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accounting 28th edition

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

Using the information of Ku Cumbit shown in figures 6.85 to 6.89 for August and September 2022, enter relevant account balances and post the journals to the general, accounts receivable and accounts payable ledgers using the relevant account format. Prepare a trial balance and appropriate listings
Using the information of Val Orara at the end of April 2022 (shown in figure 6.90) and the transactions for May:• enter the appropriate journal abbreviation next to each transaction• prepare the relevant journals for the month of May 2022• enter the opening balances in the appropriate
Using the information of Glen Reagh at the end of March 2022 (shown in figure 6.91) and the transactions for April:• enter the appropriate journal abbreviation next to each transaction• prepare the relevant journals for the month of April 2022• enter the opening balances in the appropriate
From the transactions shown below, enter the appropriate journal abbreviation next to each transaction.Using the information (shown in figure 6.92) and transactions, prepare the journals of B Wellington for August 2022. Post the journals to the general, accounts receivable and accounts payable
Margaret O’Reilly keeps three ledgers. Before you prepare the relevant journals, she requires you to enter the appropriate journal abbreviation next to each transaction. She then asks you to prepare the relevant journals for July and post these to the general, accounts receivable and accounts
Using the information of Gloster Udy at the end of June 2022 (shown in figure 6.93) and the transactions for July:• enter the appropriate journal abbreviation next to each transaction• prepare the relevant journals for the month of July 2022• enter the opening balances in the appropriate
Using the information of William Dumbrell at the end of January 2022 (shown in figure 6.94) and the transactions for February:• enter the appropriate journal abbreviation next to each transaction• prepare the relevant journals for the month of February 2022• enter the opening balances in the
Enter the appropriate journal abbreviation next to each transaction listed below.Use these transactions and the following information (shown in figure 6.95) to prepare the journals of T W Bucketts for May 2022. Post the journals to the general, accounts receivable and accounts payable ledgers using
Enter the appropriate journal abbreviation next to each transaction listed below.Use these transactions and the following information to prepare the journals of Tony Lowman for October 2022. Post the journals to the general, accounts receivable and accounts payable ledgers using the relevant
M Silveri has received a statement for the month of June 2022 from her supplier Suzan Koleda, shown in figure 6.96.However, the accounts payable ledger shows a different amount owing (see figures 6.97 and 6.98).You are required to reconcile the statement to the accounts payable ledger balance for M
On 28 February 2022 H White received funds for $2276.00 attached to a remittance advice from A Beattie, as shown in figure 6.99, for payment of January tax invoices.The extract accounts receivable ledger and the extract accounts receivable aged listing of H White in figure 6.100 show the
Elizabeth Webb received a remittance advice with funds for $6127.00 from Nic Matthew on 31 July 2022 (shown in figure 6.101). This remittance is for June credit sales by Elizabeth Webb to Nic Matthew, where the agreed trading terms are net 30 days.The extract accounts receivable aged listing of
G Attard commenced business on 1 December 2022 with capital $14 000 and the following assets and liability:bank $5000, inventory $4000, motor vehicle $8000, office furniture and equipment $1000 and a loan from B Abigail $4000. Prepare the general journal.
M Gonzalez commenced business on 1 November 2022 with the following assets and liabilities: bank $2000, inventory $1500, accounts receivable control of $ . . . . . . . . . . for P Chain $451 and G Goran $748, machinery and equipment $25 000, motor vehicle $15 000, GST receivable $4150, accounts
On 1 February 2022, T Abella commenced business with $50 000 bank and a loan from Strate bank $20 000.On 3 February T Abella purchased the existing continuing business of T Longman for $48 000 and acquired premises $25 000, machinery $9000 and inventory $4000.Show both transactions in the general
On 1 January 2022, S Aravena commenced business with bank $5000, GST receivable $1000 and computer $10 000.By the end of May 2022 the business had expanded and S Aravena found it necessary to put in further funds $15 000.Enter the above transactions in the general journal of S Aravena.
On 1 July 2022, M Biel commenced business with bank $1000 and earthmoving equipment $36 000.On 1 August 2022 M Biel contributed further funds $10 000, GST receivable $5000 and a grader $50 000.On 1 September the business obtained a $25 000 loan from the bank.Enter the above transactions in the
On 1 May 2022, D Copland withdrew $355 from the business to pay for private expenditure. Show this in the journal.
On 14 July 2022, P Chaing used the debit card to pay the ABC Concert Department for two tickets to the Sydney Symphony Orchestra. This payment was not related to the business at all. Show the payment of $160 in the journal.
Drawing of goods by D Bonita totalled $385 ($350 + $35 GST). Prepare two general journals showing the entry where perpetual inventory applies and then where periodic inventory applies.
On 25 June 2022 F Stool withdrew inventory for private use at a cost of $825 ($750 + $75 GST). On 29 June$1000 was taken by F Stool from the business bank account for private use. Prepare the necessary journals where perpetual inventory applies and then where periodic inventory applies.
Matthews paid $3850 ($3500 + $350 GST) to R Badger for an office desk, cabinet and chair (office furniture).Prepare the journal for S Matthews.
R Pessotto sold a truck (motor vehicle) to J Aitkens for $5720 ($5200 + $520 GST) who paid with a direct deposit into the bank account. Prepare the journal for R Pessotto.
J Leeson commenced business on 15 April 2022 with $5000 in the bank, GST receivable $350 and a computer valued at $3500.20 April: Additional funds of $15 000 were injected by J Leeson into the business.20 April: A loan of $12 000 was received from Uncle Terry.23 April: The computer was sold for
C Craft has been having trouble collecting monies owed from accounts receivable and has decided to apply the interest rates that are shown on the customers’ tax invoices for amounts that are overdue. Accounts owing beyond the normal trading terms are: W Melinda $4500 for two months and K Le $8700
S Sing has liquidity problems and an account payable, S Arnautovic, has applied interest on the overdue portion of the account still not paid. The amount owing to S Arnautovic is $14 000 and interest has been charged at 10% p.a. for four months (rounded to the nearest dollar).Prepare the
C Kevin is having financial problems. He has not been receiving funds from some accounts receivable according to the trading terms and also has not been paying some credit suppliers according to their trading terms. Interest is to be applied to accounts receivable and has been applied by accounts
Show the following transactions in the two journals of S Alderson. Assume first that periodic inventory applies and then that perpetual inventory applies.19 June 2022: Goods were sold to R Friscioni, who paid for the $220 ($200 + $20 GST) sale by cheque, which had an inventory cost of $120. The
Show the following transactions in the two journals of P Kulevska. Assume that perpetual inventory applies.5 October 2022: P Kulevska deposited $792 into her bank account. This was from a cash sale of $297($270 + $27 GST), at an inventory cost of $160, paid in notes and coins from U Calic and a
Show the following transactions in the journals of R Angara, initially assuming periodic inventory applies and then where perpetual inventory applies.2 October 2022: R Angara sold goods on tax invoice 123 to P Boogers $2772 ($2520 + $252 GST) at a cost of$1500.10 October: A cheque was received by R
Show the following transactions in the journals of L Buhinjak, initially assuming periodic inventory applies and then where perpetual inventory applies.29 August 2022: Stock costing $1200 and tax invoice was sent to A Ciantar for $2222 ($2020 + $202 GST) by L Buhinjak.3 September: L Buhinjak
On 5 February 2022, N Wayne sold goods on credit to H Garden for $1199 ($1090 + $109 GST).On 14 February, he received a cheque from H Garden for $1199.However, on 17 February N Wayne’s bank advised that the cheque from H Garden had been dishonoured.A charge of $55 (an input taxed supply,
On 18 February 2022, P Jackson sold stock to R Parramatta on credit for $3300 ($3000 + $300 GST); the cost of the goods sold was $1800. R Parramatta paid by cheque, which was banked on 27 February.On 6 March P Jackson’s bank advised that the cheque from R Parramatta had been dishonoured and a
L Narrabeen mailed a $4400 ($4000 + $400 GST) tax invoice to D Why on 2 April 2022.On 8 April L Narrabeen received a cheque from D Why for the full amount owing. The deposit for that day included D Why’s cheque and a cash sale for $1430 ($1300 + $130 GST).L Narrabeen’s bank advised on 11 April
B Borko sent a tax invoice to B Andres $1727 ($1570 + $157 GST) four months ago. All attempts to obtain payment have failed and B Andres can no longer be contacted. On 30 June 2022, B Andres is written off as a bad debt.Prepare the journal for June and post to the general and subsidiary ledgers
M Mandic sent a tax invoice to S Miguel $2695 ($2450 + $245 GST) in July 2022. Funds had been promised but not received. On 7 December 2022, S Miguel paid $990 and was unable to pay any more. Write off the balance of S Miguel’s account at the end of December as a bad debt.Show the transactions
Gymea invoiced T Kingsway $1331 ($1210 + $121 GST) in March 2022. After many attempts to obtain payment for the tax invoice it was decided that on 30 June 2022 the debt from T Kingsway would be written off as a bad debt.Show the June general journal and all transactions in the ledgers.
Brook Lyn sold goods on credit to T Causeway $2541 ($2310 + $231 GST) on 17 April 2022. The accounts are kept using subsidiary ledgers.7 May: Brook Lyn received $550 from T Causeway.12 May: The bank advised the cheque had been dishonoured and a $55 bank fee had been applied. The fee was also added
On 30 June 2022, $528 was received from C Hawkesbury ($480 + $48 GST), which had previously been written off as a bad debt.Prepare the cash receipts journal and general journal using control accounts to reflect this transaction.
On 31 July 2022, R Hunter, who uses the general ledger with control accounts, received $1705 from V Macdonald($1550 + $155 GST), which had been written off as a bad debt two years ago. You are required to:• prepare the above transaction in the cash receipts journal and general journal• post
D Michael sold goods to M Farrah for $25 905 ($23 550 + $2355 GST) on 15 April 2022. On 7 May a bill receivable is signed, maturing on 28 November 2022. The bill is met on the due date.Show in the books of D Michael the sales, general and cash receipts journals as well as the general ledger
M Farrah purchased goods from D Michael for $25 905 ($23 550 + $2355 GST) on 15 April 2022. On 7 May a bill payable is signed, maturing on 28 November 2022. The bill is met on the due date.Show in the books of M Farrah the general journal, the general ledger accounts and the accounts payable ledger.
On 1 March 2022, A Levstek commenced business with bank $10 000, GST receivable $4200, land $25 000, equipment$2000 and a motor vehicle $15 000.On 1 April 2022, A Levstek contributed further funds of $15 000 to the business.On 7 April A Levstek acquired the ongoing business of L Andy for $20 000
For each of the business transactions listed below, you are to enter in the Workbook:a the account name, with debit account first b if 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 if the entry is an increase or decrease to the
For each of the business transactions listed below, you are to enter in the Workbook:a the account name, with debit account first b if 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 if the entry is an increase or decrease to the
For each of the business transactions listed below, you are to enter in the Workbook:a the account name; with debit account first b if 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 if the entry is an increase or decrease to the
For each of the business transactions listed below, you are to enter in the Workbook:a the account name, with debit account first b if 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 if the entry is an increase or decrease to the
For each of the business transactions listed below, you are to enter in the Workbook:a the account name, with debit account first b if 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 if the entry is an increase or decrease to the
For each of the business transactions listed below, you are to enter in the Workbook:a the account name, with debit account first b if 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 if the entry is an increase or decrease to the
Prepare the relevant journals for the dates in January 2022 and post to the general and subsidiary ledgers for M Bowman, who uses periodic inventory.5 Purchased inventory for $3993 ($3630 + $363 GST) from A Harris.6 Sent tax invoice and goods totalling $9339 ($8490 + $849 GST) to A Fox.16 Received
Prepare the journals for the dates in August 2022 and post to the general and subsidiary ledgers for S Ireland who operates with perpetual inventory.2 P Dipstick purchased stock from S Ireland for a tax invoice value of $1991 ($1810 + $181 GST), with an inventory cost of $1100.4 Tax invoice sent to
From the following information of J Patricia, prepare an accounts receivable control account for August 2022. Accounts receivable control balance 31 July 2022 Transactions for August Cash sales including GST $668 Bad debt write-off including GST $82 Remittances received from accounts receivable
From the following data of T John, prepare an accounts receivable control account for July 2022. Balance of accounts receivable listing 30 June 2022 Transactions for July Cheque received from H Alfred, an account receivable during the previous month, dishonoured Cash sales including GST $1644
Prepare for S Meredith the accounts receivable control account and accounts payable control account for February 2022. Balance as per accounts receivable control account 31 January 2022 Balance as per accounts payable control account 31 January 2022 Transactions for February Credit sales including
Prepare the accounts receivable and accounts payable control accounts for April for K Ann. Balance as per accounts receivable control account 31 March 2022 Balance as per accounts payable control account 31 March 2022 Transactions for April Cash sales including GST $1686 Credit sales including GST
From the following data regarding A Henry, prepare an accounts receivable control account and an accounts payable control account for May 2022. Accounts receivable control balance 30 April 2022 Accounts payable control balance 30 April 2022 Transactions for May Purchases with debit card including
Prepare the accounts receivable and accounts payable control accounts of J Wright for November 2022. Accounts payable control balance 31 October 2022 Accounts receivable control balance 31 October 2022 Transactions for November Cheque for $407 deposited end of last month for U Len, an account
For each of the business transactions listed below, you are to enter in the Workbook:a the account name, with debit account first b if 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 if the entry is an increase or decrease to the
For each of the business transactions listed below, you are to enter in the Workbook:a the account name, with debit account first b if 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 if the entry is an increase or decrease to the
For each of the business transactions listed below, you are to enter in the Workbook:a the account name, with debit account first b if 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 if the entry is an increase or decrease to the
For each of the business transactions listed below, you are to enter in the Workbook:a the account name, with debit account first b if 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 if the entry is an increase or decrease to the
For each of the business transactions listed below, you are to enter in the Workbook:a the account name, with debit account first b if 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 if the entry is an increase or decrease to the
For each of the business transactions listed below, you are to enter in the Workbook:a the account name, with debit account first b if 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 if the entry is an increase or decrease to the
From the transactions shown below, enter the appropriate journal abbreviation next to each transaction.Then, from the information shown in figure 7.20 and the following transactions, prepare the relevant journals of L Miles for the dates in January 2022. Post the journals to the ledgers and prepare
From the transactions of K Knight shown below, enter the appropriate journal abbreviation next to each transaction.Enter the transactions (periodic inventory applies) for July into the appropriate journals, and post to the general ledger and the subsidiary ledgers. Balance the accounts and extract
Briefly explain how the use of a cash register provides internal control over cash receipts.
Briefly explain how a business verifies that its EFTPOS and credit card sales have been correctly credited by the bank to the business bank account.
In relation to the banking of cash receipts, briefly explain one security measure that a business can employ.
Briefly explain the internal control measures that should exist for electronic payments.
R Dartmouth received the bank statement for November 2022, which had a credit balance of $90.The general ledger bank account balance at 1 November 2022 was $50 debit. Receipts for the month totalled $200. Payments for the month totalled $180.After reconciling, and ticking the deposits in the bank
On 1 February 2022, the bank account in the general ledger of M Hope was $600 debit. During the month there were receipts of $850 and payments of $1300.M Hope received the bank statement for the month of February, which showed a closing balance of$400 credit.In ticking the entries in the cash
From the information of M Seaview, shown in figure 8.12, prepare the bank reconciliation statement and cash balance summary, then post the cash journals to the bank account in the general ledger to confirm the reconciliation at the end of July 2022.The balance of the bank account in the general
You have been requested by R Bega to show why the balance of the bank statement at the end of September 2022 and the bank account balance in the general ledger do not agree. There was no problem the previous month, as the bank statement at the end of the month was $581.00 credit and the bank
From the information regarding M Drysdale shown in figure 8.14, prepare the bank reconciliation statement and cash balance summary, then post the cash journals to the bank account in the general ledger to confirm the reconciliation for the month of June 2022. Bank Reconciliation Statement of M
From information provided for L Omeo in figure 8.15, you are required to prepare a bank reconciliation statement and cash balance summary at the end of April, and post the cash journals to the bank account in the general ledger to confirm the reconciliation. Bank Reconciliation Statement of L Omeo
From the information for R Towamba given in figure 8.29:• prepare a bank reconciliation statement• prepare a cash balance summary• post the cash journals to the bank account in the general ledger in T account format.If there are any adjustments required, assume that the bank statement is
Using the information for R Genoa given in figure 8.30, prepare the bank reconciliation statement and cash balance summary. If there are adjustments required, assume that the bank statement is correct unless you are told the bank has acknowledged its mistake. Bank Reconciliation Statement of R
From the information for R Snowy given in figure 8.31, you are required to prepare a bank reconciliation statement and cash balance summary and post the journals to the bank account in the general ledger. If any adjustments are required, assume that the bank statement is correct. However, the bank
Using the information for R Wakool given in figure 8.32, prepare the bank reconciliation statement and the cash balance summary. If any adjustments are required assume that the bank statement is correct, unless you are told the bank has acknowledged its mistake. Bank Reconciliation Statement of R
From the information for R Buchan given in figure 8.33, you are required to prepare a bank reconciliation statement and a cash balance summary. If there are any adjustments required, assume that the bank statement is correct. However, the bank has acknowledged that the entry from Hum Bugs on 27
A petty cash imprest float of $300 is established. Prepare the journal and post to the general ledger accounts in a modified T account format.
Prepare as a general journal the commencement of a petty cash imprest float of $500.00. In the balance sheet, what is the classification of the accounts affected by the establishment of the petty cash float?
You are required to prepare a petty cash book and an extract of the cash payments journal, and post to the general ledger of L Baird for March 2022. The solution is used in question 8.20.2 A petty cash float of $100 was established.5 Taxi fares $27.50 ($25.00 + $2.50 GST).7 Milk $2.50 and chocolate
Prepare the petty cash book of B Post for February 2022, which is kept using the petty cash imprest system. Show the cash payments journal as an extract and post to the general ledger. The solution is used in question 8.21.1 Opening balance $75.4 Stationery $11.00 ($10.00 + $1.00 GST).7 Platter of
Prepare the petty cash reimbursement summaries required where no petty cash book is kept, using the data for L Baird from question 8.18.Question 8.18You are required to prepare a petty cash book and an extract of the cash payments journal, and post to the general ledger of L Baird for March 2022.
Prepare the petty cash reimbursement summaries required where no petty cash book is kept, using the data for B Post from question 8.19.Question 8.19Prepare the petty cash book of B Post for February 2022, which is kept using the petty cash imprest system. Show the cash payments journal as an
Using the information for R Tambo given in figure 8.40, prepare the bank reconciliation statement and cash balance summary. If any adjustments are required, assume that the bank statement is correct, unless you are told that the bank has acknowledged a mistake. Bank Reconciliation Statement of R
From the information for R Broken given in figure 8.41, you are required to prepare a bank reconciliation statement and a cash balance summary. If any adjustments are required, assume that the bank statement is correct. However, after the bank statement was received the bank advised that the debit
From the information for R Nickolson given in figure 8.42, you are required to prepare a bank reconciliation statement and a cash balance summary. If any adjustments are required, assume that the bank statement is correct, unless you are told that the bank has acknowledged its mistake. Bank
Prepare the petty cash book of Win Dsor for March 2022, who has a petty cash imprest float of $210.00. Show the cash payments journal as an extract and post to the general ledger.4 Milk bill $6.30.6 Train fare to city $12.65 ($11.50 + $1.15 GST).8 One packet of stamps plus other stamps $9.00 ($8.18
Prepare the petty cash book for May 2022 of Dorothy Ahkoi, who started a petty cash imprest float on 1 May.Show the cash payments journal as an extract and post to the general ledger.1 Petty cash commenced with a cash withdrawal of $100 using a debit card from the main bank account.2 Milk, tea and
Indicate whether the following statements are true or false.a The trading and profit and loss accounts are actual general ledger accounts. True/False b The amount to close the trading account is transferred to the capital account. True/False c Net profit closes the profit and loss account.
At the end of the accounting year, prepare the general journal to close out the sales account in the general ledger to the trading account (also in the general ledger). Post the journal to the accounts shown in figure 9.7 and balance them. Sales Balance 10 000 Trading
Prepare the general journal at the end of the accounting year to transfer sales of $25 000 to the trading account.Show the sales balance of $25 000 in a simple T account format. Post the journal and balance the T accounts, as appropriate.
At the end of the financial year, prepare the general journal to close out the ledger accounts to the trading account in the general ledger. Post the journal to the T accounts shown in figure 9.9. Inventory Balance [opening] 2000 Balance Customs Duty 600 Balance Balance Trading Purchases 15 000
Prepare the general journal at the end of the financial year to transfer the balances on the following accounts to the trading account in the general ledger: inventory $4500, purchases $33 750, duty and wharfage $1350 and cartage inwards $850. Show these balances in simple T account format. Post
Prepare the general journal for the inventory value of $2400 counted at the end of the accounting period. Post the journal to the T accounts shown in figure 9.11. Balance (opening] Inventory 2 400 Trading 2000 Inventory [opening] Trading 2 400
Prepare general journals for the end of the accounting year to close out the accounts to the trading account from figure 9.12. Journalise the closing inventory of $2300. Post the journals to the T accounts shown in figure 9.12 and then balance the T accounts, except the trading account. Balance
Prepare the general journal at the end of the accounting period to transfer the balances of the following accounts to the trading account in the general ledger: sales $30 000, inventory (opening) $2500, purchases$13 200, customs duty $1200, freight inwards $500. The value of the inventory from the
If inventory (opening) is $800, purchases $4000, freight inwards $100 and inventory (closing) $1000, what is the cost of sales?

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