FINANCIAL ACCOUNTING

Analysis: Financial Accounting

SALES JOURNAL

DATE

INVOICE DETAILS COGS SALES GST DEBTORS

6-Jun-12

 

cash sales of dvd 1,500.00 3,500.00 350.00 -

12-Jun-12

 

sales on a/c 1,920.00 3,300.00 330.00 Anderson

15-Jun-12

 

cash sales of notebooks 880.00 2,400.00 240.00

 

23-Jun-12

 

unearned 1,200.00 3,000.00 300.00 Lionel Hutz

28-Jun-12

 

sales on a/c 870.00 1,800.00 60.00 Sammy Chung's

PURCHASES JOURNAL

DATE

DETAILS

INV.NO. INVENTORY FREIGHT GST CREDITORS

1-Jun-12

office equipment

 

38,000.00 3,800.00 The good office guys

4-Jun-12

office supplies

 

400.00 40.00 -

8-Jun-12

office supplies

 

360.00 36.00 cash

16-Jun-12

mp3 players

 

7,200.00 80.00 720.00 Sony Australia

21-Jun-12

dvd players

 

1,500.00 40.00 150.00 cash

Answer # 1 Swindon Phones and Electronics

CASH RECEIPT JOURNAL

DATE

DETAILS

REC #

DISCOUNT

DEBTORS COGS SALES GST SUNDRIES BANK net

GST

 

3-Jun-12

a/c rec

 

23.40 2.60 beta bay 1,274.00

6-Jun-12

cash sales

 

 

 

- 1,500.00 3,500.00 350.00

 

 

7-Jun-12

a/c rec

 

 

 

cell phones 460.00

15-Jun-12

cash sales

 

 

 

- 880.00 240.00 2,400.00

19-Jun-12

a/c rec

 

 

 

maxxis calls 990.00

23-Jun-12

unearned

 

 

 

lionel hurtz 1,200.00 300.00 3,000.00

CASH PAYMENTS JOURNAL

Date

Details



chq #

Discount



Creditors

Inventory

Wages Sundries

Gst

Bank Net

Gst

 

1-Jun-12

payment of office equipment

 

 

 

The Good office guys 700.00 6,300.00

2-Jun-12

intallation of shelves

 

 

 

 

 

 

 

27.27 272.73

5-Jun-12

rent in advance

 

 

 

cash 800.00 8,000.00

8-Jun-12

purchase office supplies

 

 

 

cash 36.00 360.00

14-Jun-12

a/c payable

 

95.45 9.55 cosmo 199.50 1,795.50

21-Jun-12

purchase dvd players

 

 

 

cash 150.00 1,500.00

22-Jun-12

installation of shelves 245.45 2,454.54

GENERAL JOURNAL

DATE

ACCOUNTS

DEBIT CREDIT

1-Jun-12

office equipment



41,800.00

 

 

a/c pay (good guys)

 

34,800.00

 

bank

 

7,000.00

 

 

 

 

2-Jun-12

shelves installation

3,000.00

 

 

bank

 

300.00

 

a/c pay. (builder)

 

2,700.00

 

 

 

 

3-Jun-12

bank



1,274.00

 

 

discount

26.00

 

 

a/c rec (beta bay)

 

1,300.00

4-Jun-12

office suuplies



440.00

 

 

a/c pay

440.00

5-Jun-12

prepaid rent

8,800.00

 

 

bank 8,800.00

 

 

 

 

6-Jun-12

bank

3,850.00

 

 

cogs

1,500.00

 

 

inventory

 

1,500.00

 

sales

 

3,850.00

 

 

 

 

7-Jun-12

bank

460.00

 

 

a/c rec (cell phones)

 

460.00

 

 

 

 

8-Jun-12

office supplies

396.00

 

 

cash

 

396.00

 

 

 

 

12-Jun-12

a/c rec

3,630.00

 

 

cogs

1,920.00

 

 

inventory

 

1,920.00

 

sales

 

3,630.00

 

 

 

 

14-Jun-12

a/c pay (cosmo)

1,995.00

 

 

cash discount

105.00

 

 

bank

 

2,100.00

 

 

 

 

15-Jun-12

bank

2,640.00

 

 

cogs

880.00

 

 

inventory

 

880.00

 

sales

 

2,640.00

 

 

 

 

16-Jun-12

purchases

7,920.00

 

 

cogs (carriage inward)

80.00

 

 

cash

 

80.00

 

a/c pay (Sony Australia)

 

7,920.00

 

 

 

 

19-Jun-12

bank

990.00

 

 

a/c rec. (Maxxis)

 

990.00

 

 

 

 

21-Jun-12

purchases

1,650.00

 

 

cogs (freight in)

40.00

 

 

cash

 

1,690.00

 

 

 

 

22-Jun-12

a/c pay (builder)

2,700.00

 

 

bank

 

2,700.00

 

 

 

 

23-Jun-12

bank

3,300.00

 

 

unearned revenue

 

3,300.00

28-Jun-12

a/c rec. (Sammy)

1,860.00

 

 

cogs

870.00

 

 

inventory

 

870.00

 

sales

 

1,860.00

 

 

 

 

30-Jun-12

unearned revenue 3,300.00

 

 

cogs

1,200.00

 

 

inventory

 

1,200.00

 

revenue

 

3,300.00

 

 

 

 

30-Jun-12

accrued salaries

2,590.00

 

 

bank

 

2,590.00

 

 

 

30-Jun-12

accrued telephone exp

670.00

 

 

bank

 

670.00

INVENTORY

DATE

Details

Post Ref

DEBIT

CREDIT

BALANCE Dr

1-Jun

Opening Balance

GJ1

23,650.00

6-Jun-12

cash sales

1,500.00

22,150.00

12-Jun-12

sales on credit

1,920.00

20,230.00

15-Jun-12

cash sales

880.00

19,350.00

16-Jun-12

purchases

7,920.00

27,270.00

21-Jun-12

cash purchases

1,650.00

28,920.00

28-Jun-12

sales on credit

870.00

29,790.00

30-Jun-12

unearned

1,200.00

30,990.00

CASH AT BANK

DATE

Details

Post Ref

DEBIT

CREDIT

BALANCE (Cr)

1-Jun

Opening Balance

GJ1

11,560.38

1-Jun-12

office equipment

7,000.00

4,560.38

2-Jun-12

shelve installation

300.00

4,260.38

3-Jun-12

a/c rec (beta bay)

1,274.00

5,534.38

5-Jun-12

prepaid rent

8,800.00

(3,265.62)

6-Jun-12

cash sales

3,850.00

584.38

7-Jun-12

a/c rec (cell phones)

460.00

1,044.38

8-Jun-12

office supplies (cash)

396.00

648.38

14-Jun-12

a/c pay (cosmo)

1,995.00

(1,346.62)

15-Jun-12

cash sales

2,640.00

1,293.38

16-Jun-12

carriage inward

80.00

1,213.38

19-Jun-12

a/c rec (maxxis)

990.00

2,203.38

21-Jun-12

cash purchases & carriage in

1,690.00

513.38

22-Jun-12

balance amount of shelve installation

2,700.00

(2,186.62)

23-Jun-12

unearned

3,300.00

1,113.38

30-Jun-12

accrued salaries

2,590.00

(1,476.62)

30-Jun-12

accrued telephone exp.

670.00

(2,146.62)

Answer # 2(part ...