96 VCE Accounting: Units 3 and 4 Exercise 5.5: A ing account balances existed: b
ID: 2569874 • Letter: 9
Question
96 VCE Accounting: Units 3 and 4 Exercise 5.5: A ing account balances existed: bount alaneiee Ate rsety of mechanical parts On 1 June 205 Cash at bank $8 000, Debtor-City Cabs $500, Stock control $22 000, Creditor -Auto Spares Co. $2 000, Capital- $28 500 The following transactions occurred during June 2005 Jun 2 Paid rent for the month $4 000 (Chq. 3026) Received $100 for a cash sale (cost of sale S60 Rec. 172) Purchased spare parts for cash $150 Received $200 for a cash sale (cost of sale $120) 3 4 Spare parts purchased for cash $120 5 Paid Auto Spares Co. $465 on account after receiving a discount of $25 Received $100 for a cash sale (cost price $60) 9 The proprietor withdrew $200 for personal use 10 Goods costing $250 were sold for cash $490 11 Paid for advertising in local newspaper $160 Sold a battery for $80 cash (cost price $50) 12 Received in cash $100 for goods which had cost $60 Spare parts purchased for cash $120 13 Paid weekly wages $375 16 City Cabs paid $235 on account (after deducting discount allowed $15) 17 The owner withdrew $150 18 Sold headlight protectors for cash $80 (cost of sale $40) 19 Bought stock items for cash $270 20 Paid weekly wages $375 Purchased new computer for cash $1 900 23 Received $100 from the sale of a battery (cost price $55) 24 Cash sale $120 (cost $70) 25 The owner contributed a further $4 000 cash 26 Received $90 from a cash sale (cost price $50) 27 Paid weekly wages $375 28 Purchased stock for cash $440 29 Sold goods for cash $420 (cost of sale $190 30 Paid courier fees for month $55 Design appropriate cash journals for Alessio's Auto Parts and enter the above transactions in a these journals. b Enter the opening balances in the general ledger accounts on 1 June 2005. c Post the cash journals to the general ledger accounts. d Foot the accounts as at 30 June 2005 and prepare a trial balance as at that date.Explanation / Answer
a. Cash journals
b. & c. General Ledger
c. Trial balance
Cash Rceipts Journal Date Account Cash Dr Cash Accounts Sales Cr Other Cost of goods Credited Discount Dr Receivable Cr Account Cr sold Dr Inventory Cr June.2 Sales 100.00 100.00 60.00 June.3 Sales 200.00 200.00 120.00 June.6 Sales 100.00 100.00 60.00 June.10 Sales 490.00 490.00 250.00 June.11 Sales 80.00 80.00 50.00 June.12 Sales 100.00 100.00 60.00 June.16 City Cabs 235.00 15.00 250.00 June.18 Sales 80.00 40.00 June.23 Sales 100.00 100.00 55.00 June.24 Sales 120.00 70.00 June.25 Capital 4000.00 4000.00 June.26 Sales 90.00 50.00 June.29 Sales 420.00 190.00 Cash Disbursement Journal Journal Date Ck No. Payee Account Cash Cr Discount Other Accounts Debited on Accounts Dr Payable puchase Cr Dr June.2 3026 Rent Expense 4000.00 4000.00 June.3 Stock control 150.00 150.00 June.4 Stock control 120.00 120.00 June.5 Auto Spares Auto spares 465.00 35.00 490.00 June.6 Self Wages expense 375.00 375.00 June.9 Owner Capital 200.00 200.00 June.11 Advertsing 160.00 160.00 June.12 Stock control 120.00 120.00 June.13 Self Wages expense 375.00 375.00 June.17 Owner Capital 150.00 150.00 June.19 Stock control 270.00 270.00 June.20 Self Wages expense 375.00 375.00 June.20 Computer 1900.00 1900.00 June.27 Self Wages expense 375.00 375.00 June.28 Stock control 440.00 440.00 June.30 Courier expense 55.00 55.00Related Questions
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