Ch5_Tut_Solutions

Ch5_Tut_Solutions - 1101AFE Accounting Principles -...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
1101AFE Accounting Principles - Tutorial Exercises Chapter 5 (10 min.) S 5-3 Journal DATE ACCOUNTS AND EXPLANATIONS POST. REF. DEBIT CREDIT a. May 6 Inventory 150,000 GST Clearing 15,000 Accounts Payable 165,000 b. 13 Accounts Payable 55,000 Inventory 50,000 GST Clearing 5,000 c. 15 Accounts Payable ($165,000 - $55,000) 110,000 Inventory ($100,000 × 0.03) 3,000 GST Clearing ($3,000 x 0.10) 300 Cash at Bank ($100,000 × 0.97) 106,700 Accounts Payable May 13 55,000 May 6 165,000 May 15 100,000 Bal. 1
Background image of page 1

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

View Full DocumentRight Arrow Icon
1101AFE Accounting Principles - Tutorial Exercises Chapter 5 (10 min.) S 5-6 Journal DATE ACCOUNTS AND EXPLANATIONS POST. REF. DEBIT CREDIT PRENTICE HALL’S ENTRIES a. Accounts Receivable (1,000 × $16.5) 16,500 Sales Revenue ($16,500 x 10/11) 15,000 GST Clearing ($16,500 x 1/11) 1.500 Sale on account. Cost of Goods Sold 8,000 Inventory 8,000 Recorded the cost of goods sold. b. Sales Returns and Allowances (100 × $16.5) 1,500 GST Clearing 150 Accounts Receivable 1,650 Received returned goods. Inventory
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 01/10/2010 for the course QIBT 1837 taught by Professor Cat during the Three '09 term at Queensland.

Page1 / 5

Ch5_Tut_Solutions - 1101AFE Accounting Principles -...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online