• Best of luck to the class of 2024 for their HSC exams. You got this!
    Let us know your thoughts on the HSC exams here
  • YOU can help the next generation of students in the community!
    Share your trial papers and notes on our Notes & Resources page
MedVision ad

acct 1001 practice set (3 Viewers)

absolution*

ymyum
Joined
Sep 27, 2003
Messages
3,474
Gender
Male
HSC
2004
im so horribly wrong

my adjusted trial balance is like 256000 or thereabouts

what could i be doing wrong?
 

fush

Member
Joined
Feb 11, 2004
Messages
441
Location
Sydney
Gender
Male
HSC
2004
did u total up and post all the purchases and sales revenue from the sales and purchases journal??
 

absolution*

ymyum
Joined
Sep 27, 2003
Messages
3,474
Gender
Male
HSC
2004
sales journal balance: 66810

purchases journal balance: 41560

is that right?
 

sarevok

Member
Joined
Dec 17, 2004
Messages
853
Gender
Undisclosed
HSC
2004
you are adding the opening balances, right? :S

Seeing as the original unadjusted trial balance is greater than 1 000 000 i don't see how yours could be so small
 

absolution*

ymyum
Joined
Sep 27, 2003
Messages
3,474
Gender
Male
HSC
2004
oooh i forgot about adding opening balances. :(

and yeah i got 66410 miscalculation

lucky i did it in pencil :)
 

absolution*

ymyum
Joined
Sep 27, 2003
Messages
3,474
Gender
Male
HSC
2004
Does everyone have 4 entries in their general journals.

june 7, june 23, june 25 and june 30
 

sarevok

Member
Joined
Dec 17, 2004
Messages
853
Gender
Undisclosed
HSC
2004
Is adjusting entry (d) an error? It says the business prepaid rent for a year, but it doesn't say for how much. And if you look in the trial balance, it says the business prepaid that $36000 of rent in November 2003, not in November 2004...
 

011

Serious Performance
Joined
May 12, 2004
Messages
607
Gender
Undisclosed
HSC
N/A
I'd REALLY like to know where the COGS goes on the worksheet.

Why on earth do they give you a figure for ending inventory as if it matters?
 

fush

Member
Joined
Feb 11, 2004
Messages
441
Location
Sydney
Gender
Male
HSC
2004
for adjusting entry (d) i ahd the same question but it could also mean that the prepaid rent is half of 36000 for 2004 so the adjustments would be halved...

very ambiguous though
 

absolution*

ymyum
Joined
Sep 27, 2003
Messages
3,474
Gender
Male
HSC
2004
fush said:
for adjusting entry (d) i ahd the same question but it could also mean that the prepaid rent is half of 36000 for 2004 so the adjustments would be halved...

very ambiguous though
ask it on the discussion board on blackboard
 
Joined
Jan 24, 2004
Messages
2,907
Location
northern beaches
Gender
Male
HSC
2004
fush said:
for adjusting entry (d) i ahd the same question but it could also mean that the prepaid rent is half of 36000 for 2004 so the adjustments would be halved...

very ambiguous though
what page does it actually say it was paid on nov 2003?
 

fush

Member
Joined
Feb 11, 2004
Messages
441
Location
Sydney
Gender
Male
HSC
2004
trial balance 31 may 2004

at the start of the practice set
 

s.m.i.t.h

Member
Joined
Jul 19, 2004
Messages
263
Gender
Undisclosed
HSC
2004
for the june 23 transaction' issued credit note of $550 to south west education commmission for books returned'
u put in it the general journeal right?
adn which accounts do u dr and cr? is there any need for COGS? and if so what would u put there?
 
Joined
Jan 24, 2004
Messages
2,907
Location
northern beaches
Gender
Male
HSC
2004
yeah. it goes in the GJ
dr sales return and allowances
cr accounts rec.

since it's periodic, there's no need to record changes in inventory
 

04er

...
Joined
Jan 26, 2004
Messages
956
Location
Sydney
Gender
Male
HSC
2004
What is the purchases column used for in the cash payments journal? It wasn't in the text book... :confused:
 

04er

...
Joined
Jan 26, 2004
Messages
956
Location
Sydney
Gender
Male
HSC
2004
Would it be used for assets? (e.g. the 2nd transaction on june 2nd)?
 

Users Who Are Viewing This Thread (Users: 0, Guests: 3)

Top