Question

BOOK 1 (GL) Worksheet
Exercise 1: Reference ###-Q1GL: $100,000 Contributed by a shareholder in exchange for Common Stock.
      
      

Exercise 2: Purchase Invoice ###-Q2GL: Purchased supplies for $941.60 on account
      
      

Exercise 3: Bank Credit Memo ###-Q3GL: Received a $10,000 loan from the bank for the purchase of new bicycle parts. The loan was deposited into the bank account.
First: Create a new G/L account called 300### Bank Loan Payable. Then: Record the transaction
      
      

Exercise 4: Sales Invoice ###-Q4GL: Issued an invoice to customer Extreme Bikes for $3,200 for services provided.
      
      

Exercise 5: Sales Invoice ### Q5GL: Issued an invoice to customer Recreational Bikes for $800 for repair services performed
      
      

Exercise 6: Memo ### Q6GL: The purchase invoice from Exercise 2 ### Q2GL was entered incorrectly. It should have been entered for $900.

TASK:
(A) Reverse (FB08) the original transaction that was posted in Exercise 2 and
(B) Post a new journal entry (FB50) for the correct transaction amount. Use reference ###Q6GL for the correction
      
      

Exercise 7: Sales Invoice ### Q7GL: Issued an invoice to customer Snowy Bikes for $5,000 for bike decorations
      
      

Exercise 8: Purchase Invoice ### Q8GL: Received an invoice for $200 from Westcoast Legal Associates for Legal and Professional services performed.
      
      

Exercise 9: Cash Sales Invoice ### Q9GL: Received $1,500 cash from customer Stanley Tours for bike rentals.
      
      

Exercise 10: Cheque Copy ### Q10GL: Issued a cheque for $900 to pay for Invoice ### Q6GL.
      
      

Exercise 11: Cash Receipt ### Q11GL: Received $800 from customer Recreational Bicycles for Sales Invoice ### Q5GL
      
      

Exercise 12: Bank Debit Memo ### Q12GL: Received a memo from the Bank that $40 was automatically deducted from our account and paid directly to Clean Hydro for utilities expense.
      
      

Answer 1

Journal entries: