7111AFE_Solution_Topic02

7111AFE_Solution_Topic02 - 7111AFE Semester 2, 2007...

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7111AFE Semester 2, 2007 Tutorial Solution: Topic 2 (10-15 min.) E 2-3 Journal DATE ACCOUNTS AND EXPLANATIONS DEBIT CREDIT Dec. 5 Office Furniture (↑ asset; debit) 800 Accounts Payable (↑ liability; credit) 800 10 Accounts Receivable (↑ asset; debit) 1,600 Service Revenue (↑ revenue; credit) 1,600 12 Cash at Bank (↑ asset; debit) 7,000 Bill Payable (↑ liability; credit) 7,000 19 Cash at Bank (↑ asset; debit) 29,000 Land (↓ asset; credit) 29,000 21 Building (↑ asset; debit) 140,000 Bill Payable (↑ liability; credit) 140,000 27 Accounts Payable (↓ liability; debit) 800 Cash at Bank (↓ asset; credit) 800
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P2-3 JOURNALISING TRANSACTIONS, POSTING TO T-ACCOUNTS AND PREPARING A TRIAL BALANCE (Obj. 2, 3, 4, 5) (40-50 min.) Req. 1 Journal DATE ACCOUNTS AND EXPLANATIONS POST. REF. DEBIT CREDIT Dec. 2 Cash at Bank 30,000 Monica Kaska, Capital 30,000 3 Supplies 500 Furniture 2,600 Accounts Payable 3,100 4 Cash at Bank 1,500 Service Revenue 1,500 7 Land 22,000 Cash at Bank 22,000 11 Accounts Receivable 900 Service Revenue 900 15 Salary Expense 570 Cash at Bank 570 16 Accounts Payable 2,600 Cash at Bank 2,600 18 Cash at Bank 1,800 Service Revenue 1,800 19 Accounts Receivable 800 Service Revenue 800
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P2-3 JOURNALISING TRANSACTIONS, POSTING TO T-ACCOUNTS AND PREPARING A TRIAL BALANCE (Obj. 2, 3, 4, 5) (continued) Req. 1 (continued) Journal DATE ACCOUNTS AND EXPLANATIONS POST. REF. DEBIT CREDIT Dec. 29 Cash at Bank 400 Accounts Receivable 400 31 Salary Expense 570 Cash at Bank 570 31 Rent Expense 700 Cash at Bank 700 31 Monica Kaska, Drawings 2,200 Cash at Bank 2,200
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P2-3 JOURNALISING TRANSACTIONS, POSTING TO T-ACCOUNTS AND PREPARING A TRIAL BALANCE (Obj. 2, 3, 4, 5) (continued) Req. 2 Cash at Bank Accounts Receivable Dec. 2 30,000 Dec. 7 22,000 Dec. 11 900 Dec. 29 400 4 1,500 15 570 19 800 18 1,800 16 2,600 Bal. 1,300 29 400 31 570 31 700 Supplies 31 2,200 Dec. 3 500 Bal. 5,060 Bal. 500 Furniture Land Dec. 3 2,600 Dec. 7
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7111AFE_Solution_Topic02 - 7111AFE Semester 2, 2007...

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