Questions and Answers of Accounting 28th Edition

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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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,
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
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
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
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
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
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
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
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.
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
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
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
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)
If inventory (opening) is $800, purchases $4000, freight inwards $100 and inventory (closing) $1000, what is the cost of sales?
At the end of the financial year, prepare the general journal to close out the sales account $32 000 and cost of sales account $19 500 to trading account and post to the general ledger.
Prepare the general journals at the end of the accounting period to close account balances for sales $73 500 and cost of sales $44100. Post the journals to the ledger.
(a) Periodic inventory If sales account is $10 000 and the calculated value of the cost of sales is $4600, what is the gross profit where periodic inventory applies?(b) Perpetual inventory If sales
(a)If sales account is $15 000, purchases $6000, inventory (beginning or opening) $500, cartage inwards $100 and inventory (end or closing) $700, what is the inventory system that is used, the cost
Prepare the general journal to transfer a gross profit of $17 000 to the profit and loss account.
From your solution to question 9.7, close the trading account and prepare the general journal to transfer the gross profit to the profit and loss account.Question 9.7Prepare general journals for the
From your solution to question 9.8, prepare the general journal to close the trading account and post to the relevant account.Question 9.8Prepare the general journal at the end of the accounting
Enter the following amounts as T account general ledger balances, prepare the closing journals, post the journals to the ledger and balance the ledger accounts for sales $35 000, inventory (opening)
Enter these balances for sales $35 000 and cost of sales $15 600 as T account general ledger balances. Prepare the closing journals (including gross profit), post the journals and balance the ledger
At the end of the financial year, prepare the general journal to close out the accounts. Post the journal to the T accounts shown in figure 9.18. Discount Received Balance Commission Received Balance
Prepare the closing journals from the extract of account balances of W Woog as at 31 December 2022: sales$42 933, discount received $367, interest received $687 and cost of sales $15 132.
At the financial year’s end, prepare the general journal to close out the accounts to the profit and loss account in the general ledger and post the journal to the T accounts shown in figure 9.20.
If sales are $25 000, cost of sales $10 000 and other expenses $13 000, what is the net profit? Prepare the general journal for the transfer of net profit.
Prepare the general journal to transfer the net profit of $7000 to the capital account.
Drawings totalled $2500 for the year. Prepare the general journal to close this account.
From the account balances of R Jones in figure 9.25, prepare the necessary closing general journals. Extract Account Balances of R Jones as at 31 December 2022 Inventory [1-1-2022] Assets - other
Prepare the general journals to close the accounts of J Smith (shown in figure 9.26) for the year ended 30 June 2022. Extract Account Balances of J Smith as at 30 June 2022 Sales Cost of Sales
From the trial balance of B Mac Saville shown in figure 9.27, prepare the general journals to close the accounts for the year ended 31 March 2022, post the journals to the general ledger and prepare
Using the trial balance of N Glen shown in figure 9.28, prepare the general journals to close the accounts for the year ended 31 May 2022. Post these general journals to the general ledger and
From the ledger accounts of S Ingleton, shown in figure 9.32, prepare an income statement for the year ended 30 June 2022. Inventory [opening] Purchases Trading 2 138 Sales 29 016 Inventory [closing]
An extract of the general ledger of Cec Nock is shown in figure 9.33. You are required to prepare an income statement for the year ended 31 March 2022. Cost of Sales Profit and Loss [gross pr]
Using your answer to question 9.27, prepare an income statement for B Mac Saville for the year ended 31 March 2022.Question 9.27From the trial balance of B Mac Saville shown in figure 9.27, prepare
Using your answer to question 9.28, prepare an income statement for N Glen for the year ended 31 May 2022.Question 9.28Using the trial balance of N Glen shown in figure 9.28, prepare the general
From the extract general ledger accounts of H Mercure (see figure 9.34), prepare an income statement for the year ended 31 March 2022, where accounts are not grouped under headings. Inventory
From the extract general ledger accounts of M Melbourne (see figure 9.35), prepare an income statement for the year ended 31 March 2022, where accounts are not grouped under headings. Trading 20 690
From the balances of the general ledger of M Wellbrook, shown in figure 9.38, prepare a balance sheet as at 30 June 2022. Extract Account Balances of M Wellbrook as at 30 June 2022 Bank Accounts
From the general ledger extract shown in figure 9.39, prepare a balance sheet for N Brighton as at 30 June 2022. Extract Account Balances of N Brighton as at 30 June 2022 Bank Petty Cash Accounts
Prepare a balance sheet from the extract of the general ledger for O Bonalbo on 30 June 2022, shown in figure 9.40. Extract Account Balances of 0 Bonalbo as at 30 June 2022 Petty Cash Accounts
From the trial balance of L More (shown in figure 9.52) write next to each account name the account/statement and group abbreviations. Then, using this information, you are required to prepare:• an
From the trial balance of M Bimby shown in figure 9.53, write next to each account name the account/statement and group abbreviations. Using this information, you are required to prepare an income
P Hastings has given you a list of account balances (shown in figure 9.54). Unfortunately, the list shows the accounts in a random order. Write next to each account name the account/statement and
Lita Litigiosus is a barrister of the Independent Bar. She owns chambers near the courts. The legal business is structured as a sole trader and has some employees. From the trial balance shown in
Chris Bones is a medical consultant who provides services to hospitals and private patients for fees. From the account balances shown in figure 9.60, next to each account name write the abbreviation
From the account balances of B Ramourne (shown in figure 9.61), write next to each account name the account/statement and group abbreviations. Then, using this information, you are required to:•
From the account balances of W Wauk (shown in figure 9.62), write next to each account name the account/statement and group abbreviations. Then, using this information, you are required to:•
S W Rocks has listed his accounts (see figure 9.63). Write next to each account name the account/statement and group abbreviations. You are then required to:• prepare an income statement, and•
From the account balances of K Yogle (shown in figure 9.64), write next to each account name the account/statement and group abbreviations. Then K Yogle asks that you:• prepare an income statement,
T Broadwater has provided the balances shown in figure 9.65. Write next to each account name the account/statement and group abbreviations. Then T Broadwater asks that you:• prepare an income
From the account balances of C Byron (shown in figure 9.66), write next to each account name the account/statement and group abbreviations. Then, using this information, you are required to:•
From the account listing of Dr R Wollondilly, whose service business operates as Riverside Medical Practice (see figure 9.67), you are required to:• write next to each account name the
D Talbingo operates as a landscape gardener and has provided the following account balances (see figure 9.68). For this service business you are required to:• write next to each account name the
Find the words in the computer-shaped puzzle using the words from the word list. OYZJW GA GA LE 0 M Y W GW SO Y L PS VO YO ZG I FALA URCCA FCXQ|QH|SES NE PXEERI TTRDNK DOIRE PFODNE
The electricity account is received every three months and the last account was processed during April for February–April. For the 10 months ended 30 April 2022 the electricity account balance was
The balance on the wages account at 30 June 2022 was $20 000. Wages of $350 had been incurred but not paid. The wages paid for the first pay on 4 July totalled $1400.You are required to prepare the
Salaries to the end of May 2022 totalled $63 400. Payments for salaries in June 2022 totalled $4600. However, four days at $290 per day were worked but not paid. You are required to prepare the
Prepare the adjusting journal on 30 June 2022 and reversal journal on 1 July 2022 for the following balance day adjustments:• wages incurred but not paid $750• electricity used but no account has
At 30 June 2022, the balance in the rates account was $2500 and there was a prepayment of $500.You are required to prepare the journals on 30 June 2022 for the end-of-period adjustment, the closing
There was a balance of $2000 in the insurance account before the payment of the annual insurance bill of $3600 on 28 February 2022, for the period March 2022 to February 2023. The accounting year
Prepare adjusting and closing journal entries for the year ended 31 December 2022 and reversal journal entries on 1 January 2023. Also show extracts of the income statement and balance sheet for
Interest on a bank investment account of $375 had been earned but not received by 30 June 2022. The interest received account had a balance of $2138 before the adjustment.You are required to prepare
The six-monthly interest of $1500 on government bonds was due on 31 July. The balance on the interest received account was $1750 on 30 June.You are required to prepare the journal for:• adjustment
Prepare adjusting and closing journal entries for the year ended 31 December 2022 and extracts of the income statement and balance sheet. Also prepare reversal journal entries on 1 January
Rent of $660 ($600 + $60 GST) was received in June for the month of July. The balance of the rent received account at 30 June before the adjustment was $7800.You are required to prepare the journals
On 1 July 2021 L Bathurst had entered a 24-month contract with her tenant for rent of premises for $23 100($21 000 + $2100 GST) per annum to be paid monthly in advance. At the end of the financial
a Prepare general journals for the following balance day adjustments at 30 June 2022:• insurance prepaid $750• wages accrued $600• interest receivable $350• rent received in advance $495
An extract of account balances for Enid Fisher as at 30 June 2022 showed accounts receivable $22 803, rent received $3016, interest received $1042, salaries $14 624, insurance $6573, rent $7060, bad
The business of R Williams decided on 30 June 2022 to create an allowance for doubtful debts of $1200.Using this data, you are required to:• prepare the journal for the adjustment at 30 June
On 30 June 2023 R Williams decides to increase the allowance for doubtful debts from $1200 (created in 2022)to 5% of the accounts receivable control account balance of $49 995. Bad debts expense of
An extract of balances at 31 December 2022 showed accounts receivable control $60 610, allowance for doubtful debts $750, GST payable $1000 and bad debts expense $2500.Using the combined method,
P Way purchased a motor vehicle on 1 July 2021 for $38 500 ($35 000 + $3500 GST) with an estimated residual value of $3300 ($3000 + $300 GST) and an estimated useful life of four years. Using
Equipment is purchased on 31 December 2021 for $23 100 ($21 000 + $2100 GST). It is to be depreciated at 15% p.a. straight line depreciation and is expected to have a residual value of $1100 ($1000 +
M Bromley purchased office equipment on 1 January 2021 for $19 250 ($17 500 + $1750 GST) and expected that the useful life would be five years with a nil residual value. Use straight line
On 31 December 2020 D Burrendong used a debit card to purchase machinery for $6270 ($5700 + $570 GST) to be depreciated at 20% p.a. and an estimated scrap value of $220 ($200 + $20 GST); as well as
Indicate the correct option in the following statements:a With a perpetual inventory system, the business updates its inventory records following a sale.True/False b With a periodic inventory system,
P Indian uses perpetual inventory and during the year carries out physical stocktakes of certain inventory items.During the year ended 30 June 2022, P Indian carries out two partial physical
I Pacific keeps inventory using the perpetual inventory system and carries out a rotational stock count of a specific portion of the inventory every three months, as well as the full end-of-year
The business maintains a perpetual inventory record system.Following a mid-year stocktake, the inventory had a cost of $77 960 while the inventory records were $78 950. Prepare the journal, including

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