2011_fac1502_test_three_week_five_solution

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FAC1502 SOLUTION TO TEST THREE WEEK FIVE Page 1 of 1 2 nd Semester 2010 QUESTION (15 marks) (20 minutes maximum) = 1 mark – account must be correctly debited or credited ^ = ½ mark – narration must be logical WALPOLE WOODWORKING CENTRE GENERAL JOURNAL FOR MARCH 2010 Debit Credit 31 Depreciation 25 000 Accumulated Depreciation on Vehicles 250 000 Adjustment to make provision for depreciation ^ Prepaid Expenses 1 000 Insurance
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Unformatted text preview: 1 000 Adjustment of insurance account ^ Credit Losses 2 000 Debtors Control 2 000 Writing off debtors account as irrecoverable ^ Inventory 55 000 Trading Account 55 000 To record the closing inventory in the books ^ Inventory: Packing Materials 6 000 Packing Materials 6 000 Adjustment of packing materials account ^ Advertising 5 000 Accrued Expenses 5 000 Adjustment of advertising account ^...
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This note was uploaded on 02/27/2012 for the course IT 101 taught by Professor Unsure during the Spring '11 term at University of South Africa.

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