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accounting 28th edition

Accounting An Introduction To Principles And Practice 9th Edition Edward A. Clarke, Michael Wilson - Solutions

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 as a reference to each transaction. You are also to indicate if the transaction is a debit [dr] or a
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 Computers LA $ 11 14 800 2500 dr Accounts Payable 1800 dr Bank Loan 1000 dr 3500 dr 6 000 dr Liabilities
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 whether it is a debit [dr] or a credit [cr]. Using this data you are to prepare a balance sheet as at 31
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 (cr) and allocate an appropriate account number. Accounts Payable Commission Received Interest
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 (cr) and allocate an appropriate account number: Capital Accounts Receivable Commission Drawings
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 account is normally debit [dr] or credit [cr] and allocate an account number as appropriate. Accounts
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 equity and the capital value. Account Accounts Payable Bank Computers Inventory Motor Vehicles Rent
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 account group name; that is, CA, NCA, CL, NCL, OE, R, E d whether the entry is an increase 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 account group name; that is, CA, NCA, CL, NCL, OE, R, E d whether the entry is an increase or
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 debit or credit c the chart of account group name; that is, CA, NCA, CL, NCL, OE, R, E d whether the
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 credit c the chart of account group name; that is, CA, NCA, CL, NCL, OE, R, E d whether the entry is
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 account group name; that is, CA, NCA, CL, NCL, OE, R, E d whether the entry is an increase 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 account group name; that is, CA, NCA, CL, NCL, OE, R, E d whether the entry is an increase 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 account group name; that is, CA, NCA, CL, NCL, OE, R, E d whether the entry is an increase 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 account group name; that is, CA, NCA, CL, NCL, OE, R, E d whether the entry is an increase or
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 starts her Cyclist Courier Service in the Sydney central business district, with$600 in the bank
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 intention of making a profit.1 October: Louise deposited $6500 into the business bank account and brought a
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 $7000.b Cash sale of inventory for $4950 ($4500 + $450 GST). For the perpetual inventory system the
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 purchase of inventory $330 ($300 + $30 GST).5 Credit sale to M Miller $2750 ($2500 + $250 GST), cost of
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 GST).5 Credit sale to M Miller $2750 ($2500 + $250 GST).7 Credit purchase of inventory from A
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 with values as shown: inventory$1000, motor vehicles $8000 and premises $35 000.3 September:
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 with values as shown, inventory$1000, motor vehicles $8000 and premises $35 000.3 September: Inventory
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 and/or columnar ledger format. The general ledger is required to be in elementary chart of account order.
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 columnar ledger format. The general ledger in the Workbook is in elementary chart of accounts order.
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 back to the general journals prepared in answering question 4.6 for P Barrack where perpetual
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 to the general journals prepared in answering question 4.7 for P Barrack, using the periodic
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 inventory systems b post the general journals to the general ledger in T format. The Workbook
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 column is not the same as the credit column. Suggest three reasons why the trial balance does not
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 equity.a Journals are summarised into another book called the . . . . . . . . . .b In this summary
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• write in the account numbers next to each name, using the chart of accounts outlined in figure
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• write in the account numbers next to each name, using the chart of accounts outlined in figure
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 assistants. From the following transactions for the first month of operation you are required to prepare
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 Workbook format allows for the two inventory systems. Prepare a trial balance for perpetual and also
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 Workbook and prepare a trial balance.2 January: D Brad commenced business with $7000 cash and
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 first entered is a . . . . . . . . . . and the source documents are written in . . . . . . . . . .b
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 Namble issued a tax invoice for services provided on credit to F Anna C Namble transferred funds for
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 paid Remittance received Remittance paid Remittance paid Remittance received Remittance received Tax
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 from T Rocks on credit A Berdeen made a credit sale to S Campbell A Berdeen made an internal
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 receive payment at a later date C Amden sold goods for cash to C Reynolds C Amden purchased goods
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 Remittance paid Internal adjustment Tax invoice from supplier 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 equity, payable, receipts, receivable, revenue, source, tax invoice, trial balance.1 A list of general
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 B COOPER Trading goods GST @ 10% Total Tax Invoice Sold to A Brady B COOPER Office equipment GST @
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 perpetual inventory method, assuming that cost of sales is 60% of the selling price (excl GST). Sold to B
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 source document numbers.3 Sold goods on credit to Thuy Le $473 ($430 + $43 GST) at a cost of $190.3
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 JOSEPH Sold to D Keogh Trading stock GST @ 10% D PALMINO Sold to D Keogh Goods for trading GST @
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 used. Sold to L Andrews Goods for trading GST @ 10% Sold to L Andrews G MENDOSA Trading goods GST @ 10%
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 trial balance. Assume your own source document numbers.3 Purchased goods from M Karen on credit $968
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 using periodic inventory. Remittance Received 599 3 October 2022 Cash Sale for cash GST a 10%
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, not the amount received. Prepare and balance the journal (or prepare the general journal), post to
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 applies. 2 March 2022 To: E Acton For: Purchase of goods GST @ 10% 359 Remittance Payment 80.00 8.00
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 purchased GST a 10% 2 May 2022 579 Remittance Payment To: Ampol Petroleum For: Petrol account GST @ 10%
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 cash receipts journal (or general journal), post to the general ledger and prepare a trial balance
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 inventory system operates. Assume your own source document numbers. Post to a structured general ledger and
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 the extract general ledger and prepare a trial balance. Ignore or disregard any cents in your
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 are completed as a guide. Transactions Mia sold inventory to Gus Gus received goods from Mia Gus sold
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 office furniture from Rae Rae received a tax invoice from Glen Rae paid Glen Glen received goods
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 inventory Purchased inventory on credit from a supplier Sold inventory to customer Sold inventory to
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 their account Forwarded remittance to supplier Prepared a remittance for wages Received credit note
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 journal) for the month of March 2022• post journals to a structured extract general ledger and
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 transaction• prepare relevant journals (or general journal)• post journals to a structured general ledger
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 allowed the discount. Show the remittance in the cash receipts journal (or general journal) of L Barchi.
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 the tax invoice.Show the receipt in the books of A Barrozo.
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 the discount received. Show the payment in the cash payments journal (or general journal) of J
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 payment in the books of D Anderson.
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 Rettkowicz has elected to prepare and maintain the accounts using the cash basis of accounting and
P Forrester has elected to prepare and maintain the accounts using the cash basis of accounting and not on the accrual basis of accounting.Enter the following transactions, where appropriate, in the cash receipts journal and the cash payments journal, post them to the extract general ledger and
On 1 February 2022, the balances of J Kelaher were: bank $4000, GST receivable $100, inventory $12 000 (the perpetual inventory system is used), plant and equipment $15 000, GST payable $200, loan from the bank $7000 and capital $ . . . . . . . . .Transactions for February 2022 were:2 Purchased
There are several internal controls that should be implemented in relation to the preparation of journals. Briefly describe two such controls.
Briefly outline two reasons why clear and comprehensive policies and procedures are important in an accounting system.
Marty Joh started Marty’s Mower and Small Engine Repairs business on 1 March 2022 with bank $6000 and equipment valued at $3000; a spare shed on his property is used as the workshop. This service business uses cash-based accounting.Use the general journal for the commencement of the
A farmer and his family, known locally as the ‘Oonchies’, had for a number of years carried out a contracted service for many owners of local and surrounding farming properties. For an agreed or contracted price they would sow seeds over many hectares and harvest the resulting crops on behalf
From the following balances and transactions of P Sullivan for the month of September 2022, where perpetual inventory applies, you are required to:a enter the appropriate journal abbreviation next to each transaction below and prepare all relevant journals (or prepare the general journal), and b
From the following transactions you are required to:a enter the appropriate journal abbreviation next to each transaction below and prepare all relevant journals (or prepare the general journal), and b post to a structured general ledger and balance the accounts, and c prepare a trial balance.C
The balance in the accounts of W Beavan at the end of April 2022 were: bank $3215, motor vehicle $13 200, machinery$2400, accounts receivable control $1101 (M Griggs $715 and G Bartlett $386), inventory $8850, GST receivable $150, accounts payable $560 (L Robinson $427 and C Hunter $133), GST
Using the information of P Alexander for April and May 2022, as shown in figures 6.12, 6.13 and 6.14:• enter the opening balances in the appropriate ledgers• post the sales journal and the cash receipts journal to the general ledger in T account format and the accounts receivable ledger in
Using the information of P Brushgrove for April and May shown in figures 6.15, 6.16 and 6.17:• enter the opening balances in the appropriate ledgers• post the sales journal and the cash receipts journal to the general ledger in T account format and the accounts receivable ledger in columnar
Using the information of Stan Thorpe for June and July shown in figures 6.18, 6.19 and 6.20:• enter the opening balances in the appropriate ledgers• post the sales journal and the cash receipts journal to the general ledger in T account format and the accounts receivable ledger in columnar
Using the information of T Aree for January and February shown in figures 6.31, 6.32 and 6.33:• enter the opening balances in the appropriate ledgers• post the purchases journal and the cash payments journal to the general ledger in T account format and the accounts payable ledger in columnar
Using the information of Emma Ville for March and April shown in figures 6.34, 6.35 and 6.36:• enter the opening balances in the appropriate ledgers• post the purchases journal and the cash payments journal to the general ledger in T account format and the accounts payable ledger in columnar
Using the information of Jack Adgery for January and February shown in figures 6.37, 6.38 and 6.39:• enter the opening balances in the appropriate ledgers• post the purchases journal and the cash payments journal to the general ledger in T account format, and the accounts payable ledger in
Using the information of Bell Ingen for July and August shown in figures 6.40 to 6.44:• enter the opening balances in the appropriate ledgers• post the sales and purchases journals and then the cash receipts and payments journals to the general ledger in T account format, and the accounts
Using the information of Dorri Go for September and October shown in figures 6.45 to 6.49:• enter the opening balances in the appropriate ledgers• post the sales and purchases journals and then the cash receipts and payments journals to the general ledger in T account format, and the accounts
D Timbers runs a business providing gardening services. Using the information for May and June (shown in figures 6.50 to 6.54), post the journals to the general ledger in T account format, and subsidiary ledger in columnar account format. At the end of May, balances were: bank $1500, GST receivable
a Briefly explain the importance of the development of a credit policy and procedures.b Briefly outline the areas that may be covered by an organisation’s credit policy.
Briefly outline the importance of customer credit approval in the accounts receivable process.
Briefly outline the internal controls that should exist over:a the processing of sales invoices, and b remittances from customers.
Outline one internal control benefit of issuing statements of accounts to customers.
a Briefly explain the nature and content of the report that businesses prepare to determine debtors with overdue amounts.b Once overdue accounts receivable amounts have been determined, what action should the business take to facilitate prompt collection of the amounts overdue?c How does a
Briefly comment on the following statement.‘A key component in a bad debt minimisation strategy is the early identification of doubtful debts.’
Briefly outline the internal controls that should exist over:a receipt of goods from suppliers b processing of supplier tax invoices c payments to suppliers.
Briefly explain why it is important for a business to monitor its accounts payable.
Briefly comment on the following statement.‘The issue of business credit cards to staff should be strictly controlled and subject to the organisation’s accounts payable policies and procedures.’
Briefly explain the concept of reasonableness checks in relation to accounts receivable and accounts payable.
On 30 April 2022, Norma M Spence received a payment for $1133.00 attached to a remittance advice from S Hassal for payment of March tax invoices, as shown in figure 6.67.The extract accounts receivable ledger and the extract accounts receivable aged listing of Norma M Spence (see figure 6.68) show
Breeze Towers received a remittance advice with attached payment for $3817.00 from E von Stephenson on 31 May 2022 (shown in figure 6.69). This remittance is for April credit sales by Breeze Towers to E von Stephenson, where the agreed trading terms are net 30 days. 3 Cottonwood Close Tallawudjah
G Attard has received the statement shown in figure 6.78 from her supplier Darren Copland for the month of March 2022. Foleys Road North Wollongong 2500 Date 1 Mar 22 Balance 2 Mar 22 Bank Discount Allowed Sales Sales Sales Return 4 Mar 22 7 Mar 22 15 Mar 22 Sales Sales STATEMENT 23 Mar 22 24 Mar
W Johnson has received a statement for the month of January 2022 from his supplier, Lesley Richmond(shown in figure 6.80). However, the accounts payable ledger shows a different amount owing (see figure 6.81).You are required to reconcile the statement to the accounts payable ledger balance for W
A Martinez has received the statement from her supplier Lisa Jackson for the month of April 2022 (figure 6.82);however, the accounts payable ledger shows a different amount owing (see figures 6.83 and 6.84).You are required to reconcile the statement for April to the accounts payable ledger balance

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