Questions and Answers of Accounting 28th Edition

Explain the difference between:• a cash sale and a credit sale • a cash purchase and a credit purchase.
List the supporting documents that should be used by a business to check the validity and accuracy of a tax invoice received from a supplier for purchases on credit of goods, services or other items.
List the supporting documents that must be checked by a business during the process of preparing a tax invoice for the sale on credit of goods, services or other items.
Write the missing word in the space provided, using the following words: deposited, drawer, payee.a A crossed cheque has to be . . . . . . . . . in a bank account.b The business to whom a cheque is
Prepare handwritten receipts for J Lawson, whose business has received the following amounts:a 2 June 2022: $100.10 cheque from J Adam for a cash sale.b 6 June 2022: $83.60 cash from a sale of
In a modern business environment:a list and briefly describe the additional forms of payment that can be used (other than cheques or cash), and b list and briefly describe how funds can be received
Using the information below relating to Billie Taylor for 15 April 2022, prepare a bank deposit slip.Details of amounts received for the day are: Receipts issued No 375 (cash) 376 (cheque) Cash
Write the missing word(s) in the spaces provided, using the following words: duplicate copy, cheque, control, duplicate receipt, memo, original, receipt, receives, sends, source.a An originating or
Why do business transactions need to be documented?
Identify, from the supplier’s point of view, a source document and the information that should be used included on the document for each of the following transactions:• the supplier receives cash
Which of the following transactions should be included on a bank deposit slip by a supplier?• Debit card sale of $125• Daily cash sales of $2400• Customer paid invoice of $450 by direct
Identify a source and a control document that Chris Condie Computer Supplies could use for each of the following transactions: Transaction Repairs a customer's computer on credit Transfers monthly
List the main details that should be included in each of documents in the table below. Document Sales tax invoice Cheque butt Receipt that is also a tax invoice Credit note Details on document
The buyer, Sam’s Cycles, has received goods from the supplier, Spare Parts. When the delivery is checked, Sam suspects that the supplier has sent the wrong goods. How can Sam confirm that the order
Broadbent Tailors sends a purchase order to Melville Supplies for rolls of cloth and threads to be purchased on credit.What steps should Melville Supplies follow from receipt of the Broadbent
On 10 January 2022 Meredith Jane’s Restaurant placed a purchase order for cleaning supplies for the business from Glenn Peters Cleaning Supplies. The goods and the original tax invoice, number
Nicola Paige prepares a receipt for each of the amounts received during March 2022. She prepares a deposit on the same day funds are received and goes to the bank to deposit the total receipts for
On 27 July 2022 purchase order 59 was received for two (2) copies of the book How Can I Use Herbs in my Daily Life by Isabell Shipard at a unit price of $44 ($40.00 + $4.00 GST) from Dunedoo Soil
Louth Purchasing Co in Wilcannia Road Louth 2840 purchased on credit 3 Nudger NG14 gates from its supplier, Bourke Suppliers Co on net 30 days terms. The purchase order number is LPC 8995. Tax
Briefly outline the filing requirements for:a sales invoices b purchase invoices.In your answer you are to indicate the types of documents that should be filed and the sequence in which they should
The business commenced with $5000 in assets and $5000 in owner’s equity. Write this in the accounting equation format provided in the Workbook.
You are required to complete the accounting equation formats shown in the Workbook where a business commenced with:a assets $15 000 b assets $25 000 c assets $20 000, liabilities $5000 and owner’s
You are required to complete the accounting equation formats shown in the Workbook where a business commenced with:a assets of cash at bank $12 000, motor vehicle $25 000 and owner’s equity $37 000
From the following business transactions you are required to show, in the Workbook, the effects on the accounting equation, using the above format. (This solution is used in questions 3.12 and
On 21 August 2022, the business of P Dumont had the balances of assets, liabilities and owner’s equity as shown in figure 3.6.You are required to process the following transactions in the format of
P Barrack commenced business on 1 September 2022 with bank $2000, inventory $1000, motor vehicle $8000 and premises $35000. You are required to process this transaction and the ones on page 60 in the
Return to the solution for P Barrack in question 3.6. Write next to each entry whether it is a debit [dr] or credit[cr] in the accounting equation. In the accounting equation, we can separate assets
From the details of Margaret Robertson as at 31 March 2022, prepare an accounting equation summary for assets, liabilities and owner’s equity, including the current and non-current classifications
Using the solution from question 3.9, prepare a balance sheet for Margaret Robertson as at 31 March 2022.Question 3.9From the details of Margaret Robertson as at 31 March 2022, prepare an accounting
You are required to prepare a balance sheet for A Argenton as at 6 July 2022, using the accounting equation in figure 3.11. Assets Bank Inventory Motor Vehicle Office Equipment $ 6 800 5 500 25 000 4
You are required to prepare a balance sheet for P Dumont as at 31 August 2022, using the accounting equation in figure 3.12. Bank Assets Inventory Premises $ 10 290 6 490 45 000 61 780 = =
You are required to prepare a balance sheet for P Barrack as at 30 September 2022 from the accounting equation in figure 3.13. Assets Bank Inventory Motor Vehicle Premises Machinery $ 5 208 3 332 8
From the following September 2022 transactions for K Pullen, you are required to:• process the transactions in the accounting equation format• enter next to each amount whether it is a debit or a
The previous accounting equation for A Argenton was at 6 July 2022 (from question 3.12) and is repeated below.Further transactions are to be processed in similar format using the alphabetical prefix
From the accounting equation of G Cooranbong in figure 3.19, you are required to prepare the balance sheet as at 31 March 2022. Assets [debit] Bank Accounts Receivable Inventory Office Equipment
You are required to process the following transactions for January made by D Brad in the accounting equation format. Note next to each transaction the alphabetical prefix and next to each amount
Using the account names listed and format provided for this question in the Workbook, allocate the accounts into their account group. Identify whether the account is normally debit (dr) or credit
Using the account names listed and format provided for this question in the Workbook, allocate the accounts into their account group. Identify whether the account is normally debit (dr) or credit
You are required to complete the figure in the Workbook for this question. Allocate the accounts into their account group including their sub-classification where necessary. Identify whether the
You are required to prepare a balance sheet for S T David as at 30 April 2022 using the data provided. You will need to calculate the profit – that is the revenue less expense – the owner’s
For each of the business transactions listed below, you are to enter in the Workbook:a the account name, with the debit account first b whether the account entry is a debit or credit c the chart of
For each of the business transactions listed below, you are to enter in the Workbook:a the account name, with the debit account first b whether the account entry is a debit or credit c the chart of
For each of the service business transactions of a medical doctor listed below, you are to enter in the Workbook:a the account name, with the debit account first b whether the account entry is a
For each of the service business transactions of a dentist listed below, you are to enter in the Workbook:a the account name, with the debit account first b whether the account entry is a debit or
For each of the business transactions listed below, you are to enter in the Workbook:a the account name, with the debit account first b whether the account entry is a debit or credit c the chart of
For each of the business transactions listed below, you are to enter in the Workbook:a the account name, with the debit account first b whether the account entry is a debit or credit c the chart of
For each of the business transactions listed below, you are to enter in the Workbook:a the account name, with the debit account first b whether the account entry is a debit or credit c the chart of
For each of the business transactions listed below, you are to enter in the Workbook:a the account name, with the debit account first b whether the account entry is a debit or credit c the chart of
Show the following transactions for Cheryl’s Cyclist Courier Service, referenced by date as well as ‘a’ and ‘b’, in the general journal format in the Workbook.a On 1 September 2022 Cheryl
Louise commenced business on 1 October 2022 as Louise’s Value Plus, buying inventory in bulk and selling it to customers in much smaller quantities. She operates a trading business with the
Complete the general journals for both the perpetual inventory system and the periodic inventory system using the following transactions:a Owner commenced business with cash $15 000 and inventory
From the following transactions of E Stoddart in March 2022, complete the general journal using the perpetual inventory system.1 Cash sale $110 ($100 + $10 GST), cost of sales $60.3 Debit card
From the following transactions of E Stoddart in March 2022 complete the general journal using periodic inventory:1 Cash sale $110 ($100 + $10 GST).3 Debit card purchase of inventory $330 ($300 + $30
From the following transactions in September 2022 prepare the general journal for P Barrack; the perpetual inventory system applies.1 September: Commenced business with bank $2000, and other assets
From the following transactions in September 2022 prepare the general journal for P Barrack; the periodic inventory system applies.1 September: Commenced business with bank $2000, and other assets
Refer back to the general journals prepared in answering question 4.6 for P Barrack where perpetual inventory applies. You are required to post these general journals to the general ledger in T
Refer back to the general journals prepared in answering question 4.7 for P Barrack, using the periodic inventory. You are required to post these general journals to the general ledger in T and/or
You are required to prepare a trial balance as at 13 September 2022, using the general ledger for P Barrack prepared in answering question 4.8, where perpetual inventory was used.Question 4.8Refer
You are required to prepare a trial balance as at 13 September 2022, using the general ledger for P Barrack prepared in answering question 4.9, where periodic inventory applied.Question 4.9Refer back
From the following September 2022 transactions for K Pullen you are required to:a prepare general journals using the comparative general journal format in the Workbook for both perpetual and periodic
What is the difference between inventories and supplies?
What is the difference between:• taxable supplies• input-taxed supplies• GST-free supplies?
Your friend runs a small IT consulting practice. She has asked you to help work out why the trial balance is not equal at the end of the month. Your investigation finds that the total of the debit
Write the missing word(s) in the space provided, using the following words: accounts, asset, balance sheet, expense, general ledger, revenue, liability, income statement, trial balance, owner’s
From the list of accounts and balances in figure 4.27, which does not follow the chart of accounts order, you are required to:• prepare the trial balance of T Porracin for the end of August 2022•
From the list of accounts and balances in figure 4.28, which does not follow the chart of accounts order, you are required to:• prepare the trial balance of C Orellana for the end of July 2022•
Tracey Bolton commenced business as a sole trader in August 2022. Tracey provides tennis training advice to clients wishing to improve their stroke and on-court performance. She employs some
From the following business transactions in July 2022 you are required to prepare comparative general journals for both perpetual and periodic inventory; post to the general ledger, where the
From the following transactions of D Brad made in January 2022, you are required to prepare the general journals using perpetual inventory, post to the general ledger in the format provided in the
Write the missing word(s) in the space provided, using the following words: cash payments, cash receipts, daily, general, journal, purchase, sales.a In accounting, a book where source documents are
Indicate the journal C Namble would use to enter the following transactions. Transaction C Namble remitted wages C Namble received a cheque from F Lee C Namble purchased goods on credit from P Way C
During the day a number of source documents were received. You are required to calculate the value of each batch that would be posted to the four journals for that day. Source Document Remittance
Indicate the journal A Berdeen would use for each of the following transactions. A Berdeen sold goods to B Allina on credit A Berdeen used a debit card for goods Transaction A Berdeen purchased goods
Transactions for C Amden are shown below. Which journal would they be written in? Transaction C Amden purchased goods on credit from C Unwin Goods sold by C Amden to T Coachhouse; C Amden expected to
What is the total of entries made to each of the five journals from the following list of source documents? Source Document Tax invoice to customer Remittance received Tax invoice to customer
Write the missing word(s) in the space provided, using the following words: accounts, asset, buying, cash, cash payments, credit, debit, document, expense, goods, journals, liability, owner’s
Using the source documents of B Cooper (see figure 5.15), prepare the sales journal (or general journal), post to the general ledger and prepare a trial balance as at 31 August 2022. Sold to D Duric
Using the source documents of H Alwart in figure 5.19, prepare the sales journal (or general journal), post to the general ledger and at the end of the month prepare a trial balance. Use the
From the following transactions of Bouasing Trading Co for November 2022, prepare the sales journal (or general journal), post to the general ledger and prepare a trial balance. Assume your own
Using the source documents of D Keogh (see figure 5.25), prepare the purchases journal (or general journal), post to the general ledger and prepare a trial balance where periodic inventory applies. E
Using the source documents of L Andrews (see figure 5.29), prepare the purchases journal (or general journal), post to the general ledger and prepare a trial balance where perpetual inventory is
From the following transactions for September 2022 of S Nada, who uses the perpetual inventory system, prepare the purchases journal (or general journal), post to the general ledger and prepare a
Using the following remittances received by P Marcela (see figure 5.37), prepare the cash receipts journal (or general journal), post the journal to the general ledger and prepare a trial balance
Use the remittances received by P Damico (see figure 5.41). Assume P Damico uses the perpetual inventory system and the cost of the inventory sold as cash sales is a constant 60% of the sales value,
Using the remittance payments of L Cheng (see figure 5.47), prepare the cash payments journal (or general journal), post to the general ledger and prepare a trial balance; assume periodic inventory
Using the documents of S Melissa (see figure 5.51), prepare the journal, post to the general ledger and prepare a trial balance where the perpetual inventory system is used. To: C Leon For: Goods
S Wong uses the perpetual inventory system in her accounts. From the source documents of S Wong (see figure 5.52) for November and December 2022, for each month prepare the cash payments journal and
From the following transactions of C Noble for January 2022, prepare the sales journal, purchases journal, cash receipts journal and cash payments journal (or general journal). The perpetual
From the transactions of A Gregory for the month of July 2022 where perpetual inventory applies, prepare the sales, purchases, cash receipts and cash payments journals (or general journal); post to
From the following transactions you are required to indicate in which journal, if any, the transactions would be entered for the business of Mia and the business of Gus. The first two transactions
From the following transactions you are required to indicate in which journal, if any, the transactions would be entered for the business of Glen and the business of Rae. Transactions Glen purchased
From the following transactions of T Gail you are required to indicate in which journal the transaction would be entered. Transactions of T Gail Received funds from a customer who had purchased
From the following transactions of T Steven you are required to indicate in which journal the transaction would be entered. Transactions of T Steven Received remittance from customer Customer paid
From the following transactions of L Scott, who operates with periodic inventory:• enter the appropriate journal abbreviation next to each transaction• prepare the relevant journals (or general
From the following transactions of W Tucker, who operates with the perpetual inventory system, for July 2022 you are required to:• enter the appropriate journal abbreviation next to each
L Barchi sold goods to J Altimo for $550 on 15 July. A discount of $22 was to be allowed if the remittance was received by 25 July. L Barchi received the remittance from J Altimo on 25 July and
A Barrozo sent a tax invoice to D Anderson on 9 August for $1100 with the terms of 5% 10 days/net 30 days. A Barrozo received payment on 17 August and allowed the discount according to the terms on
Altimo purchased $550 worth of goods from L Barchi on 15 July. The tax invoice from L Barchi showed a discount of $22 if payment was received by 25 July. On 23 July J Altimo paid the tax invoice less
D Anderson received a tax invoice on 10 August from A Barrozo for $1100, which showed the terms of payment as 5% 10 days/net 30 days. D Anderson processed the remittance on 15 August. Show the
G Rettkowicz commenced business from 1 August 2022 with bank $9000, inventory $2000, motor vehicle$8000, computer $2800; process this data through the general journal and post to the general ledger.G

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