Question

Cross Pty Ltd uses special journals. Use your knowledge of the accounting cycle and the information...

Cross Pty Ltd uses special journals.

Use your knowledge of the accounting cycle and the information in the following Purchases and Cash Payments Journals to complete all questions.

All answers are numbers which consist only of the digits 0 to 9. Symbols or punctuation marks should NOT be incorporated in answers. The only exception is dates which should be in the format dd/mm/yy - 2 digits for the day, month and year (eg 01/06/16).

Purchases Journal (P1)

Date

Account Credited

Terms

Post Ref

Accounts Payable

Inventory

GST

08/06/16 Powder Coat Supplies Nil T 22000 20000 2000
15/06/16 Nuts and Bolts Nil 11000 10000 1000
Total 33000 30000 3000

Cash Payments (CP1)

Date

Account Debited

Post Ref

Accounts Payable

Cash at Bank

10/06/16 Nuts and Bolts 15000 15000
15/06/16 Powder Coat Supplies T 12000 12000
Total    27000 27000

The "T" in the Post Ref column means: Answerthe transaction has been posted to the subsidiary ledgerthe transaction has been posted to the general and subsidiary ledgersthe transaction has been checked to ensure it balancesinventory records have been updated

Complete the following Subsidiary Ledger for Nuts and Bolts

Subsidiary Ledgers

Nuts and Bolts
Date Explanation Ref Dr Cr Balance
01/06/16 Opening Balance 25000
10/06/16 CP1 15000 Answer Here
Answer Answer Here Answer Here Answer Here
Closing Balance Answer Here

The normal balance for Cash at Bank is: AnswerDrCr

An increase to Cash at Bank will be a: AnswerDrCr

A decrease to Cash at Bank will be a: AnswerDrCr

Complete the General Ledger for Cash at Bank

General Ledger

Cash At Bank Account No.101
Date Explanation Ref Dr Cr Balance
01/06/16 Opening Balance 20000
30/06/16 CR1 40000 Answer here
Answer Answer here Answer here Answer here
Closing Balance

Answer here

The normal balance for Accounts Payable is: Answer Dr or Cr

An increase to Accounts Payable will be a: AnswerDr or Cr

A decrease to Accounts Payable will be a: AnswerDr or Cr

Complete the General Ledger for Accounts Payable

Accounts Payable Account No.202
Date Explanation Ref Dr Cr Balance
01/06/16 Opening Balance 35000
30/06/16 P1 Answer Here AnswerHere
30/06/16 AnswerHere   AnswerHere AnswerHere
Closing Balance AnswerHere

Homework Answers

Answer #1
Nuts and Bolts
Date Explanation Ref Dr Cr Balance
01/06/16 Opening Balance            25000 25000
10/06/16 CP1 15000 10000
15/06/16 P1         11000 21000
Closing Balance 21000 21000

General Ledger

Cash At Bank Account No.101
Date Explanation Ref Dr Cr Balance
01/06/16 Opening Balance 20000 20000
30/06/16 CR1 40000 60000
10/06/16 15/06/2016 CP1 27000 33000
Closing Balance 33000

33000

Accounts Payable Account No.202
Date Explanation Ref Dr Cr Balance
01/06/16 Opening Balance 35000
30/06/16 P1 33000 68000
30/06/16 CP1 27000 41000
Closing Balance 41000 41000
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