acct 1001 practice set (2 Viewers)

[s.m.i.t.h]

i havent started?
ive got too many other assesments etc going on atm?

am i screwed?

 

[sarevok]

I don't understand the sales journal. Should I make separate entries for accounts receivable and sales? E.g. Dr the Accounts receivable account, and then indent the next line and credit the sales account, using two lines in the journal for each transaction..
Or should I do the entries just for accounts receivable, at the end of the month total the column, and post the total to sales?

 

[ToO LaZy ^*]

no, you don't need to use two lines in special journals, only in GJ.

 

[absolution*]

dammit someone post the trial balance!

i keep getting 265,625 (DR) and 265,465 (CR)

am i close?!?!

 

[spin spin sugar]

nup .

 

[absolution*]

cunt ............

 

[ToO LaZy ^*]

June 1
received the amount owing from Bargain Book outlets. ($8350)
can someone please show me how to record this in the general ledger under Accounts receivable control.
i think i'm doing it wrong coz i've already filled up half the ledger and it's only been week 1

and also...one from the accounts payable control...just so i have a template to go from

June 2:
paid the amount owing to Southside Booksellers. Issued cheque no. 434

 

[absolution*]

For the first one you recieve cash, therefore you record the transaction in the cash receipts special journal. You use one line and fill in the relevant transaction figures.

For the 2nd one you are paying out cash, therefore you use the cash payments special journal. Fill in the relevant details and your done.

 

[ToO LaZy ^*]

nah, i meant the ledgers..

 

[absolution*]

my bad.

you tally up total accounts receivable from your special account. you dont record each transaction separately

then you record it as

accounts payable control no.101
___________________

Cash payments 12000





it explains it in the book

 

[ToO LaZy ^*]

ohhhh...so you put the ending balance from the accounts rec/pay subsidiary ledgers into the control account

so for the 1st transaction...you'd record it in the receivable control as:

june 1.... BBO....101-5...(then the CR or DR balance) yeah?..



and one more thing..what do you write as the explanation in the accounts rec/pay subsidiary ledgers??..for the 1st trans for eg.

 

[absolution*]

ohhhh...so you put the ending balance from the accounts rec/pay subsidiary ledgers into the control account

so for the 1st transaction...you'd record it in the receivable control as:

june 1.... BBO....101-5...(then the CR or DR balance) yeah?..



and one more thing..what do you write as the explanation in the accounts rec/pay subsidiary ledgers??..for the 1st trans for eg.

1. No. You dont write the individual transaction in the receivable or paybale control accounts. You simply tally up the totals for the accounts when you record them in the cash payments and cash receipts special ledgers. That is your total accounts paybale/recievable. There should only be one entry in your control accounts, withstanding purchase and sales returns/allowances etc.

2. I have no idea what to write in the majority of the explanation columns since they dont appear in the textbook. I just write a word or two to describe the transaction.

 

[Nomdeguerre]

confirmation please help

Tell me where i went wrong

1. general journal has all entires in date order in it.
2. Cash receipts general is all entries in order to do with cash coming in
3. Cash Payments all entries in order to do with cash going out.
4. Sales journal all sales in order.
5. Purchases all purchases in order.
6. Accounts receivable sub ledger (fill in all entries) for each account
7. Accounts payable sub ledger (fill in all entries) for each account
8. General Ledger (are these every transactios or totals)

please tell me if i got all this right first then I can move into the reports.

Cheers

 

[absolution*]

as long as your trial balance has dr = cr you can go onto the next section

 

[ToO LaZy ^*]

do we record purchase returns in the general journal?

 

[sarevok]

Yes (10char)

 

[ToO LaZy ^*]

sweet.
so in the GJ, you would record the june 7 transaction as..

Dr accounts payable 860
Cr inventory 860...?

and when you go to post this in the ledgers, would you post it in the 'purchases' ledger? or the 'purchase returns and allowances' ledger? (or even the inventory ledger, which i doubt).
my guess would be in the 'purchase returns...'

yay or nay?

 

[sarevok]

The company uses a periodic system (see page 1), so you wouldn't credit inventory, but cr purchase returns and dr accounts payable

and yes it would go in the purchases returns ledger

 

[ToO LaZy ^*]

ahh..thx champ.

 

[absolution*]

And then you add those changes to Accounts Payable and Receivable to your control ledgers, so you in fact have 2 entries???