Question

In: Accounting

Chart of Accounts and Opening Balances 1st November Account Number Account Name Debit Credit 110 Cash...

Chart of Accounts and Opening Balances 1st November

Account Number

Account Name

Debit

Credit

110

Cash at Bank

18,835

120

Accounts receivable

16,140

121

Allowance for Doubtful Debts

646

130

Prepaid Insurance

140

Prepaid Rent

3000

150

Office Supplies

950

160

Inventory

19,000

180

Delivery Van

181

Accumulated Depreciation – Delivery Van

200

Accounts Payable

16,995

220

Wages Payable

377

230

GST Clearing

1,045

250

Superannuation Payable

756

300

Capital

38,106

310

Drawings

350

Income Summary

410

Sales Revenue

412

Sales Discounts

415

Services Revenue

420

Interest Revenue

500

Cost of Sales

512

Bad debts expense

515

Bank Charges

521

Depreciation expense – Delivery Van

530

Electricity and Gas Expense

540

Insurance Expense

560

Office Supplies Expense

565

Rent Expense

570

Superannuation expense

590

Wages Expense

All account balances at 1st November are normal in nature.

Subsidiary Ledgers

Accounts Receivable Subsidiary Ledger

As at 1 November

Cayden’s Coffee Club

4,000

H. Proctor

12,140

16,140

Accounts Payable Subsidiary Ledger

As at 1 November

Arabica Pty Ltd

6,765

Crema Supplies Pty Ltd

10,230

16,995

Inventory on Hand

As at 1 November

Units on Hand

Cost per Unit

Total

Espresso Sprint

40

320

12,800

Espresso Deluxe

10

620

6,200

$19,000

NOVEMBER TRANSACTIONS

The transactions for Perfecto Coffee during November are listed below.

Note: All amounts are GST-inclusive where applicable.

          Credit sales are made on credit terms of 2/10, n/30

          Round all amounts to the nearest dollar.

Date

Details

1.   

November 1

Purchased a delivery van for $33,000 from Holland Autos on credit. Terms are n/60. Invoice number 15448.

2.   

November 1

Paid insurance for 5 months in advance - $2,200 – chq 71.

3.   

November 1

Paid Arabica Pty Ltd in full for outstanding account balance at 1st November – no discounts applicable - chq 72.

4.   

November 2

Sold 10 Espresso Sprint machines for cash - $6,050.

5.   

November 6

Purchased office supplies for cash - $330- chq 73.

6.       

November 9

Received amount owed by Cayden’s Coffee Club for October invoices less the discount.

7.   

November 9

Paid fortnightly wages of $1,760 – chq 74.

($1,383 relates to November wages; $377 relates to the wages accrued for October)

8.   

November 12

Received payment from H. Proctor for part of the November balance - $2,140. There was no discount allowed.

9.   

November 14

Purchased 15 Espresso Deluxe coffee machines from Arabica Pty Ltd for $10,395. Terms 3/10, n/30, Inv. 5430.           

10.

November 15

Sold 17 Espresso Sprint machines to Cayden’s Coffee Club for $10,285, Inv. 4564.

11.

November 16

Invoiced Cayden’s Coffee Club for Barista training, Inv. 4565 for $3,300.

12.

November 16

The owner withdrew cash of $2,350 - chq 75.

13.

November 20

Paid the 1st November amount owing to Crema Supplies Pty Ltd with chq 76. No discounts were applicable.

14.

November 22

Paid electricity and gas bill, $390 – chq 77.

15.

November 23

Paid fortnightly wages of $1,760 – chq 78.

16.

November 23

Paid superannuation contributions owing from October of $756 – chq 79.

17.

November 24

Received payment from Cayden’s Coffee Club for invoice 4564, less the applicable discount.

18.

November 26

Sold to H. Proctor, 10 Espresso Deluxe machines - $9,350, inv. 4566.

19.

November 26

Purchased 20 Espresso Sprints coffee machines from Crema Supplies Pty Ltd for $7084. Terms 2/10, n/30, inv. 1389.      

20.

November 30

Recorded bank charges of $40 and interest earned of $22.

Instructions for Completion of Practice Set

A.       Open all general ledger accounts by inserting the opening balances at 1 November as shown in the Chart of Accounts on page 3. For example, the balance of account 110 - Cash at Bank is $18,835 debit. Write “Opening Balance” in the “Details” column, and place $18,835 in the “Debit” balance column.

Solutions

Expert Solution


Related Solutions

Chart of Accounts and Opening Balances 1st November Account Number Account Name Debit Credit 110 Cash...
Chart of Accounts and Opening Balances 1st November Account Number Account Name Debit Credit 110 Cash at Bank 18,835 120 Accounts receivable 16,140 121 Allowance for Doubtful Debts 646 130 Prepaid Insurance 140 Prepaid Rent 3000 150 Office Supplies 950 160 Inventory 19,000 180 Delivery Van 181 Accumulated Depreciation – Delivery Van 200 Accounts Payable 16,995 220 Wages Payable 377 230 GST Clearing 1,045 250 Superannuation Payable 756 300 Capital 38,106 310 Drawings 350 Income Summary 410 Sales Revenue 412...
On November 30, 2016, Davis Company had the following account balances: Debit Credit Cash $3,090 Accounts...
On November 30, 2016, Davis Company had the following account balances: Debit Credit Cash $3,090 Accounts Receivable 9,900 Allowance for Doubtful Accounts $100 Inventory 17,750 Supplies 1,400 Land 9,000 Buildings and Equipment 42,000 Accumulated Depreciation 4,200 Accounts Payable 10,700 Common Stock 20,000 Retained Earnings (1/1/2016) 42,400 Dividends 2,000 Sales Revenue 69,700 Cost of Goods Sold 36,860 Salaries Expense 12,500 Advertising Expense 8,100 Other Expenses 4,500 During the month of December, Davis entered into the following transactions: Date Transaction Dec. 4...
The unadjusted trial balance at November 30 is below: No. Account Name Debit Credit 101 Cash...
The unadjusted trial balance at November 30 is below: No. Account Name Debit Credit 101 Cash $     99,876 106 Accounts receivable 5,300 125 Supplies - inventory 10,000 128 Prepaid insurance 6,400 131 Prepaid rent 35,000 151 Office equipment 20,000 152 Accumulated depreciation - office equipment $             0 155 Computer equipment 15,000 156 Accumulated depreciation - computer equipment 0 201 Accounts payable 0 205 Wages payable 0 221 Unearned revenue 1,500 301 Common stock 150,000 315 Retained earnings 0 401 Service...
On January 1, 2021, Displays Incorporated had the following account balances:    Accounts Debit Credit Cash...
On January 1, 2021, Displays Incorporated had the following account balances:    Accounts Debit Credit Cash $ 32,000 Accounts receivable 29,000 Supplies 35,000 Inventory 65,000 Land 237,000 Accounts payable $ 38,000 Notes payable (7%, due next year) 30,000 Common stock 196,000 Retained earnings 134,000 Totals $ 398,000 $ 398,000 From January 1 to December 31, the following summary transactions occurred: Purchased inventory on account for $340,000. Sold inventory on account for $620,000. The cost of the inventory sold was $320,000....
On January 1, 2021, Displays Incorporated had the following account balances:    Accounts Debit Credit Cash...
On January 1, 2021, Displays Incorporated had the following account balances:    Accounts Debit Credit Cash $ 32,000 Accounts receivable 29,000 Supplies 35,000 Inventory 65,000 Land 237,000 Accounts payable $ 38,000 Notes payable (7%, due next year) 30,000 Common stock 196,000 Retained earnings 134,000 Totals $ 398,000 $ 398,000 From January 1 to December 31, the following summary transactions occurred: Purchased inventory on account for $340,000. Sold inventory on account for $620,000. The cost of the inventory sold was $320,000....
On November 1, 2017, the following were the account balances of Soho Equipment Repair. Debit Credit...
On November 1, 2017, the following were the account balances of Soho Equipment Repair. Debit Credit Cash $ 2,790 Accumulated Depreciation—Equipment $ 500 Accounts Receivable 2,910 Accounts Payable 2,300 Supplies 1,120 Unearned Service Revenue 400 Equipment 10,000 Salaries and Wages Payable 620 Common Stock 10,000 Retained Earnings 3,000 $16,820 $16,820 During November, the following summary transactions were completed. Nov. 8 Paid $1,220 for salaries due employees, of which $600 is for November and $620 is for October salaries payable. 10...
On November 1, 2017, the following were the account balances of Soho Equipment Repair. Debit Credit...
On November 1, 2017, the following were the account balances of Soho Equipment Repair. Debit Credit Cash $ 3,090 Accumulated Depreciation—Equipment $ 500 Accounts Receivable 3,010 Accounts Payable 2,600 Supplies 1,420 Unearned Service Revenue 400 Equipment 10,300 Salaries and Wages Payable 720 Common Stock 10,300 Retained Earnings 3,300 $17,820 $17,820 During November, the following summary transactions were completed. Nov. 8 Paid $1,220 for salaries due employees, of which $500 is for November and $720 is for October salaries payable. 10...
The general ledger of Pop's Fireworks includes the following account balances in 2021: Accounts Debit Credit...
The general ledger of Pop's Fireworks includes the following account balances in 2021: Accounts Debit Credit Cash $ 24,600 Accounts Receivable 50,000 Allowance for Uncollectible Accounts $ 5,600 Supplies 11,800 Notes Receivable (8%, due in 2 years) 44,000 Land 102,000 Accounts Payable 15,700 Common Stock 174,000 Retained Earnings 31,600 Service Revenue 128,200 Salaries Expense 72,600 Utilities Expense 29,300 Supplies Expense 20,800 Totals $ 355,100 $ 355,100 In addition, the following transactions occurred during 2021 and are not yet reflected in...
ACCOUNTS DEBIT £ CREDIT £ Cash in hand 3,400 Bank Balance 18,660 Stock 1st Jan 2016...
ACCOUNTS DEBIT £ CREDIT £ Cash in hand 3,400 Bank Balance 18,660 Stock 1st Jan 2016 46,000 Purchase 150,200 purchase returns 600 Freehold premises 38,600 Incidental trade expenses 840 Insurance 1,640 Audit fees 280 Commission received 3,300 Bank overdraft 4,000 Interest on Bank Overdraft 200 Trade Debtors 36,000 Trade Creditors 34,670 Wages 25,000 Salaries 14,000 Capital 114,000 Drawings 5,000 Income tax 1,600 Investments 4,000 Discount allowed 6,300 Discount received 4600 Sales return 550 sales 201350 Bills receivable 3,200 Office furniture...
American Laser, Inc., reported the following account balances on January 1. Debit Credit Accounts Receivable $...
American Laser, Inc., reported the following account balances on January 1. Debit Credit Accounts Receivable $ 5,000 Accumulated Depreciation $ 30,000 Additional Paid-in Capital 122,000 Allowance for Doubtful Accounts 2,000 Bonds Payable 0 Buildings 279,000 Cash 18,000 Common Stock, 10,000 shares of $1 par 10,000 Notes Payable (long-term) 18,000 Retained Earnings 120,000 Treasury Stock 0 TOTALS $ 302,000 $ 302,000 The company entered into the following transactions during the year. Jan. 15 Issued 21,000 shares of $1 par common stock...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT