Acct1501 - Perdisco (2 Viewers)

[stephenchow]

Sorry for over-reacting. It was a big shock to get 26 red crosses...because the 3 mistakes in the adjusting entries carried on to all the totals, the BS and IS. I had everything else right but since it all carried on

Do you think I will get a really bad mark? I guess its only 10% and I did pretty ok in the midsession.

I think I have the same exercise as yours.

 

[Loz_metalhead]

My overall mark was effected to badly

 

[Chris.]

up to the stupid worksheet...

 

[YBK]

up to the stupid worksheet...

same, i cant figure it out!

 

[stephenchow]

Yeah, even one mistake during your adjustments and your finished.

 

[Chris.]

2 months of rent remained pre-paid at the start of the month.
it says i have $5000 prepaid rent

wtf do i do. it doesnt even tell me how long the prepayment was made for.

 

[stephenchow]

Where do i get the number that represents my opening balance?

 

[YBK]

2 months of rent remained pre-paid at the start of the month.
it says i have $5000 prepaid rent

wtf do i do. it doesnt even tell me how long the prepayment was made for.

yeah wtf is that? how do you do that?

 

[YBK]

yeah wtf is that? how do you do that?

lol nvm i figured it out

u just divide the original number by how many were prepaid

 

[Chris.]

lol nvm i figured it out

u just divide the original number by how many were prepaid

so if u had 5000 prepaid rent..and the adjusting entry says:

2 months of rent remained pre-paid at the start of the month.

you would do:
Dr rent expense 2500
Cr prepaid rent 2500
??

 

[YBK]

so if u had 5000 prepaid rent..and the adjusting entry says:

2 months of rent remained pre-paid at the start of the month.

you would do:
Dr rent expense 2500
Cr prepaid rent 2500
??

yep that should be right

 

[Chris.]

i swear i dont know wat im doing wrong....
my balance sheet never balances! fuk
i think im gona have to repeat this course in S 2

 

[ace]

i swear i dont know wat im doing wrong....
my balance sheet never balances! fuk
i think im gona have to repeat this course in S 2

Good and bad things about online practice set.

Online = forces you to get it right.

Book style = lets you get off easy with not needing to get the set correct.

As much as I hate to say this, the online version is possibly better as it forces you to learn. (or in the case of this thread, loathe the system)

 

[Lavenderpup]

Also bad is that it is very easy for someone to cheat.. or rather, cause you to fail if they know your student number :/ After all, anyone could just sign up a new account, input your student number and submit randomly to cause you to fail ...
Obviously, the reverse also applies but who would be willing to do someone's hugearse assignment for them -_-'

However, even if you go bad in the worksheet, it shouldn't really matter [even if you only did the first column and skipped the rest], because it doesn't deduct that much from you.

Oh and the CRK appendix is pretty nifty but in the balance sheet area, you don't go and edit the retained profits but rather, you just leave the number at the bottom. Oh hm. Don't suppose you remember to add the profit/loss to the balance sheet?

 

[Chris.]

yaayyy finsihed. 86%
now im on borderline pass since i failed the mid session
the tute better give me sum fair participation marks

 

[TheKey]

Hey guys can anyone help me with the worksheet on this thing.

the adjustments...i don't know how to handle those first reversing entries we had to do at the beginning of perdisco when making these adjusting entries.

ex. interest payable on the bank loan is $486.
(in my ledgers on june1 i had reversed my interest payable from 242CR to 0 and so ended up with interest expense = 242CR)

So...is the 448 meant to include the 242 from end of May or is it in addition to it?

Dr interest expense $486
Cr interest payable $486

OR
Dr interest expense $244 (486-242)
Cr interest payable $244



also
ex2.The business last paid the water bill in May which was for 3 months up to end of April (beginning of May). The ADDITIONAL accrual entry for water expense for the last 2 months is $228.

So "last 2 months" means May & June or June & July. Also in May my water payable has been reversed to 0 and water expense became 118Cr.

So what do i do here, am I meant to make my water expense balance equal 228Dr, in which case i do:
Dr water exp 346 & Cr water payable 346.

I really don't get those initial reversing entries, how can we have a Cr balance on water expense...it doesn't seem right.

 

[RideTheLightnin]

Having an issue with Week 1 Transactions....

It says "Purchased 15 home gym sets with cash for $806 each, cheque no 620"

So obviously its CPJ, Purchases account.
The Post ref would be X as 12090 is being put in the Dr Purchases.

THEN
do i Cr 12090 for cash at bank? or discount received?
and i know i dont send the purchases to the subsidiary ledger, but do i send the cr at cast at bank to the general ledger?

any help is greatly appreciated!

 

[Loz_metalhead]

Having an issue with Week 1 Transactions....

It says "Purchased 15 home gym sets with cash for $806 each, cheque no 620"

So obviously its CPJ, Purchases account.
The Post ref would be X as 12090 is being put in the Dr Purchases.

THEN
do i Cr 12090 for cash at bank? or discount received?
and i know i dont send the purchases to the subsidiary ledger, but do i send the cr at cast at bank to the general ledger?

any help is greatly appreciated!

Credit cash at bank in the CPJ. No you dont cr cash at bank in the general ledger. You do that at the end of the month when you transfer all the totals. The only exception is when something is put into the "other" column in the special journal...that gets posted to the general ledger straight away. Also everything posted to the general journal is posted to the general ledger straight away and sometimes it is also posted to the subsidiary ledger(in special cases). You transfer totals from the special journals to the general ledger in week 5.

Goodluck, I hope that helped a little.

P.S. Metallica are awesome:wave:

 

[RideTheLightnin]

Credit cash at bank in the CPJ. No you dont cr cash at bank in the general ledger. You do that at the end of the month when you transfer all the totals. The only exception is when something is put into the "other" column in the special journal...that gets posted to the general ledger straight away. Also everything posted to the general journal is posted to the general ledger straight away and sometimes it is also posted to the subsidiary ledger(in special cases). You transfer totals from the special journals to the general ledger in week 5.

Goodluck, I hope that helped a little.

P.S. Metallica are awesome:wave:

thanks for youre help, your definitely right about metallica being awesome. this is going to sound really easy but id like to be sure before i submit.
"sold 40 soccer balls to sports warehourse for $34 each, invoice no. 402"

SJ, ARC - sports warehouse, invoice no. 402, dr accounts receivable 1360, cr sales revenue 1360.

so then id proceed to send the dr acc/rec to the subsidiary ledger...and just leave the cr sales rev unti end of month? does perdisco just remember all these totals and you do all that at the end of the month?

also pretty sure i had you on msn as a study group or something, your name sounds familiar.

 

[Loz_metalhead]

Yep that sounds right to me. Always trust yourself before others Lol. I thought I did something wrong and I asked someone...they said it was right, but it was wrong. LOL...26 crosses later. Did you get the Renegade practice set? I had that.


I think I made some study groups in year 11. Here's my email if you want to add me: metalhead_forever@hotmail.com