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2011_fac1502_test_three_week_five_solution

2011_fac1502_test_three_week_five_solution -  1 000...

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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 1 000
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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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  • Spring '11
  • unsure
  • Generally Accepted Accounting Principles, 20 minutes, ADVERTISING ACCOUNT, depreciation Accumulated depreciation, Three week, WALPOLE WOODWORKING CENTRE GENERAL JOURNAL

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