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INSTRUCTIONS TO CANDIDATES: THE TEST IS TO BE COMPLETED WITHIN A PERIOD OF 50 MINUTES (INCLUDING READING TIME) ALL WORK IS TO BE COMPLETED WITHIN THIS BOOKLET NO ACCESS TO OTHER PAPER OR BOOKS IS PERMITTED DURING THE TEST DO NOT REMOVE ANY PAGES FROM THE BOOKLET CALCULATORS WITH MATHEMATICAL FUNCTIONS ONLY ARE PERMITTED TOTAL MARKS FOR THIS TEST PAPER - 40
REQUIRED:
Below are a Chart of Accounts and a selection of transactions that occurred during January for the company Wear With All managed by Gary Williams: A. Record any necessary Reversing entries, based on the opening entry, and the January transactions in the journals provided. Note All sales and purchases are made on credit unless otherwise specified. B. Total all journals at the completion of recording these transactions. C. Only for the ledgers provided post the necessary amounts daily or at months end as appropriate.
GENERAL JOURNAL
DATE ACCOUNTS Post Ref DEBIT CREDIT
December 30
Bank Petty Cash Accounts Receivable Control 10501 Brompton Bombers Demolition 1,214 10503 The OK Guys 6,247 10505 Lending and Save CU 11,699 10507 Do You a Deal 440 Inventory on Hand Prepaid Insurance Accrued Interest Revenue Office Supplies Term Deposit Furniture and Fittings Office Equipment Motor Vehicle Accounts Payable Control 20001 Safety First Pty Ltd 9,725 20003 Tally Ho Pty Ltd 3,929 Salaries Payable Telephone Payable Bank Loan Capital Gary Williams Allowance for Doubtful Debts Accumulated Depreciation - Furn and Fittings Acc. Depreciation Office Equipment Acc. Depreciation Motor Vehicle Opening Entry
Received a cheque for $994 from Brompton Bombers Demolition as full payment of their outstanding balance. Sold 20 pairs of pants with the LSCU logo to Lending and Save Credit Union for $60 each (all net of GST) Purchased 25 Short Sleeved Business Shirts from a new supplier Taylored Maid at a cost of $15 each and freight of $25 (all net of GST). Sold 10 pairs of Tough Guy work boots to Brompton Bombers Demolition for $125 each net of GST. Received Interest Income of $750 for the last 3 months of earnings on the Term Deposit. Cash Sale of 10 Hi-Vis work vests to the Upper Port Council for $40 each net of GST. Sold 50 Gold Ties embroidered with Cmon Aussie Cmon to The OK Guys for $30 each, (all net of GST) Received $330 (inclusive of GST) for doing a special order alteration on 5 of the pants sold to LSCU. Purchased 15 Womens Suit Jackets from Tally Ho at a cost of $70 each with a freight charge of $150 (all net of GST)
602 116 525 525
Jan 1
GENERAL JOURNAL Interest Income Accrued Interest Revenue Reversing Entry Salaries Payable Salaries Expense Reversing Entry Telephone Payable Telephone Expense Reversing Entry
205
450 450
210
210 210
SALES JOURNAL
DATE DETAILS INV Post Ref SALES GST DEBTORS
Jan 4 Jan 10 25
10501
PURCHASES JOURNAL
DATE DETAILS INV. Post Ref STOCK FREIGHT GST CREDITORS
Jan 6 30
25 150 175
40 120 160
DEBTORS
SALES
SUNDRIES
GST
BANK
200 602
20
610
200
20
1214 (105)
400
1050 (x)
70
2514
Dec 30 30
Opening Entry
GJ SJ CRJ
Jan 1 Jan 19
GJ CRJ
525 750
525 Dr 225 Cr
28
CRJ
300
300 Cr
Opening Entry
GJ CRJ SJ
1,214 Dr 1375 Dr
Calculations It is advisable to show the calculations you have performed in answering any questions to ensure you show your understanding of the concepts.
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MON
TUES
WED
THURS
FRI
20792 GK 3-20 Sue 20786 GK 3-16 Phil 20787 GK 3-20 Ron 20785 GK 3-16 Phil 21681 BH 4-32 David
20793 GK 2-12 Mei Lin 20798 GK 2-12 Paul 20802 RR 5-09 Daryl
Lecture 2 - 20783 / BH2-09 Scott Copeland - 205 20797 GK 2-16 Mario 20808 H 6-03 Emily
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