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MAINTAIN A GENERAL LEDGER
and
PROCESS JOURNAL ENTRIES
STUDENT MANUAL
NAME: _____________
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 2 GJ and GL Exercises
USING A TRANSACTION ANALYSIS CHART TO UNDERSTAND TRANSACTIONS
� Understanding transactions is fundamental to accounting.
� A transaction analysis chart is a tool to help you understand transactions. It is not
a formal accounting record - just a tool. It will assist you to apply the debit and
credit rules of accounting. This is what a (blank) transaction analysis chart looks
like:
Date Account Category
(PEARL)
Increase
or
Decrease
Amount
$
Debit or Credit
DR
$
CR
$
We will use a chart like this with some practical exercises soon but first let's recap some very important accounting concepts
� An account is a detailed record for every item of value associated with a business.
� There are five categories of accounts. These are: Proprietorship (also known as
Capital or Owner's Equity), Expenses, Assets, Revenue, Liabilities. A simple way to remember the categories of account is the acronym PEARL. Accounts are located in an orderly and logical manner according to their category and can be found summarised (or indexed) in a Chart of Accounts.
� Every business will have a Chart of Accounts which suits its needs. That means
that no two businesses will have exactly the same Chart of Accounts. However, every Chart of Accounts will be similar in that it will have the five categories of accounts. Also, many accounts are commonly used eg Cash at Bank, wages & salaries, loan accounts, capital, sales and so on.
� The most basic accounting equation is Assets = Equities (ie internal and external
liabilities). However, it is more practical to express the equation as: Assets = Liabilities + Proprietorship.
A simple way to remember this is A = L + P. The Balance Sheet report of a business reflects this equation.
If A = L + P then the following must also be true L = A- P and
P = A - L
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 3 GJ and GL Exercises
� The expanded accounting is Assets + Expenses = Proprietorship + Liabilities + Revenue. The Profit & Loss report of a business reflects the revenue and expenses part of this equation.
� The debit and credit rules of accounting are based on the above accounting
equation. The following table may help you to remember the rules:
Remember the following rules:
Type of change Type of Account Type of entry
an increase in an asset or expense ledger
account
is recorded as a debit
entry
whereas a decrease in an asset or expense ledger
account
is recorded as a credit
entry
an increase in a liability or proprietorship or
revenue ledger account
is recorded as a credit
entry
whereas a decrease in a liability or proprietorship or
revenue ledger account
is recorded as a debit
entry
THE OPENING ENTRY
The Opening Entry lists balances for all Assets, Liabilities and Capital at the commencement of the business. The transaction is recorded in the General Journal and then posted to the General Ledger. All General Journal transactions are accompanied by a ‘narration’, which describes the transaction. Activity 1 has been completed for your reference.
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 4 GJ and GL Exercises
ANALYSE THE OPENING ENTRY
(Hint: you need the rules and the accounting equation for these activities - so keep them handy)
Activity 1 - Example Complete a transaction analysis chart to help you prepare the opening general journal entry for the commencement of the company Flip Flop Ltd on 1 November 200X when the owner contributed cash ($5000), stock ($2200), a motor vehicle ($11000), office furniture ($1650), and a loan from the XYZ Bank ($500). (You will need to calculate the amount for the (proprietors) capital account).
Date of transaction
Accounts being
affected
What Category
is the account (PEARL)
Is it an increase
or a decrease
to the account
What is the
amount affecting
the account
$
Will it be a Debit or a Credit entry to the account DR $
CR $
Nov 1 Bank Asset Increase 5 000 5 000
Inventory Asset Increase 2 200 2 200
MV at Cost Asset Increase 11 000 11 000
Off Furn Asset Increase 1 650 1 650
Bank Loans Liability Increase 500 500
Now write up the general journal entry to record the opening entry. (The source of this information is an internal memo dated 1 Nov 200X from the owner). General Journal of Flip Flop Ltd GJI
Date Particulars Fol DR CR
Nov 1 Cash at Bank 1.1 5 000
Inventory 1.4 2 200
MV at Cost 1.14 11 000
Office Furniture at Cost 1.16 1 650
Bank Loans 2.16 500
Capital 3.1 19 350
Being assets, liabilities and capital at this date 19 850 19 850
To calculate Capital: Add Dr and Cr columns and then deduct Cr from Dr; the difference is the Capital. Assets – Liabilities = Capital
Hint - Look at the Chart of Accounts Hint - Look at the Rules Think about it
Indent Credits
Narration
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 5 GJ and GL Exercises
Post the General Journal to the General Ledger; insert Folios for cross reference as you post, eg Journal # in the Ledger and Ledger Account No in the Journal. The particulars information is the opposite account in the transaction. In the opening entry all accounts are opposite to Capital, therefore, Capital is entered but in the Capital account, Sundries is entered. (See below)
GENERAL LEDGER
Cash at Bank 1.1 Date Particulars Folio Debit Credit Balance
Nov 1 Capital GJ1 5 000 00 5 000 dr
Inventory 1.4 Date Particulars Folio Debit Credit Balance
Nov 1 Capital GJ1 2 200 00 2 200 dr
Motor Vehicles at Cost 1.14 Date Particulars Folio Debit Credit Balance
Nov 1 Capital GJ1 11 000 11 000 dr
Office Furniture at Cost 1.16 Date Particulars Folio Debit Credit Balance
Nov 1 Capital GJ1 1 650 1 650 dr
Bank Loans 2.16 Date Particulars Folio Debit Credit Balance
Nov 1 Capital GJ1 500 500 cr
Capital 3.1 Date Particulars Folio Debit Credit Balance
Nov 1 Sundries GJ1 19 350 19 350 cr
Generate a Trial Balance for the month. Note the final balance in the General Ledger is entered in the Trial balance on the same side, eg Debit or Credit.
Trial Balance of Flip Flop As at 1 November 200X
Account No
Account Name
Debit
Credit
1.1 Cash at Bank 5 000 1 4 Inventory 2 200 1.14 MV at Cost 11 000 1.16 Off Furn at Cost 1 650 2.16 Bank Loans 500 3.1 Capital 19 350
Total 19 850 19 850
MUST BE EQUAL
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 6 GJ and GL Exercises
Activity 2
Complete a transaction analysis chart to help you prepare the opening general journal entry for the commencement of the company Wilson's Haberdashery on 15 April 200X when the owner contributed cash ($15,000), materials ($13,200), a motor vehicle ($17,600), office furniture ($3,300), and a loan from the BMI Credit Union ($5,500) and a sundry creditor Robertson ($2,200). (You will need to calculate the amount for the (proprietor’s) capital account).
Date of transaction
Accounts being affected
What Category is
the account (PEARL)
Is it an increase
or a decrease
to the account
What is the amount affecting
the account
$
Will it be a Debit or a Credit entry to the
account DR $
CR $
Now write up a general journal entry to record the opening entry. The source of this information is an internal memo dated 15 April 200X from the Accountant General Journal of Wilson’s Haberdashery GJ1
Date Particulars Fol DR CR
April 15
Hint - Look at the Chart of Accounts Hint - Look at the Rules Think about it
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 7 GJ and GL Exercises
GENERAL LEDGER Cash at Bank 1.1 Date Particulars Folio Debit Credit Balance
Inventory 1.4 Date Particulars Folio Debit Credit Balance
Motor Vehicles at Cost 1.14 Date Particulars Folio Debit Credit Balance
Office Furniture at Cost 1.16 Date Particulars Folio Debit Credit Balance
Bank Loans 2.16 Date Particulars Folio Debit Credit Balance
Sundry Creditor - Robertson 2.6 Date Particulars Folio Debit Credit Balance
Capital 3.1 Date Particulars Folio Debit Credit Balance
Trial Balance of Wilson’s Haberdashery
As at 15 April 200X
Account No
Account Name
Debit
Credit
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 8 GJ and GL Exercises
Activity 3
Complete a transaction analysis chart to help you prepare the opening general journal entry for the commencement of the company Dad & Dave's Bits & Pieces on 10 June 200X when the owner contributed cash ($10,000), stock (18,700), shop fittings ($3,300), a trade debtor Hills ($1,100), and a loan from Barry's Finance ($6,600), and a trade creditor Corrigans ($1,870). (You will need to calculate the amount for the (proprietors) capital account).
Date of transaction
Accounts being
affected
What Category
is the account (PEARL)
Is it an increase
or a decrease
to the account
What is the
amount affecting
the account
$
Will it be a Debit or a Credit entry to the
account DR $
CR $
Now write up a general journal entry to record the opening entry. The source of this information is an internal memo dated 10 June 200X from the Financial Controller. General Journal of Dad and Dave’s Bits and Pieces GJ1
Date Particulars Fol DR CR
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 9 GJ and GL Exercises
GENERAL LEDGER Cash at Bank 1.1 Date Particulars Folio Debit Credit Balance
Accounts Receivable Control 1.3
Date Particulars Folio Debit Credit Balance
Inventory 1.4 Date Particulars Folio Debit Credit Balance
Motor Vehicles at Cost 1.14 Date Particulars Folio Debit Credit Balance
Office Furniture at Cost 1.16
Date Particulars Folio Debit Credit Balance
Accounts Payable Control 2.1 Date Particulars Folio Debit Credit Balance
Bank Loans 2.16 Date Particulars Folio Debit Credit Balance
Capital 3.1
Date Particulars Folio Debit Credit Balance
Trial Balance of Dad and Dave’s As at 10 June 200X
Account No
Account Name
Debit
Credit
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 10 GJ and GL Exercises
GENERAL JOURNAL ENTRIES
for Adjustments
ACCOUNTS PAYABLE
1 Account Service Fee on Overdue Account Memo: Our creditors will charge us interest on any overdue accounts. For example, our creditor, Riley Mills has advised us they will charge 2% pa on our unpaid account. We adjust the ledger accounts by creating a general journal entry. Calculation: We owe $20,000 from August. 20,000 X 2% ÷ 12 = $33.33 + 10% GST = $36.66 General Ledger Accounts (a double entry): Account Service Fee is an expense (increase) and therefore a DEBIT. Accounts Payable is a liability (increase) and therefore a CREDIT. Accounts Payable Ledger (a single entry): Credit Riley Mills account to show we owe an additional $36.66 GENERAL JOURNAL DATE PARTICULARS
(Account Name) FOLIO (Acc No)
DEBIT CREDIT
Sep 30 Late Fees Paid 6.26 33.33
GST Paid 2.11 3.33
Accounts Payable – Riley Mills
2.1 AP1
36.66
(Account Service fee charged on overdue account for one month $20,000 X 2% ÷ 12)
2 Correction of Errors On rare occasions an error is made in posting! For example, a purchase of $1000 from BJ Lewis (invoice #1002) may have been incorrectly posted to J Lewis & Co from the Purchases Journal. This error has to be corrected by creating a General Journal entry. GENERAL JOURNAL GJ2 DATE PARTICULARS
(Account Name) FOLIO (Acc No)
DEBIT CREDIT
Sep 30 Accounts Payable – J Lewis & Co AP3 1000.00
Accounts Payable – BJ Lewis AP2 1000.00
(Correction of posting error – reversing invoice #1002 from BJ Lewis and transferring to JB Lewis & Co)
The initial posting from the Purchases Journal to J Lewis & Co would have been a credit entry. By debiting this account we have reversed the incorrect entry.
Don’t forget to indent Credits
Don’t forget narration
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 11 GJ and GL Exercises
ACCOUNTS RECEIVABLE 3 Charge Account Service Fee on Overdue Account Your business may charge an Account Service Fee on customer’s accounts which are overdue. For example: Our customer, W Ross, has an overdue account and we are charging interest @5%pa. We adjust the ledger accounts by creating a general journal entry. Calculation: W Ross owes $10,000 from August. 10,000 X 5% ÷ 12 = $41.67 + 10% GST = $45.83 General Ledger Accounts (a double entry): Accounts Receivable is an asset (increase) and therefore a DEBIT. Interest Received is income (increase) and therefore a CREDIT. Accounts Receivable Ledger (a single entry): Debit W Ross’ account to show they owe an additional $45.83 GENERAL JOURNAL DATE PARTICULARS
(Account Name) FOLIO (Acc No)
DEBIT CREDIT
Sep 30 Accounts Receivable – W Ross
1-3 AR1 45.83
Late Fees Collected 4.4 41.67
GST Collected 2.10 4.16
(Account Service fee charged on overdue account for one month $10,000 X 5% ÷ 12)
4 Write Off Bad Debt Memo: We have been informed that one of our debtors has been declared bankrupt. In this case we would write the account off as a bad debt. For example: J Sparks owes us $1100.00. Calculation of GST: Total amount owed includes GST. GST = 1100 ÷ 11 GST = 100
General Ledger Accounts (a double entry): Bad Debts Account is an expense (increase) and therefore a DEBIT. GST Collected must be reversed and is therefore a DEBIT. Accounts Receivable liability (decrease) and is therefore a CREDIT. Accounts Receivable Ledger (a single entry): Credit J Sparks account to show their balance is now Nil.
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 12 GJ and GL Exercises
GENERAL JOURNAL DATE PARTICULARS
(Account Name) FOLIO (Acc No)
DEBIT CREDIT
Sep 30 Bad Debts Expense 6-5 1000.00
GST Collected 2-10 100.00
Accounts Receivable – J Sparks
1-3 AR5
1100.00
(Debtor bankrupt – debt written off)
5 Provision for Doubtful Debts Many businesses provide for customers whose debts cannot be collected. No external adjustments, for taxation purposes, occur until a bad debt is written off. GENERAL JOURNAL
DATE PARTICULARS (Account Name)
FOLIO (Acc No)
DEBIT CREDIT
Sep 30 Doubtful Debts 500.00
Less Prov’n Doubtful Debts 1.17 500.00
Provision for Doubtful Debts
Depreciation Fixed assets are depreciated by creating a General Journal entry each month. Depreciation is calculated on an annual basis and divided by 12 in order to show the true position of the company each month. Motor Vehicles valued at $15 000 are to be depreciated at the rate of 15% per annum.
DATE PARTICULARS (Account Name)
FOLIO (Acc No)
DEBIT CREDIT
Sep 30 Depreciation Expense 6.20 187.50
MV Accum Depreciation 1.14A 187.50
September’s Depreciation Expense $15 ,000 x 15% ÷ 12
Total Debits equals (=) Total Credits
Don’t forget to indent your credit entries
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 13 GJ and GL Exercises
The General Journal would look like this:
GENERAL JOURNAL GJ2 DATE PARTICULARS
(Account Name) FOLIO (Acc No)
DEBIT CREDIT
Sep 30 Late Fees Paid 6.1 33.33
Accounts Payable – Riley Mills
2-1 AP1
33.33
(A/c service fee charged on overdue account for one month $20,000 X 2% ÷ 12)
Sep 30 Accounts Payable – J Lewis & Co AP3 1000.00
Accounts Payable – BJ Lewis AP2 1000.00 (Correction of posting error – reversing
invoice #1002 from BJ Lewis and transferring to JB Lewis & Co)
Sep 30 Accounts Receivable – W Ross
1-3 AR1 41.67
Late Fees Collected 4.4 41.67
(IA/c Service fee charged on overdue
account for one month $10,000 X 5% ÷ 12)
Sep 30 Bad Debts Expense 6.5 1000.00
GST Collected 2-10 100.00 Accounts Receivable –Sparks 1-3
AR5
1100.00
(Debtor bankrupt – debt written off)
Sep 30 Doubtful Debts 500.00 Less Prov’n Doubtful Debts 500.00
Provision for Doubtful Debts Sep 30 Depreciation Expense 6.20 187.50
MV Accum Depreciation 1.14A 187.50
(September’s Depreciation Expense)
Sep 30 Wages and Salaries 6.17 1254.50
Other Employer Expenses 6.27 138.00
Accrued Expense 2.7 1392.50
Wages Accrued but not yet paid
Sep 30 Insurance 6.9 600.00
Advertising Prepayments
6.4
1.6
120.00
720.00 September’s Prepaid Insurance and Advert
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 14 GJ and GL Exercises
Activity 4
Analyse the following transactions using a transaction analysis chart for the business Toys Galore. The proprietor (owner) is W Smith:
Jan 1 W Smith invested $10 000 cash in the business (nil GST)
2 The business purchased a motor vehicle priced at $5500 for cash including $500 GST.
3 A cash register priced at $4400 including $400 GST was purchased on credit from Ace Shop Fitters.
4 The business borrowed $5500 from ABC Bank (nil GST).
5 The business purchased land and buildings priced at $55000 including $5000 GST, to be used as shop and office. A cash deposit of $5000 cash was paid to cover the GST component and a mortgage loan obtained for the remaining $50000.
6 W Smith gave to the business his personal computer valued at $2000 (nil GST).
7 W Smith withdrew from the business $100 cash to pay for a gift (nil GST).
8 Cash of $5000 was taken by W Smith from his personal account and deposited into the business bank account (nil GST).
9 The business purchased trading stock priced at $4 400, including $400 GST, for cash.
10 Wages and salaries of $286 were paid to employees (nil GST).
Date of transaction
Accounts being
affected
What Category
is the account (PEARL)
Is it an increase
or a decrease
to the account
What is the
amount affecting
the account
$
Will it be a Debit or a Credit entry to the account DR $
CR $
Jan 1 Bank A Inc 10 000 10 000
Capital P Inc 10 000 10 000
2 MV at Cost A Inc 5 000 5 000
GST Paid L Dec 500 500
Bank A Dec 5 500 5 500
3
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 15 GJ and GL Exercises
General Journal of Toys Galore GJ 1
Date Particulars Fol DR CR
Jan 1
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 16 GJ and GL Exercises
Date Particulars Fol DR CR
GENERAL LEDGER Cash at Bank 1.1 Date Particulars Folio Debit Credit Balance
Premises 1.11 Date Particulars Folio Debit Credit Balance
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 17 GJ and GL Exercises
Motor Vehicles 1.14 Date Particulars Folio Debit Credit Balance
Office Equipment 1.15 Date Particulars Folio Debit Credit Balance
Inventory 1.4 Date Particulars Folio Debit Credit Balance
Sundry Creditor Ace Shop Fitters 2.6 Date Particulars Folio Debit Credit Balance
GST Paid 2.11 Date Particulars Folio Debit Credit Balance
Mortgage 2.15 Date Particulars Folio Debit Credit Balance
Bank Loans 2.16 Date Particulars Folio Debit Credit Balance
Capital 3.1 Date Particulars Folio Debit Credit Balance
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 18 GJ and GL Exercises
Drawings 3.2 Date Particulars Folio Debit Credit Balance
Wages and Salaries 6.17 Date Particulars Folio Debit Credit Balance
TRIAL BALANCE of Toys Galore
Acc No Acc Name Debit Credit
1.1 Bank
1.11 Premises
1.14 Motor Vehicles
1.15 Office Equipment
1.4 Inventory
2.11 GST Paid
2.15 Mortgage
2.16 Bank Loans
2.6 Sundry Creditor – Ace
3.1 Capital
3.2 Drawings
6.17 Wages and Salaries
TOTAL 76 900 76 900
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 19 GJ and GL Exercises
Activity 4.1
Complete the following transactions for the business called Norman’s Trading Shop Pty Ltd.
June 1 The owner contributed $20,000 into the business bank account.
2 The business purchased a motor vehicle priced at $3,850, including GST of $350, for cash.
3 Purchased trading stock priced at $1,100, including $100 GST, for cash.
4 Paid the electricity account of $220, including $20 GST.
5 Purchased stock priced at $220, including $20 GST, for Cash.
Date of transaction
Accounts being
affected
What Category is the account
(PEARL)
Is it an increase
or a decrease
to the account
What is the
amount affecting
the account
$
Will it be a Debit or a Credit entry to the
account DR $
CR $
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 20 GJ and GL Exercises
General Journal of Norman’s Trading Shop P/L GJ 1
Date Particulars Fol DR CR
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 21 GJ and GL Exercises
GENERAL LEDGER of Norman’s Trading Bank 1.1 Date Particulars Folio Debit Credit Balance
Jun
Inventory 1.4 Date Particulars Folio Debit Credit Balance
Jun
Motor Vehicles at Cost 1.14 Date Particulars Folio Debit Credit Balance
Jun
GST Paid 2.11 Date Particulars Folio Debit Credit Balance
Jun
Capital 3.1 Date Particulars Folio Debit Credit Balance
Jun 1
Electricity 6.7 Date Particulars Folio Debit Credit Balance
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 22 GJ and GL Exercises
Trial Balance of Normans Trading Shop
As at 30 June 200X
Account No
Account Name
Debit
Credit
1.1
1.14
1.4
2.11
3.1
6.7
TOTAL
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 23 GJ and GL Exercises
Activity 4.2
Complete the following transactions for the business called Bill Barton’s Coffee Shop.
July 1 Proprietor Barton contributed cash of $10,000 to the business.
2 Cash purchase of trading stock priced at $3,300, including $300 GST.
Proprietor Barton withdrew cash $50 to pay for a pair of shoes.
3 Credit purchases of stock $2,200, including $200 GST, for Cash.
Paid wages of $1100 to employees.
6 Purchased office equipment priced at $2,530, including $230 GST on credit from Wilson’s.
General Journal of Bill Barton GJ 1
Date Particulars Fol DR CR
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 24 GJ and GL Exercises
Date Particulars Fol DR CR
GENERAL LEDGER – BARTON
Bank 1.1 Date Particulars Folio Debit Credit Balance
Jul
Inventory 1.4 Date Particulars Folio Debit Credit Balance
Jul
Office Equipment at Cost 1.15 Date Particulars Folio Debit Credit Balance
Jul
GST Paid 2.11 Date Particulars Folio Debit Credit Balance
Jul
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 25 GJ and GL Exercises
Capital 3.1 Date Particulars Folio Debit Credit Balance
Drawings 3.2 Date Particulars Folio Debit Credit Balance
Jul
Wages and Salaries 6.17 Date Particulars Folio Debit Credit Balance
Jul
Trial Balance of Barton’s
as at 31 July 200X
Account No
Account Name
Debit
Credit
1.1
1.4
1.15
2.11
3.1
3.2
6.17
TOTAL
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 26 GJ and GL Exercises
Activity 4.3
Daggy Duggan’s Supplies Pty Ltd commenced business on Aug 1.
• Record the Opening Entry
• Record the General Journal transactions
• Post the General Journal to the General Ledger
• Extract a Trial Balance
Aug 1 At commencement the opening balances of a new business are:
- Cash $91 000
- Motor Vehicle valued at $10,000
- Sundry Creditor – Lockhart $500
- Inventory $5 000
- Capital (Calculate)
2 Purchased land and office building priced at $77 000, including $7 000 GST. A cash deposit of $50 000 was paid with a mortgage established for the remainder.
3 Cash purchase of stock $1 320, including $120 GST.
7 Paid $220, including $20 GST, for office expenses.
10 Purchased carpet for the office priced at $1 650, including $150 GST, on credit from Carpet Co.
31 Sundry Creditor Lockhart advises that they are charging an Account Service Fee of 5% per annum for one month on our balance.
Daggy Duggan’s has decided to create a Provision for Doubtful Debts of $400.00
D Duggan (Owner) took Inventory valued at $550.00 incl GST for his personal use.
General Journal of Daggy Duggan’s GJ 1
Date Particulars Fol DR CR
Aug 1
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 27 GJ and GL Exercises
Date Particulars Fol DR CR
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 28 GJ and GL Exercises
GENERAL LEDGER – Daggy Duggan’s
Bank 1.1 Date Particulars Folio Debit Credit Balance
Aug
Inventory 1.4 Date Particulars Folio Debit Credit Balance
Aug
Less Prov’n for Doubtful Debts 1.7 Date Particulars Folio Debit Credit Balance
Aug
Motor Vehicles at Cost 1.14 Date Particulars Folio Debit Credit Balance
Aug
Furniture and Fittings 1.15 Date Particulars Folio Debit Credit Balance
Aug
Premises 1.11 Date Particulars Folio Debit Credit Balance
Aug
Sundry Creditor Lockhart 2.6 Date Particulars Folio Debit Credit Balance
Aug
Sundry Creditor Carpet Co 2.6A Date Particulars Folio Debit Credit Balance
Aug
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 29 GJ and GL Exercises
GST Collected 2.10 Date Particulars Folio Debit Credit Balance
Aug
GST Paid 2.11 Date Particulars Folio Debit Credit Balance
Aug
Bank Loans 2.16 Date Particulars Folio Debit Credit Balance
Aug 2
Capital 3.1 Date Particulars Folio Debit Credit Balance
Aug
Drawings 3.2 Date Particulars Folio Debit Credit Balance
Aug
Office Expenses 6.14 Date Particulars Folio Debit Credit Balance
Aug
Late Fees Paid 6.26 Date Particulars Folio Debit Credit Balance
Aug
Doubtful Debts 6.28 Date Particulars Folio Debit Credit Balance
Aug
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 30 GJ and GL Exercises
Trial Balance of Daggy Duggan’s As at 31 August 200X
Account
No Account
Name
Debit
Credit 1.1 Bank
1.4 Inventory
1.7 Less Prov’n Doubtful Debts
1.11 Premises
1.14 Motor Vehicles
1.15 Furniture and Fittings
2.6 Sundry Creditor Lockhart
2.6A Sundry Creditor Carpet Co
2.10 GST Collected
2.11 GST Paid
2.16 Bank Loans
3.1 Capital
3.2 Drawings
6.14 Office Expenses
6.26 Late Fees Paid
6.28 Doubtful Debts
TOTAL
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 31 GJ and GL Exercises
Exercise 1
As bookkeeper for Middle Park Distributors you are required to perform the following
tasks:
Middle Park commenced business on 1 March with the following Assets and Liabilities: Cash at Bank $5,000; Stock on hand $25,000 ; Prepayments $1,000; Premises $40,000; Fixtures & Fittings $4,400; Motor Vehicles $15,400; Office Equipment $3,000; Accounts Receivable Control $3624.50 (P Gibson & Sons $649.00; J Cunningham Ltd $990.00; D Smith Ltd $330.00; J Sarowski Pty Ltd $555.50; J Brown Ltd $1100.00); Mortgage on Premises $15000; Accounts Payable Control $2,506.90 (M Finch & Co $726.00; L McDonough Ltd $889.90; K Nelson Pty Ltd $891.00); GST Collected $329.50; GST Outlaid (Paid) $227.90. (Calculate Capital.) Tasks:
1 Prepare the General Journal opening entry for May.
2 Prepare General Journal entries to record miscellaneous transactions to adjust/correct entries.
3 Post ALL journals (use the trade and cash journals from Process Accounts Payable
and Receivable unit) to the General Ledger and extract a trial balance as at 31 March. Miscellaneous Transactions
On 27 March sold an old fridge/freezer for $1100 (GST inclusive) on credit to Like-Nu Shop Fittings Pty Ltd (TIN AB321).
On 30 March, Dale Carss purchased a lap-top computer on credit from Tri Computing for $4235, GST inclusive (TIN B1011).
On 30 March, Dale Carss, the owner, took goods at cost price $770 for personal use.
On 31 March, depreciate motor vehicles at the rate of 20% per annum for one month.
On 31 March, transfer $100 from Prepayments to Advertising
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 32 GJ and GL Exercises
GENERAL JOURNAL OF: Middle Park Folio GJ1
DATE PARTICULARS FOLIO DEBIT CREDIT
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 33 GJ and GL Exercises
DATE PARTICULARS FOLIO DEBIT CREDIT
Posting Special Journals to the General Ledger
You are familiar with the General Journal, now it is time to post all other journals. These are posted at the end of the month. As with the General Journal the opposite account is entered in the particulars column of the Ledger, eg when posting to the Purchases Account - enter Accounts Payable and in the Accounts Payable account – enter Purchases. There are examples on the next page for your reference. Do not post these figures; post from your own journals.
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 34 of 56 GJ and GL Exercises
PURCHASES JOURNAL OF Folio P1
Date 200X
Tax Inv
Particulars-Acc Payable Foiol Purchases Freight & Ins Paid
GST Outlaid (Paid)
Acc Payable Control
(Creditors)
31/5 TOTAL 3439 61 105 00 354 48 3899 09
Dr 6.1 Dr Dr Cr
Debit the Purchases Account, - Freight Paid, GST Paid - Increase expense Credit the Accounts Payable (Creditor) –Increase Liability - (Equal Dr and Cr)
PURCHASES RETURNS AND ALLOWANCES JOURNAL OF Folio PR1
Date 200X
Adj Note
Particulars-Acc Pay Folio Purchases
Returns Freight & Ins
Paid GST (Paid)
Acc Pay Control
(Creditors)
31/5 TOTAL 462 50 5 00 46 76 514 26
Cr 6.2 Cr Cr Dr
Cr Purchases Returns, Freight/Ins Paid, GST Paid – Decrease expense Dr Accounts Payable – Decreasing balance
SALES JOURNAL OF Folio S1
Date 200X
Tax Invoice
Particulars-Accounts Receivable
Folio Sales GST
Collected
Accounts Receivable Control
(Debtors)
31/5 TOTAL 4194 00 419 40 4613 40
Cr 4.1 Cr Dr Credit Sales – Increase Income, GST Collected – Increase Liability Dr Accounts Receivable (Debtor) – Increase Asset (Equal Dr and Cr) SALES RETURNS AND ALLOWANCES JOURNAL OF Folio SR1
Date 200X
Adjust Note
Particulars-Accounts Receivable
Folio Sales
Returns GST
Collected
Accounts Receivable Control
(Debtors)
31/5 TOTAL 450 00 45 00 495 00
Dr 4.2 Dr Cr Dr Sales Returns – decreasing Income, GST Collected Cr Accounts Receivable – Decreasing balance
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 30 GJ and GL Exercises
EXTRACT CASH PAYMENTS JOURNAL OF Folio CP 1
Date 200X
CH No
Account Debited Folio Debits Credits
Accounts Payable
Purchases Other
Accounts GST Outlaid Cash at Bank
Discount Received
GST Outlaid
MAY 02 1299 Petty Cash (Imprest) 1.2 200 00 200 00
04 1300 Electricity 6.7 500 00 50 00 550 00
31 TOTAL 2584 20 840 00 6145 90 590 00 10524 35 32 50 3 25
Dr Dr Dr each Dr Cr 1.1 Cr Cr Account
EXTRACT CASH RECEIPTS JOURNAL OF Folio CR 1
Date 200X
Rec No
Account Credited Folio Debits Credits
Cash at Bank Discount Allowed
GST Collected
Accounts Receivable
Sales Other
Accounts GST
Collected
MAY 04 1140 A Argent Ltd 1149 50 55 00 5 50 1210 00
1146 Capital 3.1 10463 10 10000 00
31 BS Interest on Account 4.4 19 20 19 20
31 TOTAL 17981 55 146 50 14 65 3718 00 3045 00 10094 20 385 50
Dr 1.1 Dr Dr Cr Cr Cr each Cr Account Post the Cash Payments and Cash Receipts Journals, according to the Debit, Credit at the top of the columns to the Account
Names in the headings.
All amounts in the Other Accounts column must be posted individually to the account shown in the Account Debited/Credited column and the account number entered in the Folio column of the Journal. Remember to write the Dr or Cr and Acc No at the bottom of the column.
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 36 of 56 GL and GJ Exercises
GENERAL LEDGER – Middle Park
Bank 1.1 Date Particulars Folio Debit Credit Balance
Petty Cash 1.2 Date Particulars Folio Debit Credit Balance
Accounts Receivable 1.3 Date Particulars Folio Debit Credit Balance
Inventory 1.4 Date Particulars Folio Debit Credit Balance
Sundry Debtor 1.5 Date Particulars Folio Debit Credit Balance
Prepayments 1.6 Date Particulars Folio Debit Credit Balance
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HIT Newcastle V2.2008 37 of 56 GL and GJ Exercises
Premises 1.11 Date Particulars Folio Debit Credit Balance
Furniture and Fixtures at Cost 1.13 Date Particulars Folio Debit Credit Balance
Motor Vehicles at Cost 1.14 Date Particulars Folio Debit Credit Balance
Accumulated Depreciation MV 1.14A Date Particulars Folio Debit Credit Balance
Office Equipment at Cost 1.15 Date Particulars Folio Debit Credit Balance
Accounts Payable Control 2.1 Date Particulars Folio Debit Credit Balance
Sundry Creditor 2.6 Date Particulars Folio Debit Credit Balance
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HIT Newcastle V2.2008 38 of 56 GL and GJ Exercises
GST Collected 2.10 Date Particulars Folio Debit Credit Balance
GST Paid 2.11 Date Particulars Folio Debit Credit Balance
Mortgage 2.15 Date Particulars Folio Debit Credit Balance
Capital 3.1 Date Particulars Folio Debit Credit Balance
Drawings 3.2 Date Particulars Folio Debit Credit Balance
Sales 4.1 Date Particulars Folio Debit Credit Balance
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HIT Newcastle V2.2008 39 of 56 GL and GJ Exercises
Sales Returns and Allowances 4.2 Date Particulars Folio Debit Credit Balance
Discount Received 4.3 Date Particulars Folio Debit Credit Balance
Interest Received 4.4 Date Particulars Folio Debit Credit Balance
Dividends 4.8 Date Particulars Folio Debit Credit Balance
Purchases 6.1 Date Particulars Folio Debit Credit Balance
Purchases Returns and Allowances 6.2 Date Particulars Folio Debit Credit Balance
Discount Allowed 6.3 Date Particulars Folio Debit Credit Balance
Advertising 6.4 Date Particulars Folio Debit Credit Balance
Bank Charges 6.6 Date Particulars Folio Debit Credit Balance
Electricity 6.7 Date Particulars Folio Debit Credit Balance
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 40 of 56 GL and GJ Exercises
Postage 6.11 Date Particulars Folio Debit Credit Balance
Rent Expense 6.12 Date Particulars Folio Debit Credit Balance
Office Supplies 6.14 Date Particulars Folio Debit Credit Balance
Wages and Salaries 6.17 Date Particulars Folio Debit Credit Balance
Freight and Insurance Paid 6.18 Date Particulars Folio Debit Credit Balance
Depreciation Expense 6.20 Date Particulars Folio Debit Credit Balance
Gas 6.25 Date Particulars Folio Debit Credit Balance
Late Fees Paid 6.26 Date Particulars Folio Debit Credit Balance
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 41 of 56 GL and GJ Exercises
Trial Balance of Middle Park As at 31 March 200X
Account No
Account Name
Debit
Credit
1.1 Bank
1.2 Petty Cash Imprest
1.3 Accounts Receivable
1.4 Inventory
1.5 Sundry Debtor
1.6 Prepayments
1.11 Premises
1.13 Furniture and Fixtures
1.14 Motor Vehicles at Cost
1.14A Accum Depreciation on MV
1.15 Office Equipment at Cost
2.1 Accounts Payable Control
2.6 Sundry Creditor
2.10 GST Collected
2.11 GST Paid
2.15 Mortgage
3.1 Capital
3.2 Drawings
4.1 Sales
4.2 Sales Returns and Allowances
4.3 Discount Received
4.4 Interest Income
4.8 Dividends
4.9
6.1 Purchases
6.2 Purchases Returns and Allowances
6.3 Discount Allowed
6.4 Advertising
6.6 Bank Charges
6.7 Electricity
6.11 Postage
6.12 Rent Expense
6.14 Office Supplies
6.17 Wages and Salaries
6.18 Freight and Insurance Paid
6.20 Depreciation Expense
6.25 Gas
TOTAL
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 42 of 56 GL and GJ Exercises
Argent Hardware Supplies
1 Argent Hardware Supplies commenced business on 1 May with the following opening balances:
Cash at Bank $9,510; Stock on hand $12,000; Prepayments $9,600 Premises $110,000; Office Furniture $4,650; Motor Vehicles $18,800; Office Equipment $8,000; Accounts Receivable Control $9,801.00 (James Brown Ltd $880; Michael Bevan Ltd $891; Jackson Industries $330; John Bauer Ltd $660; Frank Sinatra Ltd $7040); Mortgage on Premises $50,000; Accounts Payable Control $2,186.95 (Spencer Ltd $880; Nelson Eddy Pty Ltd $550; Dales Carss Ltd $360; Geoffrey Barrett Ltd $396.95); GST Collected $198.81; GST Outlaid (Paid) $391. (Calculate Capital.)
2 Tasks: � Prepare the General Journal opening entry for 1 May.
� From the information below, prepare General Journal entries to record the transactions.
� Post ALL journals (use the trade and cash journals from Process Accounts
Payable and Receivable unit) to the General Ledger and extract a trial balance as
at 31 May.
• 1 May – Depreciate Office Furniture, Office Equipment and Motor
Vehicles at the rate of 12.5% for one month. Calculate to the nearest dollar.
• 5 May - Purchase of an Asset on Credit: A motor Vehicle was
purchased on Credit from Argenton Motors for $33,000 incl GST • 7 May - Sale of an Asset on Credit: Old office furniture was sold on
credit to Like ‘Nu for $1650 incl GST • 15 May - Owner invested an additional $10,000 in the business
• 16 May - Obtained an loan from That Bank for $20,000
• 21 May - Purchased a large safe on credit from Tubb’s Safes for $8,800 incl GST
• 23 May - Sold an old Motor Vehicle for $11,000 cash incl GST
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HIT Newcastle V2.2008 43 of 56 GL and GJ Exercises
• 31 May - Prepayments: Transfer $1000 from prepayments to Insurance and $200 to Advertising
• 31 May - Accrued Expenses: Record accrued wages of $2600 and
Other Employer Expenses of $312
• 31 May – Provision for Doubtful Debts for $500.00
GENERAL JOURNAL OF: Argent Hardware Supplies Folio GJ1 DATE PARTICULARS FOLIO DEBIT CREDIT
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 44 of 56 GL and GJ Exercises
DATE PARTICULARS FOLIO DEBIT CREDIT
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 45 of 56 GL and GJ Exercises
GENERAL LEDGER – Argent
Bank 1.1 Date Particulars Folio Debit Credit Balance
Petty Cash 1.2 Date Particulars Folio Debit Credit Balance
Accounts Receivable 1.3 Date Particulars Folio Debit Credit Balance
Inventory 1.4 Date Particulars Folio Debit Credit Balance
Sundry Debtor 1.5 Date Particulars Folio Debit Credit Balance
Prepayments 1.6 Date Particulars Folio Debit Credit Balance
Less Prov’n Doubtful Debts 1.7 Date Particulars Folio Debit Credit Balance
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 46 of 56 GL and GJ Exercises
Premises 1.11 Date Particulars Folio Debit Credit Balance
May
Furniture & Fixtures at Cost 1.13 Date Particulars Folio Debit Credit Balance
May
Furniture and Fixtures Accumulated Depreciation 1.13A Date Particulars Folio Debit Credit Balance
May
Motor Vehicles at Cost 1.14 Date Particulars Folio Debit Credit Balance
May
MV Accumulated Depreciation 1.14A Date Particulars Folio Debit Credit Balance
Office Equipment at Cost 1.15 Date Particulars Folio Debit Credit Balance
May
Office Equipment Accumulated Depreciation 1.15A Date Particulars Folio Debit Credit Balance
Accounts Payable Control 2.1 Date Particulars Folio Debit Credit Balance
Sundry Creditor 2.6 Date Particulars Folio Debit Credit Balance
May cr
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 47 of 56 GL and GJ Exercises
Accrued Expenses 2.7 Date Particulars Folio Debit Credit Balance
May
GST Collected 2.10 Date Particulars Folio Debit Credit Balance
May
GST Paid 2.11 Date Particulars Folio Debit Credit Balance
May
Bank Loans 2.16 Date Particulars Folio Debit Credit Balance
May
Mortgage 2.15 Date Particulars Folio Debit Credit Balance
May
Capital 3.1 Date Particulars Folio Debit Credit Balance
May
Drawings 3.2 Date Particulars Folio Debit Credit Balance
May
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 48 of 56 GL and GJ Exercises
Sales 4.1 Date Particulars Folio Debit Credit Balance
May
Sales Returns and Allowances Date Particulars Folio Debit Credit Balance
May
Discount Received Date Particulars Folio Debit Credit Balance
May
Interest Received 4.4 Date Particulars Folio Debit Credit Balance
May
Dividends 4.8 Date Particulars Folio Debit Credit Balance
May 31
Purchases 6.1 Date Particulars Folio Debit Credit Balance
May
Purchases Returns and Allowances Date Particulars Folio Debit Credit Balance
Advertising 6.4 Date Particulars Folio Debit Credit Balance
May
Bad Debts 6.5 Date Particulars Folio Debit Credit Balance
May
Discount Allowed Date Particulars Folio Debit Credit Balance
May
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 49 of 56 GL and GJ Exercises
Insurance 6.9 Date Particulars Folio Debit Credit Balance
May 31
Interest Expense 6.10 Date Particulars Folio Debit Credit Balance
May
Wages and Salaries 6.17 Date Particulars Folio Debit Credit Balance
Freight and Insurance Paid 6.18 Date Particulars Folio Debit Credit Balance
May
Bank Fees Date Particulars Folio Debit Credit Balance
May
Depreciation Expense 6.20 Date Particulars Folio Debit Credit Balance
Other Employer Expenses 6.27 Date Particulars Folio Debit Credit Balance
May
Doubtful Debts 6.28 Date Particulars Folio Debit Credit Balance
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 50 of 56 GL and GJ Exercises
Trial Balance of Argent Hardware Supplies As at 31 May
Account No
Account Name
Debit
Credit
1.1 Bank 1.2 P/Cash 1.3 A/c Receivable 1.4 Inventory 1.5 Sundry Debtor Like Nu 1.6 Prepayments 1.7 Less Prov’n for Doubtful Debts
1.11 Premises 1.13 Furniture and Fixtures at Cost
1.13A F&F Accumulated Depreciation 1.14 MV at Cost
1.14A MV Accumulated Depreciation 1.15 Equip at Cost
1.15A Equip Accumulated Depreciation 2.1 A/c Payable 2.6 Sundry Creditor Argenton Motors 2.9 Accrued Expenses
2.10 GST Collected 2.11 GST Paid 2.15 Mortgage 2.16 Bank Loans 3.1 Capital 4.1 Sales 4.2 S/Returns 4.8 Dividends 6.1 Purchases 6.2 P/Returns 6.4 Advertising 6.6 Bank Charges 6.7 Electricity 6.9 Insurance
6.13 Repairs and Maintenance 6.14 Stationery/Office Supplies 6.15 Telephone 6.17 Wages 6.18 Freight and Ins Paid 6.20 Depreciation 6.27 Other Employer Expenses 6.28 Doubtful Debts
TOTAL 305,558.90 305,558.90
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 51 of 56 GL and GJ Exercises
MEDOWLEA NEWSAGENCY Margaret Smith (proprietor) purchases MEDOWLEA NEWSAGENCY (18A Main Road Medowlea, NSW 2318; ABN 21 354 444 673) and commences a new set of books on 1 September with the following assets and liabilities: Cash at Bank $8,000.00 Motor Vehicles 12,100.00 Premises 18,700.00 Stock 22,000.00 Furniture and Fittings 1,540.00 Office Equipment 2,530.00 D Gray—Sundry Debtor 770.00 Accounts Receivable 1,507.00
K Batt $440.00 M Pont Dancing School 517.00 D Kerkin 220.00 G Jones 330.00
Accounts Payable 671.00 P Fleck $33.00 T Booth 132.00 A Lee 154.00 D Queen 242.00 M Carter 110.00
Regis Motors—Sundry Creditor 2200.00 GST Collected 137.00 GST Outlaid (Paid) 61.00 (Remember to calculate CAPITAL) Tasks: Prepare the General Journal opening entry as at 1 September. Prepare General Journal entries to record general transactions. Post ALL journals to the General Ledger and extract a trial balance as at 30 September General Journal transactions for September:
SEP 02 Bought a motor vehicle (book value $4000.00) on credit from Regis Motors, $4,400.00 (GST inclusive).
08 Medowlea acquires a Bank Loan of $10,000 from That Bank.
25 Sold Furniture and Fittings on credit to D Gray, $1100.00 (GST inclusive)— Invoice 872.
30 Motor Vehicles are depreciated at 17.5% per annum. Record September’s depreciation.
Record accrued Wages of $1500 and Other Employer Expenses $180
Mary Williams has decided to set up a Provision for Doubtful Debts of $200.
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 52 of 56 GL and GJ Exercises
GENERAL JOURNAL OF MEDOWLEA NEWSAGENCY GJ1
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 53 of 56 GL and GJ Exercises
GENERAL JOURNAL OF MEDOWLEA NEWSAGENCY GJ2
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 54 of 56 GL and GJ Exercises
GENERAL LEDGER OF MEDOWLEA NEWSAGENCY
Bank 1.1 Date Particulars Folio Debit Credit Balance
Accs Receivable 1.3 Date Particulars Folio Debit Credit Balance
Inventory 1.4 Date Particulars Folio Debit Credit Balance
Sundry Debtor Gray 1.5 Date Particulars Folio Debit Credit Balance
Less Prov’n Doubtful Debts 1.7 Date Particulars Folio Debit Credit Balance
Premises 1.11 Date Particulars Folio Debit Credit Balance
Furniture and Fixtures at Cost 1.13 Date Particulars Folio Debit Credit Balance
Motor Vehicles at Cost 1.14 Date Particulars Folio Debit Credit Balance
Motor Vehicles Accumulated Depreciation 1.14A Date Particulars Folio Debit Credit Balance
Maintain a General Ledger and Process Journal Entries
HIT Newcastle V2.2008 55 of 56 GL and GJ Exercises
Office Equipment at Cost 1.15 Date Particulars Folio Debit Credit Balance
Accounts Payable 2.1 Date Particulars Folio Debit Credit Balance
Sundry Creditor Regis 2.6 Date Particulars Folio Debit Credit Balance
Accrued Expenses 2.7 Date Particulars Folio Debit Credit Balance
GST collected 2.10 Date Particulars Folio Debit Credit Balance
GST Paid 2.11 Date Particulars Folio Debit Credit Balance
Bank Loans 2.16 Date Particulars Folio Debit Credit Balance
Bank 10000 10000 cr
Capital 3.1 Date Particulars Folio Debit Credit Balance
Sundries 64200 64200 cr
Wages 6.17 Date Particulars Folio Debit Credit Balance
Depreciation Expense 6.20 Date Particulars Folio Debit Credit Balance
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HIT Newcastle V2.2008 56 of 56 GL and GJ Exercises
Other Employer Expenses 6.27 Date Particulars Folio Debit Credit Balance
Doubtful Debts 6.28 Date Particulars Folio Debit Credit Balance
Trial Balance of Medowlea Newsagency
As at 30 September 20XX NO ACCOUNT NAME DEBIT CREDIT 1.1 1.3 1.4 1.5 1.7 1.11 1.13 1.14
1.14A 1.15 2.1 2.6 2.7 2.10 2.11 2.16 3.1 6.17 6.20 6.27 6.28
TOTAL