acct 1001 practice set (2 Viewers)

[04er]

Under the asset.

Under which one? There's current and non-current

 

[Lainee]

Yes Lainee

Thanks.

Another question: Should the totals in the Schedule of Accounts Receivable/Payable equal that in their respective Control accounts?

 

[Lainee]

Under which one? There's current and non-current

Since Store Fittings and Computers are Non-current Assets, and the Acc Dep are contra asset accounts, they should go under Non-current and should be deducted from your Assets.

 

[kow_dude]

Another question: Should the totals in the Schedule of Accounts Receivable/Payable equal that in their respective Control accounts?

Yes. See instruction 9

 

[jpr333]

I would also like to know what we do with inventory ledger. I guess some how we have to reduce it down to the amount of ending inventory?

Apart from that I'm done

Edit: Nevermind, worked out how to do it. Just transfer the adjustments you did to inventory in the GJ during the closing process to the inventory account and the inventory ledger will come out to the balance of closing inventory.

Can you expand on this? What exactly are we meant to do with inventory. I assume it (a) balances out with purchases and sales (and make an adjustment for differences?) or (b) just do an adjustment straight out for inventory???

 

[jpr333]

yes...


i got 1333 544... for adj trial balance.. :S

i feel this is incorrect.. i just did it quickly as possible...

someone clarify a figure.. im thinking 1 333 564...?

My adj entries were 73115 and adjusted balance was 1349667.

 

[Komit]

Adjusting entries: 73112

Adjusted Trial Balance: 1349564

 

[kow_dude]

Adjusting entries: 73112

Adjusted Trial Balance: 1349564

What the heck... my Adjusted Trial balance is the same as above but Adjusting entries: 72812

 

[chickenntaters]

My adjustments were 73215 because I took wages payable to be $720 (accrued 7 days from Friday 24th June 2005 - Thursday 30th June 2005 inclusive), and my adjusted trial balance was 1349667

 

[jpr333]

And where the hell do you get a 2 from for adjusting entries, the only single digit I get is 2525 for computer depreciation expense (ie the digit furthest to the right) :|

Edit- good stuff chickenntaters

Anyone have a source for classification of expenses??? Can't find anything in text book. Well n/m apparently pg 182 is where the info is.

 

[Lainee]

Can you expand on this? What exactly are we meant to do with inventory. I assume it (a) balances out with purchases and sales (and make an adjustment for differences?) or (b) just do an adjustment straight out for inventory???

I second this! Please explain sarevok, or anyone?

 

[chickenntaters]

Do we have to write a closing balance for june and an opening balance for july in all of our permanant ledgers? How do we do that, do we just write the closing blance in the balance column with an explanation "Closing balance" or is this not necessary? Ugghh can't wait to finish this damn thing.

 

[jpr333]

OMG done!! Woooo, that might be the hardest and most nit picky assignment I've ever done.

 

[sarevok]

During the closing process you have to transfer beginning inventory and closing inventory to the P+L summary in order to get the correct COGS figure...once you post those entries to the inventory ledger, it will come out to the closing balance. Look at the Week 7 lecture notes.

 

[absolution*]

can someone explain the closing entries. do you need to list each expense account, each revenue account, inventory (closing and opening) etc. when balancing with p/l summary in the general journal?

also did anyone elses subsidiary ledger balances not equal the control balances??

 

[04er]

is store supplies a current asset?

 

[kow_dude]

Yes. For example, staples are supplies..... and stapler is an equipment.

 

[Lainee]

can someone explain the closing entries. do you need to list each expense account, each revenue account, inventory (closing and opening) etc. when balancing with p/l summary in the general journal?

Yep. I had 5 closing entries in total: one to close revenue accounts, one to close expense accounts, one to calculate COGS, one to close P&L summary and one to move dividends to retained profits.

also did anyone elses subsidiary ledger balances not equal the control balances??

I think - double check to make sure you posted the Sales/Purchases Returns and Allowances from GJ into the subsidiary ledgers?

 

[absolution*]

Thanks Lainee. Im done now. That was the worst assessment ive ever done. What a waste of time..

 

[04er]

would tax expense be included on the closing entry in the general ledger for expenses?