acct 1001 practice set (1 Viewer)

[withoutaface]

I don't understand adjustment (h)... it says that staff wages are paid fortnightly every second Thursday, but in the transactions staff wages are paid on Fridays (24th and 10th), can anyone explain this to me? Also, just making sure, daily sales staff wages would be $109 (1440/14) because they work 14 days, right?

What kind of company works their staff 7 days a week?

 

[xiao1985]

hate to say it but waffy's right on this one imo...
shud be 1440/10

 

[schmackers]

hate to say it but waffy's right on this one imo...
shud be 1440/10

Hmm.. it says in the introduction that the store is open seven days a week....

 

[absolution*]

^^ good point

waf is ALWAYS wrong

 

[s.m.i.t.h]

what goes in accounts receivable control in the ledgers?

 

[04er]

What are peoples closing a/c recievable and payable for the unajusted trial balance. i have done it 3 times and it is till not balancing and its gettoing to me really bad.

Please help

i ditto that

 

[absolution*]

unadj trial bals have been posted

sales and purchases totals have been posted so control journals should be easy to figure out where the problem is

can someone post the totals of the adj entries for:

sales salaries
office wages
insurance
rent
interest on bank loan

reps ta.

 

[alexialight]

What kind of an expense are sundry expenses in the profit/loss statement?

 

[absolution*]

ill tell you if you answer my above question.

 

[alexialight]

unadj trial bals have been posted

sales and purchases totals have been posted so control journals should be easy to figure out where the problem is

can someone post the totals of the adj entries for:

sales salaries
office wages
insurance
rent
interest on bank loan

reps ta.

Well what i got was:
sales salaries - 617
office wages - 2900
insurance - 4000
rent - 24000
interest on bank loan - 2000

My total adjustments were $73112
Don't know if that is anywhere near right though, hopefully someone else is getting the same numbers?

 

[ToO LaZy ^*]

when you closed off expense accounts, did you journalise them one-by-one?..coz i have 14 expense a/cs to close off in the GJ, but i don't have enough lines ...?

 

[absolution*]

Well what i got was:
sales salaries - 617
office wages - 2900
insurance - 4000
rent - 24000
interest on bank loan - 2000

My total adjustments were $73112
Don't know if that is anywhere near right though, hopefully someone else is getting the same numbers?

cheers. im somehow still getting something wrong but ill figure it out.

 

[s.m.i.t.h]

if wefail the practise set do we fail accouting 1A

 

[absolution*]

just make sure you get most of it right

 

[Komit]

How and where do I journalise the June 30 transaction:

"Issued additional shares to the owners for $5000 cash"

Thanks.

 

[absolution*]

general journal

if someone could post their adjustments thatd be great

muchos reps too!

 

[Komit]

I just looked through previous posts and someone suggested Cash Receipts Journal?

If so, would I Dr Cash and Cr the Other column ?

 

[s.m.i.t.h]

where does the total from the sales journal go??
and what do u do with the may 31 balance?
do u add it onto whatever amount u get?

 

[absolution*]

I just looked through previous posts and someone suggested Cash Receipts Journal?

If so, would I Dr Cash and Cr the Other column ?

ohhhhhh sorry i misread. yeah post shares in cash receipts. i was thinking dividends. silly me.

sales journal is db acct rec and credit sales so you add the total to those two accounts in the ledger.

 

[Komit]

Cool. So it's a Credit in the Other column?