University of South Australia Division of Business School Of Commerce

FINANCIAL ACCOUNTING 1 Study Period 5, 2011

Mid-Study Period Test Wednesday August 17

STUDENT ID STUDENT NAME.......................................................................................................

(First Name) (Last Name)

INSTRUCTIONS TO CANDIDATES: THE TEST IS TO BE COMPLETED WITHIN A PERIOD OF 50 MINUTES (INCLUDING READING TIME) ALL WORK IS TO BE COMPLETED WITHIN THIS BOOKLET NO ACCESS TO OTHER PAPER OR BOOKS IS PERMITTED DURING THE TEST DO NOT REMOVE ANY PAGES FROM THE BOOKLET CALCULATORS WITH MATHEMATICAL FUNCTIONS ONLY ARE PERMITTED TOTAL MARKS FOR THIS TEST PAPER - 40

Tutors Name: .............................................................................................................. Tutorial Day ................................................................................................. Time ............................................................................................... Room..............................................................................................

REQUIRED:
Below are a Chart of Accounts and a selection of transactions that occurred during January for the company Wear With All managed by Gary Williams: A. Record any necessary Reversing entries, based on the opening entry, and the January transactions in the journals provided. Note All sales and purchases are made on credit unless otherwise specified. B. Total all journals at the completion of recording these transactions. C. Only for the ledgers provided post the necessary amounts daily or at months end as appropriate.
GENERAL JOURNAL
DATE ACCOUNTS Post Ref DEBIT CREDIT

December 30

Bank Petty Cash Accounts Receivable Control 10501 Brompton Bombers Demolition 1,214 10503 The OK Guys 6,247 10505 Lending and Save CU 11,699 10507 Do You a Deal 440 Inventory on Hand Prepaid Insurance Accrued Interest Revenue Office Supplies Term Deposit Furniture and Fittings Office Equipment Motor Vehicle Accounts Payable Control 20001 Safety First Pty Ltd 9,725 20003 Tally Ho Pty Ltd 3,929 Salaries Payable Telephone Payable Bank Loan Capital Gary Williams Allowance for Doubtful Debts Accumulated Depreciation - Furn and Fittings Acc. Depreciation Office Equipment Acc. Depreciation Motor Vehicle Opening Entry

100 103 105 9,852.00 250.00 19,600.00

110 115 116 120 140 150 160 170 200

62,568.00 900.00 525.00 370.00 10,000.00 28,000.00 5,500.00 24,000.00 13,654.00

205 210 250 300 106 151 161 171

450.00 210.00 40,000.00 84,557.00 392.00 5,600.00 2,500.00 14,202.00

January 2 January 4 January 6

Received a cheque for $994 from Brompton Bombers Demolition as full payment of their outstanding balance. Sold 20 pairs of pants with the LSCU logo to Lending and Save Credit Union for $60 each (all net of GST) Purchased 25 Short Sleeved Business Shirts from a new supplier Taylored Maid at a cost of $15 each and freight of $25 (all net of GST). Sold 10 pairs of Tough Guy work boots to Brompton Bombers Demolition for $125 each net of GST. Received Interest Income of $750 for the last 3 months of earnings on the Term Deposit. Cash Sale of 10 Hi-Vis work vests to the Upper Port Council for $40 each net of GST. Sold 50 Gold Ties embroidered with Cmon Aussie Cmon to The OK Guys for $30 each, (all net of GST) Received $330 (inclusive of GST) for doing a special order alteration on 5 of the pants sold to LSCU. Purchased 15 Womens Suit Jackets from Tally Ho at a cost of $70 each with a freight charge of $150 (all net of GST)
602 116 525 525

January 10 January 19 January 19 January 25 January 28 January 30

Jan 1

GENERAL JOURNAL Interest Income Accrued Interest Revenue Reversing Entry Salaries Payable Salaries Expense Reversing Entry Telephone Payable Telephone Expense Reversing Entry

205

450 450

210

210 210

SALES JOURNAL
DATE DETAILS INV Post Ref SALES GST DEBTORS

Jan 4 Jan 10 25

Lend and Save Brompton OK Guys

10501

1200 1250 1500 3950

120 125 150 395

1320 1375 1650 4345 (105)

PURCHASES JOURNAL
DATE DETAILS INV. Post Ref STOCK FREIGHT GST CREDITORS

Jan 6 30

Taylored Maid Tally Ho

375 1050 1425

25 150 175

40 120 160

440 1320 1760

CASH RECEIPTS JOURNAL

DATE 2 19 28
DETAILS REC # Post Ref DISCOUNT
net GST

DEBTORS

SALES

SUNDRIES

GST

BANK

Brompton Interest Upper Port Alteration

200 602

20

1214 750 400 300 40 30

994 1190 330

610

200

20

1214 (105)

400

1050 (x)

70

2514

Accounts Receivable Control (105)

DATE Details Post Ref DEBIT CREDIT BALANCE

Dec 30 30

Opening Entry

GJ SJ CRJ

19,600 4345 1214

19,600 Dr 23,945 Dr 22,731 Dr

Interest Income (602)

DATE Details Post Ref DEBIT CREDIT BALANCE

Jan 1 Jan 19

Accrued Interest Revenue

GJ CRJ

525 750

525 Dr 225 Cr

Special Order Alterations (610)

DATE Details Post Ref DEBIT CREDIT BALANCE

28

Special Order LSCU

CRJ

300

300 Cr

Brompton Bombers Demolition (10501)

DATE Details Post Ref DEBIT CREDIT BALANCE

Dec 30 Jan 2 Jan 10

Opening Entry

GJ CRJ SJ

1,214 1,214 1375

1,214 Dr 1375 Dr

Calculations It is advisable to show the calculations you have performed in answering any questions to ensure you show your understanding of the concepts.

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FINANCIAL ACCOUNTING 1 (ACCT1006) Study Period 5, 2011

TIME
8:00-8:30am 8:30-9:00am 9:00-9:30am 9:30 - 10.00am 10:00-10:30am 10:30-11:00am 11:00-11:30am 11:30-12:00pm 12:00-12:30pm 12:30-1:00pm 1:00-1:30pm 1:30-2:00pm 2:00-2:30pm 2:30-3:00pm 3:00-3:30pm 3:30-4:00pm 4:00-4:30pm 4:30-5:00pm 5:00-5:30pm 5:30-6:00pm 6:00-6:30pm 6:30-7:00pm 7:00-7:30pm 7:30-8:00pm 8:00-8:30pm 8:30-9:00pm

MON

TUES

WED

THURS

FRI

20796 H 6-09 Greg

20794 GK 3-20 Ron 20790 GK 3-16 Phil

Lecture 1 - 20784 / BH2-09 Scott Copeland - 218

20792 GK 3-20 Sue 20786 GK 3-16 Phil 20787 GK 3-20 Ron 20785 GK 3-16 Phil 21681 BH 4-32 David

20800 GK 2-16 Geoff

20799 BH 2-16 Greg 20795 BH 4-23 Geoff

20793 GK 2-12 Mei Lin 20798 GK 2-12 Paul 20802 RR 5-09 Daryl

20789 GK 3-20 Mitali

20788 BH 4-32 David

20807 GK 2-12 Emily 20804 RR 3-10 Mario

20805 GK 2-16 Paul

20803 RR 4-11 Phil

20801 BH 2-16 Scott

Lecture 2 - 20783 / BH2-09 Scott Copeland - 205 20797 GK 2-16 Mario 20808 H 6-03 Emily

20806 GK 2-16 Daryl

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