Week 5 Tutorial Questions Solutions

Week 5 Tutorial Questions Solutions - ACCT1501 2011S1 Week...

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ACCT1501 2011S1 Week 5 Tutorial Questions Solutions Tutorial Questions: Discussion Question 4.16; Problems 4.14, 4.17, CASE4A Discussion Question 16. Transaction Source Documents a A cash payment Duplicate copy of cheque or cheque butt and supporting evidence such as creditor’s statement, invoices and receipt or payroll statement b A cash receipt Duplicate copy of receipt or cash register recording roll c A credit sale Duplicate copy of invoice d Cost of goods sold Duplicate copy of invoice or cash receipt or separate summary e A purchase of inventory Invoice received from supplier, delivery docket and order f Receipt of inventory Purchase order and supplier’s packing slip
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ACCT1501 2011S1 Problem 4.14 1 Morilla Ltd General journal $ $ (a) Dr Inventory 8 250 Cr Accounts Payable 8 250 (b) Dr Accounts Receivable 11 000 Cr Sales 11 000 Dr COGS 7 700 Cr Inventory 7 700 (c) Dr Cash 19 000 Cr Accounts Receivable 19 000 (d) Dr Accounts Payable 11 000 Cr Cash 11 000 (e) Dr Misc. Expenses 1 500 Cr Cash 1 500 (f) Dr Salaries Expense 2 600 Cr Cash 2 600 (g) Dr Depreciation Expense 200 Cr Accumulated Depreciation 200 (h) Dr Long-term loan 800 Cr Cash 800
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ACCT1501 2011S1 Problem 4.14(cont’d) Please note that all the t-accounts we use in this course are based on the traditional method , which includes calculating the sum of debits and credits and transferring the value in closing balance to the opening balance for next accounting period. This is additional to the t-accounts used in the textbook, which do not include these two
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Week 5 Tutorial Questions Solutions - ACCT1501 2011S1 Week...

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