acct 1001 practice set (1 Viewer)

[comfortable]

how is everyone going with theres? i just started yesterday and for some reason i dont think im gonna get it done...but neways what step r u guys up to?

and b4 they list the transactions it sez "the transactions for tigres tiles...blah blah...prior to recording transactions u should confirm that all balances in the GL agree to the May unadjusted TB, also confirm that that sub ledgers balance agree with the schedule of accts rec and pay respectively" how do we do that?

 

[scut]

You'll finish it, it doesn't take an awful amount of your time, just make sure you do a consistent amount each night.

Originally posted by comfortable

and b4 they list the transactions it sez "the transactions for tigres tiles...blah blah...prior to recording transactions u should confirm that all balances in the GL agree to the May unadjusted TB, also confirm that that sub ledgers balance agree with the schedule of accts rec and pay respectively" how do we do that?

All they want you to do is to do a manual check if 1) all the correct amounts have been entered into the GL from the May Unadjusted trial balance and 2) If the total of the accounts receivable/payable sub ledgers are equal to the balance of the sched of accts rec/pay. You don't need to write anything down it's just to get you into the habit of checking if the totals are correct.

 

[JUB JUB]

does anyone know what to do with the dividends?

it's credit dividends payable...then debit what?

 

[comfortable]

with the dividends u post in the general journal
Dr Dividends
Cr Dividends payable

 

[JUB JUB]

oh ok thanks heaps....yeh it's cause i asked someone i know who is an accountant and they said that u don't record anything, but then i saw the divends payable account and was confused...

 

[elizabethy]

since it has been declared , u need 2 record it.....

 

[Suvat]

Trying to recall sandy's method of making inventory balance...

 

[xiao1985]

lolz shit... i don't knwo wut to do with sandy's methodology =(

in closing entries, i just dr inventory by 58 ---- and cr the opening balance =(

yea, and it turned out alryte, and i did it =)

btw, i saw pigz 2day ^^ he looked nerdy enough to be recognised as pigz ^^

 

[elizabethy]

hahaaahaaa.....

 

[pigs_can_fly]

Originally posted by xiao1985

btw, i saw pigz 2day ^^ he looked nerdy enough to be recognised as pigz ^^

u saw me ? and didn't say hi? ...wait u know wot i look like?

 

[xiao1985]

Originally posted by pigs_can_fly
u saw me ? and didn't say hi? ...wait u know wot i look like?

blehz... i dunno..... u law/comm pplz are way to intellegient =( if i converse, my language are like slang and all =( so i went:

betta keep quiet, so that i appear smart to hide my stoooooooopidity =(

 

[perfectionist]

Don't put yourself down Xiao...everyone has their own talents

 

[pigs_can_fly]

Originally posted by xiao1985
blehz... i dunno..... u law/comm pplz are way to intellegient =( if i converse, my language are like slang and all =( so i went:

betta keep quiet, so that i appear smart to hide my stoooooooopidity =(

errr...yeah man... like all law students are vicious wolves and are gonna bite ur head off if u dun sound sophisticated..uhuh

 

[xiao1985]

Originally posted by pigs_can_fly
errr...yeah man... like all law students are vicious wolves and are gonna bite ur head off if u dun sound sophisticated..uhuh

yea!!!!!! of cuz!!!!! like when i hang around sci students, even the sci law student, they talk like, colloquial and slang... but then , i saw you trio... you were like, talking like lawyers lolz... i am almost imagine you trio walk outta court room, discussin ur next defence or wut eva..

btw, now i realize mel was really really really freakie lolz!!!!!

she was calling that lady chickie right??? i was like: wtf ahahahahhahaha

 

[pigs_can_fly]

Originally posted by xiao1985
yea!!!!!! of cuz!!!!! like when i hang around sci students, even the sci law student, they talk like, colloquial and slang... but then , i saw you trio... you were like, talking like lawyers lolz... i am almost imagine you trio walk outta court room, discussin ur next defence or wut eva..

ok.....wotever u think man

Originally posted by xiao1985

btw, now i realize mel was really really really freakie lolz!!!!!

she was calling that lady chickie right??? i was like: wtf ahahahahhahaha

hmm, she's just like that

 

[comfortable]

hey, back to practice set...im having some problems in the general ledger, is there nothing posted under 'inventory' i.e. it remains at 49,000? because ppl r adjusting inventory in their adjusted trial balances and mine remains the same at 49,000...what am i doing wrong?

 

[teehee]

help help help!!!
does anyone have any idea what we're meant to do for transaction 8? how to we use the ending inventory?

Originally posted by comfortable
hey, back to practice set...im having some problems in the general ledger, is there nothing posted under 'inventory' i.e. it remains at 49,000? because ppl r adjusting inventory in their adjusted trial balances and mine remains the same at 49,000...what am i doing wrong?

mine also stays the same.......

 

[xiao1985]

2morrow i will be at 10 am acct lecture... u obviously want to ask the lecturer where you went wrong, but you are more than welcome to compare the answer with me ^.^

btw, @elizabethy: if you see this intime, i try to remember wut you look like 2morrow okz???

cya 2morrow ^^

 

[Amish]

what I did - in the SOFPerf I debited the opening ...and credited the closing ...and then on the SOFpos debit the closing and then it will balance...remebering to write the profit in the right place and adding it on

 

[JUB JUB]

Originally posted by comfortable
hey, back to practice set...im having some problems in the general ledger, is there nothing posted under 'inventory' i.e. it remains at 49,000? because ppl r adjusting inventory in their adjusted trial balances and mine remains the same at 49,000...what am i doing wrong?

mines the same, if anything has changed under inventory i'm 95% sure it's wrong. So elave it as it is =)