acct 1001 practice set (3 Viewers)

[polska*]

What are peoples closing a/c recievable and payable for the unajusted trial balance. i have done it 3 times and it is till not balancing and its gettoing to me really bad.

Please help

 

[04er]

Are purchased books part of inventory...? Or purchases?!

 

[sarevok]

purchased books are purchases. it's a periodic system, an 'inventory' account isn't important until you do a stocktake.

re. your other question, the purchases account in the cash payments journal would be used for purchases with cash (whilst the purchases journal is used for purchases on credit).

 

[04er]

Thank you sarevok In which special journal (or general journal) do we place these transactions?

1. Received a credit note for 860.
2. Issued a credit note of 550.... CP? (WTF is a credit note!?)
3. Declared a dividend of 20 000... GJ?
4. Issued additional shares...

By the way, were any notes given out to us to answer this?

 

[sarevok]

double post, sorry

 

[sarevok]

the credit notes would go in the general journal.

i'm not certain about the other one, but i think probably the cash receipts journal.

a credit note means a granting of credit...i.e. you're reducing some one's accounts payable, or your own is being reduced.

don't think any extra notes have been given out to cover this

edit: dividend is GJ

 

[polska*]

Edit

sorry found out today to post the issue of shares into the cash reciept journal

 

[04er]

found out today to post the issue of shares into the cash reciept journal

thanks for that mate What do we write under 'explanation' for the subsidiary ledgers??

EDIT: Do we write sales revenue when we make a credit sale?

 

[absolution*]

so is adj balance $71112?

 

[absolution*]

EDIT: Do we write sales revenue when we make a credit sale?

Nope. You write the name of the business/subs ledger.

 

[WaffenssLAH1985]

Important note

Below is my result of worksheet
Unadjusted Trial Balance 1308252
adjustments 73215
adjusted trial balance 1349667
P&L statement Dr848174 Cr955357
Balance Sheet Dr464410 Cr394310
Profit before deducted by dividend is 70100
There are some important issues I found
1.since there is no need to record change of inventory, i just record 315870 in my adjusted trial balance and 278787 in balance sheet
2.in my adjusted entry, i debit prepaid insurance $4000, because the rent is recored as expense initially
3.I debit my 'sale staff wages expense' 720 because ist, from backgound introduction on page 1, 2nd from calendar, i found that 24 June when the last payment of wages in the financial year was made is Friday, so the accrued wage needs include Jun24, that is 24, 25, 26, 27,28,29,30.

 

[fush]

why 4000 for store rent??

dont u mean 24000?

and it isnt recorded as an expense, it says rent was prepaid, meaning they orginally recorded it as an asset and you have to calculate the adjusted expense, that is nov dec jan feb mar apr may jun ( 8 x (36000/12))

 

[WaffenssLAH1985]

sorry it's insurance, anyone wanna discuss with me, plz add silver[B]_[/B]fox1985@163.com to MSN

 

[fush]

did anyone use the second page of the general journal??

including all adjusting entries i only used the 1st page without skippin any lines

were we meant to use both pages and leave a line between each entry?

 

[kow_dude]

i used both pages with no line skipping

 

[fush]

well i counted 15 transaction that go in general journal,

4 normal and 11 adjustments, am i missing something

i used 3 lines for each transaction, therefore 45 lines hence 1 page

 

[fush]

i am now officially finished!

 

[alexialight]

For the June 23rd transaction involving sales returns and allowances, you debit Accounts Receivable - South-West Education Commission in the general journal, right? Where and when do you post the $550 in the ledgers? Do you post it on the 23rd to both the AR control account and the AR South-West Education Commission subsidiary ledger?

 

[ressul]

Q about P&L in Worksheet

Do we need to calculate the temporary accounts for the P&L Statement in worksheet as well? In the other words, accountants only do workshet once a year, right?

 

[chickenntaters]

I don't understand adjustment (h)... it says that staff wages are paid fortnightly every second Thursday, but in the transactions staff wages are paid on Fridays (24th and 10th), can anyone explain this to me? Also, just making sure, daily sales staff wages would be $109 (1440/14) because they work 14 days, right?

Also what are we supposed to do with dividends declared? Does that go in the P&L statement or in the Balance sheet?