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ACCT1008-General Journal General Ledger Trial Balance

5 Pages / 1,069 Words Published On: 13-07-2020
Questions:
1.Part A
 
Record the General Journal entries in the proforma provided on the following page to record each of the following transactions where required. Remember to format the journals correctly and include narration (explanation) for each journal entry.

Claude Cogsworth is the sole proprietor of Classic Clocks. He has been operating Classic Clocks successfully and has now decided to expand his business to include a watchmaking school. The following is a list of transactions that took place during the month of November 2017.

Nov 1 Classic Clocks received $1,540 from a new student who has enrolled in the watchmaking school.

Nov 2 Claude Cogsworth visited a physiotherapist for a sore back as a result of an injury sustained while coaching the local soccer team. He paid $183 for the appointment using the business bank account.

Nov 4 Classic Clocks sold and delivered 4 new silver framed wall clocks to the Hilton Hotel for their foyer for $2 520 each. The Hilton Hotel paid 20% in cash and would pay the remaining amount within 30 days.

Nov 13 Classic Clocks purchased a new laptop for $2,760 cash.

Nov 14 Busy Bee Cleaners Ltd cleaned the shop and left invoice #6435 for $120 with payment terms of 30 days.

Nov 17 Classic Clocks purchased 7 new adjustable tables for the watchmaking school. The adjustable tables cost $896 each, 50% of the purchase was paid for in cash, with the balance payable in 30 days.

Nov 29 Classic Clocks paid the business electricity bill for the quarter which amounted to $1376.

Nov 30 Classic Clocks received the outstanding amount from the Hilton Hotel from the sale of the silver framed wall clocks on November 4th.
 
Part B

Post the General Journals recorded below to the General Ledger provided on the following page. Remember to foot each ledger to determine the ledger balance.

Date

Details

Debit ($)

Credit ($)

 

 

 

 

1 Dec

Shop Fittings

54 000

 

 

   Cash at Bank

 

15 000

 

   Loan

 

39 000

 

(The business purchased shop fittings)

 

 

 

 

 

 

4

Drawings

15

 

 

     Cash at Bank

 

15

 

(The owner took money from the business for his own use)

 

 

 

 

 

 

9

Cash at Bank

23 500

 

 

Computer

1 500

 

 

     Capital – C Cogsworth

 

25 000

 

(The owner contributed a computer and cash to the business)

 

 

 

 

 

 

18

Loan

15 800

 

 

     Cash at Bank

 

15 800

 

(The business repaid $15 800 off the loan)

 

 

 

 

 

 

24

Cash at Bank

11 980

 

 

Accounts Receivable

3 200

 

 

     Sales

 

15 180

 

(The business sold a ladies Rolex watch for $15 180 and has received $11 980 in cash. The remaining amount is to be collected from the customer)

 

 

 

 

 

 

26

Advertising

1 250

 

 

     Advertising Payable

 

 1 250

 

(The business has signed up for an advertising campaign in the Watch Journal and must pay within 30 days)

 

 

Part C 

Required:

Post the General Ledger balances from Part B to the Trial Balance below.

Complete the Unadjusted Trial Balance provided below. Please total both the debit and credit column on completion.
 

 

Debit ($)

Credit ($)

Classic Clocks

 

 

Trial Balance

31-December-18

 

Electricity Expense

9 165

 

Telephone Expense

1 555

 

Motor Vehicle

31 150

 

Cash at Bank

 

 

Advertising Expense

 

 

Accounts Payable

 

 

Office Supplies Expense

1 713

 

Drawings – Cogsworth

 

 

Office Gas Expense

2 275

 

Water Expense

        2 661

 

Capital – Cogsworth

                 

 

Accounts Receivable

 

 

Loan

 

 

Accumulated Depreciation – Motor Vehicle

 

       14 489

Stock / Clocks

65 256

 

Shop Fittings

 

 

Repairs and Maintenance Payable

 

        4 913

Sales

 

 

Accumulated Depreciation – Cash Register and Scanning Equipment

 

   15 042

Cash Register and Scanning Equipment

22 542

 

Discount Allowed

           919

 

Rent Expense

      52 354

 

Repairs and Maintenance

3 637

 

Sales Returns & Allowances

           473

 

Interest expense

4 429

 

Computer

 

 

 

 

 

Totals

 

 
 
2.Element: Asset, Liability, Revenue, Expense, Equity)

Claude Cogsworth has written to the managing partner of the accounting firm you work at because he is confused about some of the transactions you have recorded in question 1 Part A.

Required

Please write a letter in your own words to the managing partner of your accounting firm explaining the following with reference to your journal entries in question 1 Part A:
Explain with reference to the appropriate accounting definition the accounting element** that was credited on the 14th of November. (4 marks)

Identify which accounting assumption is relevant to the transaction which occurred on November 2nd and explain in your own words how this assumption is relevant to recording the transaction. 

 

 
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[Accessed 06 June 2023].

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