[sali2012]

Prepare the General Journals entries for these source documents.



1-On 9 May, the business sold on credit inventory costing $1,700 to Accurate Ltd. These goods were sold for $1,700, plus GST.

2-On 12 May, rent of $1,650 was paid, including GST.

[paraclete]

There is no problem here just simple calculations

[sali2012]

OK but how to do it?

Thanks

[paraclete]

Prepare the General Journals entries for these source documents.


1-On 9 May, the business sold on credit inventory costing $1,700 to Accurate Ltd. These goods were sold for $1,700, plus GST.

A/R debit 1870
GST payable credit 170
Net Sales credit 1700
Inventory credit 1700
Cost of Good Sold debit 1700

2-On 12 May, rent of $1,650 was paid, including GST
Rent Debit 1500
GST Payable debit 150
Cash credit 1650

.

Is there any part of this that is not obvious to you? Do you understand what a journal is? GST is 10%

[sali2012]

Is there any part of this that is not obvious to you? Do you understand what a journal is? GST is 10%

OK thanks alots are you able to hel[p me with this one.

The following trial balance does not balance. You have been asked to review the balances and correct any incorrect entries. As part of this exercise, you have determined that:
1. A sales amount of $1,100 was not posted to the Sales account.
2. An amount of $1,050 was incorrectly posted to the credit side of Bank account when it should have been a debited.
3. A number of account balances have been placed on the wrong side of the trial balance.
4. Wages of $1,200 was wrongly posted as $2,100 in the Wages account.
5. An amount of $1,000 received from Accounts Receivable account was correctly posted in the bank account but wrongly credited to the Accounts Payable account.
6. An amount of $1,000 for repairs which should have been debited to Repairs account was wrongly posted to the debit of Plant & machinery account.


Required:
1. Adjust the balances for Bank, Sales, Wages, Accounts Receivable, Accounts Payable, and Plant & Machinery accounts. Create a new Repairs account.
2. Place the account balances on the correct side of the trial balance
3. Ensure that the trial balance balances


Debit Credit
Bank 12,625
Accounts receivable 14,300
Inventory 9,000
Plant & machinery 52,000
Motor vehicles 25,000
Accounts payable 15,700
Bank charges 525
Bank Loan 22,300
Owners equity 30,000
Drawings 12,000
Cost of goods sold 150,300
Provision for doubtful debts 1,200
Bad debts 500
Interest received 2,100
Wages 71,100
Interest expense 1,100
Sales 280,000
Advertising 2,750

Total 498,775 203,725

[sali2012]

Is there any part of this that is not obvious to you? Do you understand what a journal is? GST is 10%

OK thanks alots are you able to hel[p me with this one.

The following trial balance does not balance. You have been asked to review the balances and correct any incorrect entries. As part of this exercise, you have determined that:
1. A sales amount of $1,100 was not posted to the Sales account.
2. An amount of $1,050 was incorrectly posted to the credit side of Bank account when it should have been a debited.
3. A number of account balances have been placed on the wrong side of the trial balance.
4. Wages of $1,200 was wrongly posted as $2,100 in the Wages account.
5. An amount of $1,000 received from Accounts Receivable account was correctly posted in the bank account but wrongly credited to the Accounts Payable account.
6. An amount of $1,000 for repairs which should have been debited to Repairs account was wrongly posted to the debit of Plant & machinery account.


Required:
1. Adjust the balances for Bank, Sales, Wages, Accounts Receivable, Accounts Payable, and Plant & Machinery accounts. Create a new Repairs account.
2. Place the account balances on the correct side of the trial balance
3. Ensure that the trial balance balances


Debit Credit
Bank 12,625
Accounts receivable 14,300
Inventory 9,000
Plant & machinery 52,000
Motor vehicles 25,000
Accounts payable 15,700
Bank charges 525
Bank Loan 22,300
Owners equity 30,000
Drawings 12,000
Cost of goods sold 150,300
Provision for doubtful debts 1,200
Bad debts 500
Interest received 2,100
Wages 71,100
Interest expense 1,100
Sales 280,000
Advertising 2,750

Total 498,775(under debit coloum) &203,725 (under credit )
Today 03:17 AM

[paraclete]

Looks like you have some work in front of you do a spreadsheet and adjust each of the errors similar questions have been asked and answered previously

[sali2012]

looks like you have some work in front of you do a spreadsheet and adjust each of the errors similiar questions have been asked and answered previously

I tried to do it but came up with different total I couldn't do it writ

[paraclete]

I tried to do it but came up with different total i couldn't do it writ

Then you need to show us your work not have us do it again

[sali2012]

then you need to show us your work not have us do it again

Can you please see if my calculation correct.
Account Debit Credit Debit Credit
Bank 12 625 14 735
Accounts Receivable 14 300 14 300
Inventory 9 000 9 000
Plant and Machinery 52 000 51 000
Motor Vehicle 25 000 25 000
Accounts Payable 15 700 16 700
Bank Charges 525 525
Bank Loan 22 300 22 300
Owners Equity 30 000 30 000
Drawings 12 000 12 000
Cost of Goods Sold 150 300 150 300
Provision for doubtful debt 1 200 1 200
Bad Debt 500 500
Interest received 2 100 2 100
Wages 71 100 70 200
Interest Expense 1 100 1 100
Advertising 2 750 2 750
Sales 280 000 281 100
Repairs and Maintenance 1 000 1 000

Total $499 775 $203 725 $353 610 $352 200

[paraclete]

This is what I see
14725 0
13300
9000 0
51000 0
25000 0
0 14700
525 0
0 22300
0 30000
12000 0
150300 0
0 1200
500 0
0 2100
70200 0
1100 0
2750 0
0 281100
2000 0
352400 351400