Cross Pty Ltd uses special journals. Use your knowledge of the accounting cycle
ID: 2523121 • Letter: C
Question
Cross Pty Ltd uses special journals.
Use your knowledge of the accounting cycle and the information in the following Purchases and Cash Payments Journals to complete all questions.
All answers are numbers which consist only of the digits 0 to 9. Symbols or punctuation marks should NOT be incorporated in answers. The only exception is dates which should be in the format dd/mm/yy - 2 digits for the day, month and year (eg 01/06/16).
Purchases Journal (P1)
Account Credited
Terms
Accounts Payable
Inventory
GST
Cash Payments (CP1)
Account Debited
Accounts Payable
Cash at Bank
The "T" in the Post Ref column means: Answerthe transaction has been posted to the subsidiary ledgerthe transaction has been posted to the general and subsidiary ledgersthe transaction has been checked to ensure it balancesinventory records have been updated
Complete the following Subsidiary Ledger for Nuts and Bolts
Subsidiary Ledgers
The normal balance for Cash at Bank is: AnswerDrCr
An increase to Cash at Bank will be a: AnswerDrCr
A decrease to Cash at Bank will be a: AnswerDrCr
Complete the General Ledger for Cash at Bank
General Ledger
Answer here
The normal balance for Accounts Payable is: Answer Dr or Cr
An increase to Accounts Payable will be a: AnswerDr or Cr
A decrease to Accounts Payable will be a: AnswerDr or Cr
Complete the General Ledger for Accounts Payable
DateAccount Credited
Terms
Post RefAccounts Payable
Inventory
GST
08/06/16 Powder Coat Supplies Nil T 22000 20000 2000 15/06/16 Nuts and Bolts Nil 11000 10000 1000 Total 33000 30000 3000Explanation / Answer
General Ledger
33000
Nuts and Bolts Date Explanation Ref Dr Cr Balance 01/06/16 Opening Balance 25000 25000 10/06/16 CP1 15000 10000 15/06/16 P1 11000 21000 Closing Balance 21000 21000Related Questions
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