Question 3 (Marks: 30) Q.3.1 The following transactions for July 2020 were available for FC Traders....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Question 3 (Marks: 30) Q.3.1 The following transactions for July 2020 were available for FC Traders. The Petty Cash (18) Vouchers start with the number PCV11 on the 1º. Day Transaction 1 Coffee and milk were bought from Daisy's Store for R180. 3 Went to Checkers and purchased lever arch files for R120 and sugar for R40. 5 Spent R300 buying diesel for the delivery vehicle. 8 Paid casual Wages out of Petty Cash, R300. 15 Bought a cake for a birthday for one of the staff members, R250. 18 Paid for parking for one of the reps, R25. 22 Paid for advertising, R150. Required: Prepare the Petty Cash Journal for FC Traders for the year ended 31 July 2020 Use the below format by copying it into your answer Books: Doc Day Details Petty Refreshments Amount Fol Details Cash Q.3.2 Mick Stores had the following transactions that took place during November 2021: (12) 1) On the 8th of the month, the owner took inventory to the value of R800 for his own use. 2) A debtor of the business is liquidated and cannot settle their debt 3) amounting to R650; this needs to be written off at the end of the month. Deprecation of R700 needs to be provided for on equipment at the end of the month. Required: Prepare the General Journal Entries for the above transactions. Journal Narrations are not required. (Marks: 10) Question 4 You are provided with the following information in the bank reconciliation process: Q.4.1 Dishonoured Cheque Q.4.2 Favourable Balance Q.4.3 Interest on Overdraft Q.4.4 EFT Payment Q.4.5 Cash Deposit Q.4.6 Direct Deposit Q.4.7 Debit Order Q.4.8 Interest Income Q.4.9 Overdraft Q.4.10 Unfavourable Balance Required: For each entry in the table above, indicate whether the entry would be a debit or credit on the bank statement (i.e., from the banks perspective). Question 3 (Marks: 30) Q.3.1 The following transactions for July 2020 were available for FC Traders. The Petty Cash (18) Vouchers start with the number PCV11 on the 1º. Day Transaction 1 Coffee and milk were bought from Daisy's Store for R180. 3 Went to Checkers and purchased lever arch files for R120 and sugar for R40. 5 Spent R300 buying diesel for the delivery vehicle. 8 Paid casual Wages out of Petty Cash, R300. 15 Bought a cake for a birthday for one of the staff members, R250. 18 Paid for parking for one of the reps, R25. 22 Paid for advertising, R150. Required: Prepare the Petty Cash Journal for FC Traders for the year ended 31 July 2020 Use the below format by copying it into your answer Books: Doc Day Details Petty Refreshments Amount Fol Details Cash Q.3.2 Mick Stores had the following transactions that took place during November 2021: (12) 1) On the 8th of the month, the owner took inventory to the value of R800 for his own use. 2) A debtor of the business is liquidated and cannot settle their debt 3) amounting to R650; this needs to be written off at the end of the month. Deprecation of R700 needs to be provided for on equipment at the end of the month. Required: Prepare the General Journal Entries for the above transactions. Journal Narrations are not required. (Marks: 10) Question 4 You are provided with the following information in the bank reconciliation process: Q.4.1 Dishonoured Cheque Q.4.2 Favourable Balance Q.4.3 Interest on Overdraft Q.4.4 EFT Payment Q.4.5 Cash Deposit Q.4.6 Direct Deposit Q.4.7 Debit Order Q.4.8 Interest Income Q.4.9 Overdraft Q.4.10 Unfavourable Balance Required: For each entry in the table above, indicate whether the entry would be a debit or credit on the bank statement (i.e., from the banks perspective).
Expert Answer:
Answer rating: 100% (QA)
1 2 Petty Cash Book Petty Cash Refreshments Amount Fol Deta... View the full answer
Related Book For
Integrated Accounting
ISBN: 978-1285462721
8th edition
Authors: Dale A. Klooster, Warren Allen, Glenn Owen
Posted Date:
Students also viewed these accounting questions
-
Prepare journal entries to record the following transactions for Emerson Corporation. April 15 Declared a cash dividend payable to common stockholders of $40,000. May 15 Date of record is May 15 for...
-
Prepare journal entries to record the following transactions for DesmondCorporation: Apr. June Dec. 15 30 31 Declared a $48,000 cash dividend payable to common shareholders Paid the dividend declared...
-
Prepare journal entries to record the following transactions for Emerson Corporation. July 15 Declared a cash dividend payable to common stockholders of $165,000. Aug. 15 Date of record is August 15...
-
Meg Bishop, vice president of supply chain at the Lilly Snack Company (see Problem 5-19) has been able to secure shipping from the proposed plant in Brevard to its plants in Wise and Cleveland for $6...
-
On January 1, 2015, Vahsholtz Corporation purchased 5,000 shares of treasury stock. Other information regarding Vahsholtz Corporation is provided as follows. Compute (a) Return on common stockholders...
-
The following diagram shows the reaction profile of a reaction. Label the components indicated by the boxes. 2 TW 4 Reaction progress
-
A test of homogeneity is performed and the null hypothesis is rejected. True or false: We can conclude that the distributions are not the same in every row.
-
Should all companies consider reducing their sales forces in favor of telemarketing? Discuss the pros and cons of this action. Many companies are realizing the efficiency of telemarketing in the face...
-
You have the following information (denoted in millions) about XYZ corp for June 30, 2020: Current Assets=1500, Current Liabilities=1350, Fixed Assets=4000 and June 30, 2021: Current Assets=1600,...
-
Use Venn diagrams to evaluate the immediate inferences in Part II of this exercise. Identify any that commit the existential fallacy. In part 1. No sculptures by Rodin are boring creations....
-
Assume f (x) is defined as follows: Q1, Assume f (x) is defined f-llows: us fa>= Sin Coax) 7T X An imuging systm has the otpd g(x) defined os folus; gas=f(x)+ Cos (27B x ) ,>o an ideal low-puss...
-
Provide an example of a good externalitythat is, one that increases a projects true NPV over what it would be if just its own cash flows were considered.
-
Explain the difference between a linear risk and a nonlinear risk.
-
How does a benefit corporations charter differ from that of a typical U.S. corporation?
-
List and define the different major categories of risk events.
-
Which size of firm, large or small, is most prone to business failure? Why?
-
Suppose that the current stock price is 105 per share. The current two-year risk-free interest rate is 4.5%. There are three two-year forward contracts available, with the following two- year forward...
-
In Exercises 1-2, rewrite each verbal statement as an equation. Then decide whether the statement is true or false. Justify your answer. 1. The logarithm of the difference of two numbers is equal to...
-
How can a company improve its average number of days sales in merchandise inventory ratio?
-
What are three uses of the information provided by the fixed assets system?
-
November Payroll: Use the payroll file you saved under file name 07-A1 Your Name to answer the following questions for the November payroll. Employee List 1. What is the number of withholding...
-
A survey of 250 members from an organized union of over 20,000 members. In Exercises 1120, determine whether the data set is a population or a sample. Explain your reasoning.
-
The carbon monoxide levels of 12 of 49 people who escaped a burning building. In Exercises 1120, determine whether the data set is a population or a sample. Explain your reasoning.
-
The annual revenue of each team in a pro sports league. In Exercises 1120, determine whether the data set is a population or a sample. Explain your reasoning.
Study smarter with the SolutionInn App