Paul quiz - 1 Brownlee Ltd is a newly established retail...

Info icon This preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
1. Brownlee Ltd is a newly established retail store selling plumbing hardware. Shown below are ledger accounts in T-account form, with entries made for the first 3 months of business. Bank Accounts Receivable Inventory (1) 100 000 (3) 5000 (5A) 30 000 (7) 42 000 (2) 60 000 (5B) 19 000 (6A) 28 000 (8) 24 000 (6A) 27 000 (6B) 33 000 (7) 42 000 (10) 9500 Office Supplies Plant Accounts Payable (4) 8000 (9) 3000 (3) 20 000 (8) 24 000 (2) 60 000 (4) 8000 Short-term Loan Share Capital Sales Revenue (10) 9000 (3) 15 000 (1) 100 000 (5A) 30 000 (6A) 55 000 Cost of Goods Sold Office Supplies Expense Interest Expense (5B) 19 000 (9) 3000 (10) 500
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
(6B) 33 000 2. What does transaction (2) represent? 3. Answer A. sale of inventory on credit B. sale of inventory for cash C. purchase of inventory on credit D. purchase of inventory for cash E. none of the above 0.5 points Question 2 1. The following information is taken from the accounts of Ray Ltd. $000 Motor Vehicles, 1 January 2009 620 Motor Vehicles, 31 December 2009 740 Accumulated Depreciation – Motor Vehicles, 1 January 2009 230 Accumulated Depreciation – Motor Vehicles, 31 December 2009 290 Depreciation Expense
Image of page 2
– Motor Vehicles, year ended 31 December 2009 150 Gain on sale of motor vehicle, year ended 31 December 2009 10 Acquisition of motor vehicles financed by loan to be paid in 5 years’ time 170
Image of page 3

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern