned $500 of themerchandise to Geeslin. The cost of the merchandise returned was...
anyone help please asap....
Enter the following transactions for Rojo in ledger accounts, and then balance off the accounts and transfer the balances into a trial balance.Date TransactionsJan 1 Started business putting £5,000 into the bank and £500 into petty cashJan 2 Bought inventory on credit from C. Higgins, £250; F. Gulmohammed, £450; S. O’ Hare, £650, J. Ballantine, £850Jan 3 Returned goods to J. Ballantine, £80 and F. Gulmohammed, £40Jan 4 Sold inventory on credit to: C. Doogan, £1,000; S. Totten, £800 and...
Q3 (Max marks: 12) Consider the following transactions that occurred in Aug for ABC Ltd Purchased $4,500 of inventory f...
Q3 (Max marks: 12) Consider the following transactions that occurred in Aug for ABC Ltd Purchased $4,500 of inventory from M&M, terms 2/10, net 20. Aug 1 Sold $1,500 to B&B Inc., terms 1/10, net 30 (cost $840) Aug 5 B&B Inc. returned goods worth $250 (cost $167) Aug 8 Paid M&M Aug 20 Received payment from B&B Inc. Aug 29 Required: a) What type of inventory system is ABC using - periodic or perpetual? (Marks: 0.5) b) Journalise June...
On the basis of the following information available in year 2012 for Ladson Retail Store Company ...
On the basis of the following information available in year 2012 for Ladson Retail Store Company (Note: the company uses perpetual inventory method) a) Prepare general journal entries and indicate "No entry" where an entry is not necessary. b) Post your entries into the general ledger using "T" shape form of accounts. Please write 5. your information clearly and do not squeeze information together. You have plenty of spaces to show your information. c) Prepare a Trial Balance d) Prepare...
First Choice Ltd. completed the following merchandising transactions in the month of May 2018. At the...
First Choice Ltd. completed the following merchandising
transactions in the month of May 2018. At the beginning of May,
First Choice’s ledger showed Cash $6,400; Accounts Receivable
$1,300; Inventory $3,200; Common Shares $8,600; and Retained
Earnings $2,300. First Choice uses a perpetual inventory
system.
May
1
Purchased merchandise on account
from Depot Wholesale Supply Ltd. for $5,200, terms 1/10, n/30, FOB
shipping point.
3
Freight charges of $150 were paid
by the appropriate party on the merchandise purchased on May...
Flint Ltd. and Pina Colada Ltd. incurred the following merchandise transactions in June. June 10 Flint...
Flint Ltd. and Pina Colada Ltd. incurred the following
merchandise transactions in June.
June
10
Flint sold $4,600 of merchandise to Pina Colada, terms 1/10,
n/30, FOB shipping point. The merchandise cost Duvall $2,760 when
it was originally purchased.
11
Freight costs of $210 were paid by the appropriate
company.
12
Flint received damaged goods returned by Pina Colada for
credit. The goods were originally sold for $300; the cost of the
returned merchandise was $180. The merchandise was not...
Updated question.
Question 3 The following are the transactions of A. Sutherland for the month of January 2007: Type of Transaction Jan. 01 02 cash receipt credit purchase credit sale 03 04 cash payment credit sale credit purchase A. Sutherland paid R5 000 into a business bank account. Purchased goods for resale from W Co. Ltd. on credit, R900. Sold goods on credit to Arthur for R1 000 Purchased goods for resale and paid by cheque no. 901, R480. Sold...
The following transactions occurred in June 2018 for Borderline Ltd JuneReceved a cheque for S1 200 from Roar Ltd in full settlement of its account and deposited it in the bank account Sold inventory for $905(before any discounts have been applied) to Jones Ltd on credit (the company was given a trade discount of $80, then the normal credit terms) COGS was $420 Paid rent for June S1 500, chq no. 561 (Assume the rent is GST free) Purchased inventory...
Brief Exercise 6-34 Recording Purchase and Sales Transactions Raymond Company and Geeslin Company both use a perpetual inventory system. The following transactions occurred during the month of January: Jan. 1 8 10 30 Raymond purchased $5,000 of merchandise on account from Geeslin with credit terms of 2/10, n/30. The cost of the merchandise was $3,750. Assume that Geeslin uses the net method to record sales discounts. Raymond returned $500 of themerchandise to Geeslin. The cost of the merchandise returned was...
Q3 (Max marks: 12) Consider the following transactions that occurred in Aug for ABC Ltd Purchased $4,500 of inventory from M&M, terms 2/10, net 20. Aug 1 Sold $1,500 to B&B Inc., terms 1/10, net 30 (cost $840) Aug 5 B&B Inc. returned goods worth $250 (cost $167) Aug 8 Paid M&M Aug 20 Received payment from B&B Inc. Aug 29 Required: a) What type of inventory system is ABC using - periodic or perpetual? (Marks: 0.5) b) Journalise June...
On the basis of the following information available in year 2012 for Ladson Retail Store Company (Note: the company uses perpetual inventory method) a) Prepare general journal entries and indicate "No entry" where an entry is not necessary. b) Post your entries into the general ledger using "T" shape form of accounts. Please write 5. your information clearly and do not squeeze information together. You have plenty of spaces to show your information. c) Prepare a Trial Balance d) Prepare...
First Choice Ltd. completed the following merchandising
transactions in the month of May 2018. At the beginning of May,
First Choice’s ledger showed Cash $6,400; Accounts Receivable
$1,300; Inventory $3,200; Common Shares $8,600; and Retained
Earnings $2,300. First Choice uses a perpetual inventory
system.
May
1
Purchased merchandise on account
from Depot Wholesale Supply Ltd. for $5,200, terms 1/10, n/30, FOB
shipping point.
3
Freight charges of $150 were paid
by the appropriate party on the merchandise purchased on May...
Flint Ltd. and Pina Colada Ltd. incurred the following
merchandise transactions in June.
June
10
Flint sold $4,600 of merchandise to Pina Colada, terms 1/10,
n/30, FOB shipping point. The merchandise cost Duvall $2,760 when
it was originally purchased.
11
Freight costs of $210 were paid by the appropriate
company.
12
Flint received damaged goods returned by Pina Colada for
credit. The goods were originally sold for $300; the cost of the
returned merchandise was $180. The merchandise was not...
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