Question

Analyze these transactions ( say which account to debit and which account to credit with the amount)

              

⃝           Funds Received Form #FR-11-10               Dated January 27/xx      

Record $161,000 in pledged from sponsor forms submitted by participants to sponsor the        participants.

⃝          Cash Purchase Invoice #DP-39168             Dated January 27/xx

               From Domino Pizza, $723.20 for pizza and soft drinks for volunteers. Invoice paid from Cash on     Hand.

⃝         Cheque Copy #171                                        Dated January 27/xx

               To Leanna Alexander, $2,000 for winning a contest. Create a new Group account 5430      Tournament Prizes.

⃝           Cheque Copy #172                                        Dated January 28/xx

               To Althea Brooks, manager, $4,000 for wages for month.

Session Date – Jan 31, 20xx

⃝           Cheque Copy #173                                        Dated January 29/xx

               To Design n’ Wear, $2,468 in payment of account. Reference invoice #DW-9493.

⃝           Cheque Copy #174                                        Dated January 31/xx

               To Kopy Center, $1,882 in full payment of account. Reference invoices #KC-5306, #KC-2252 and    previous balance owing.

⃝           Memo #4                                                         Dated January 31/xx

               From Manager: Correction of error. Reference # LI-10116 and cheque #167, deposit paid to LIME was $200 not $300.

⃝           Cheque Copy #175                                        Dated January 31/xx

               To LIME, $478 in full payment of account. Reference # LI-10116 and cheque #167.

Answer 1

1) Cash A/c--------------Dr. $161000

To Donation A/c $161000

2) Domino Pizza A/c-------Dr. $723.20

To cash account $723.20

3) Tournament A/c--------Dr. $2000

To bank A/c $2000

4) Wages A/c------------Dr. $ 4000

To bank A/c. $ 4000

5) Design wear A/c- ------Dr. $2468

To bank A/c $2468

6) Kopy centre A/c-- ----- Dr. $1882

To bank A/c. $1882

7) Bank A/c ----------------Dr. $100

To Lime A/c. $ 100

(Error :-. 300-200=100)

8) Lime A/c - ------------Dr. $ 478

To Bank A/c. $478