absolution*
ymyum
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share cap is a OE accountKomit said:Cool. So it's a Credit in the Other column?
thus increases are credited so yes
share cap is a OE accountKomit said:Cool. So it's a Credit in the Other column?
ToO LaZy ^* said:SJ: 66410
PJ: 41560
i know ay... i was also stuck on this so i just skipped it heheda_butterfree said:My Unadjusted trial balance doesnt equal.. I've checked my ledgers twice but in vain. Due to this, even the Adjusted balance is stuffed..
Also, is it only my book or is there really no column for Depreciation Expense - Store Fittings in the worksheet? In that case, where are we meant to put in the adjusting entry Q.5.a) coz wouldnt you
Dr Depn. Expense- Store Fittings
Cr Accum. Depn - Store Fittings
also, with store rent, Q.5.e) since it says that it was initially recorded as an expense, wouldnt you
Dr Prepaid Insurance $2000
Cr Insurance Expense $2000
(2000 b'coz initially its $6000.. so 6000/12 = 500 per month and from 1. March to 30 June is 4 months so 500 x 4 = 2000.) Please say I am right!!
You have the right idea but your amounts are incorrect.da_butterfree said:Dr Prepaid Insurance $2000
Cr Insurance Expense $2000
what? $2000 is correct...sarevok said:You have the right idea but your amounts are incorrect.
Agreed. .......sarevok said:No it isn't. You want to reduce insurance expense to 2000 and increase prepaid insurance to 4000, therefore it would be dr and cr by 4000.
Could anyone confirm that? I thought the business was meant to pay its staff wages on a Thursday, so despite 24 Jun really being a Friday, I hypothetically assumed it was still a Thursday. So my accrued sales staff wages expense is only for 6 days. I fucking hate the ambiguity (not to mention the errors) in this practice set.WaffenssLAH1985 said:3.I debit my 'sale staff wages expense' 720 because ist, from backgound introduction on page 1, 2nd from calendar, i found that 24 June when the last payment of wages in the financial year was made is Friday, so the accrued wage needs include Jun24, that is 24, 25, 26, 27,28,29,30.
Yeh I agree it sucks and no-one will give us a definate answer about it. I accrued 7 days though because like you said the 24th June is really a Friday, so $720. I just thought that maybe they only write the cheques on Friday for work done up until Thursday.04er said:Could anyone confirm that? I thought the business was meant to pay its staff wages on a Thursday, so despite 24 Jun really being a Friday, I hypothetically assumed it was still a Thursday. So my accrued sales staff wages expense is only for 6 days. I fucking hate the ambiguity (not to mention the errors) in this practice set.