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    Assignment 4 Answers

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    Đào Huệ Chi
    1. The general journal records transactions from December 1-11, including cash receipts and payments, purchases, sales, expenses, and asset acquisitions. 2. The trial balance shows account balances at different dates to check that debits equal credits. 3. The statement of profit or loss shows revenues, expenses, and net profit for the period. Cost of goods sold is calculated and gross profit is determined. 4. The statement of financial position presents assets, liabilities, and capital as of the period end date.

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    Assignment 4 Answers

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    Đào Huệ Chi
    27 views5 pages
    1. The general journal records transactions from December 1-11, including cash receipts and payments, purchases, sales, expenses, and asset acquisitions. 2. The trial balance shows account balances at different dates to check that debits equal credits. 3. The statement of profit or loss shows revenues, expenses, and net profit for the period. Cost of goods sold is calculated and gross profit is determined. 4. The statement of financial position presents assets, liabilities, and capital as of the period end date.

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    1. The general journal records transactions from December 1-11, including cash receipts and payments, purchases, sales, expenses, and asset acquisitions. 2. The trial balance shows account balances at different dates to check that debits equal credits. 3. The statement of profit or loss shows revenues, expenses, and net profit for the period. Cost of goods sold is calculated and gross profit is determined. 4. The statement of financial position presents assets, liabilities, and capital as of the period end date.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    27 views5 pages

    Assignment 4 Answers

    Uploaded by

    Đào Huệ Chi
    1. The general journal records transactions from December 1-11, including cash receipts and payments, purchases, sales, expenses, and asset acquisitions. 2. The trial balance shows account balances at different dates to check that debits equal credits. 3. The statement of profit or loss shows revenues, expenses, and net profit for the period. Cost of goods sold is calculated and gross profit is determined. 4. The statement of financial position presents assets, liabilities, and capital as of the period end date.

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    of 5

    General Journal Extended Trial Balance as at 31 December 20X8

    Dr Bank $ 300 Opening Trial Balance Adjusted Trial Balance Closing Trial Balance
    01-Dec
    Cr Contribution $ 300 Account Dr Cr Dr Cr Dr Cr
    Dr Bank $ 100 Inventory $ 5,000 $ 5,000
    02-Dec
    Cr Loan $ 100
    Equipment $ 3,700 $ 3,700
    Dr Purchases $ 320 Payables $ 500 5. 20 3. 320 $ 800
    03-Dec 6. 600
    Cr Payables (Holmes) $ 320
    Receivables $ 300 8. 500 $ 1,400
    1.300 4. 500
    2.100 9. 450
    Dr Motor van $ 500
    04-Dec 6. 400 10. 120
    Cash at Bank $ 1,200 11. 210 $ 720
    Cr Bank $ 500 Capital $ 9,700 $ 9,700
    Dr Payables (Holmes) $ 20 Contribution 1. 300 $ 300
    05-Dec
    Cr Returns outwards $ 20 Loan (Watson) 2. 100 $ 100
    Dr Receivables (AB) $ 600 Motor van 4. 500 8. 500
    Dr Bank $ 400 Returns outwards 5. 20 $ 20
    06-Dec
    3. 320
    Cr Sales $ 1,000
    Purchases 9.450 7. 220 $ 550
    Dr Drawings $ 220 Sales 6. 1000 $ 1,000
    07-Dec
    Cr Purchases $ 220 Hire expense 10. 120 $ 120
    Dr Receivables (Lamb) $ 500 Drawings 7. 220 $ 220
    08-Dec
    Cr Motor van $ 500 Wage expense 11. 210 $ 210
    Dr Purchases $ 450 Total $ 10,200 $ 10,200 $ 3,740 $ 3,740 $ 11,920 $ 11,920
    09-Dec
    Cr Bank $ 450
    Dr Hire expense $ 120 a. Record all transaction
    10-Dec
    Cr Bank $ 120 b.Trial balance
    Dr Wage expense $ 210
    11-Dec
    Cr Bank $ 210
    $ 3,740 $ 3,740

    Bank
    Dec 300 Dec 4 500
    100 9 450
    400 10 120
    480 11 210
    1280 1280
    Jan 1 Balance b/d 480

    Capital
    300 1 Dec 300
    300 300
    Jan 1 Balance b/d 300

    Loan
    100 Dec 2 100
    100 100
    Jan 1 Balance b/d 100

    Purchases
    3 320 Dec 7 220
    9 450 Jan 1 Balance c/d 550
    770 770
    31 Dec Bl b/d 550

    Payable (Holmes)
    5 20 Dec 3 320
    300
    320 320
    Jan 1 Balance b/d 300

    Van
    4 500 Dec 8 500

    Return outward
    Dec 5 20
    20
    20 20
    Jan 1 Balance b/d 20

    Receivable (AB)
    6 600 Jan 1 Balance c/d 600
    600 600
    600

    Sales
    Dec 6 1000

    Drawings
    7 220
    220

    Receivable (Lamb)
    8 500
    500
    Hire expense
    10 120

    Wage
    11 210
    Joel Co. Joel Co.
    Statement of Profit or Loss Financial Position
    for the month ending 31 December, 20X8 as at 31 December, 20X8
    $ $ $ $
    Sales $ 1,000 Assets
    Net sales $ 1,000 Non-current assets $ 3,700
    Cost of good sold = open inventory +
    purchases + return inward - return
    outward - closing inventory $ 400 Equipment $ 3,700
    Opening inventory $ 5,000 Current assets $ 7,250

    Purchases $ 550 Inventory $ 5,130

    Less Return Outwards $ (20) Receivables $ 1,400


    Less Closing inventory $ (5,130) Cash at Bank $ 720
    Gross profit $ 600 Total Assets $ 10,950
    Other expenses $ 330 Liability
    Hire expense $ 120 Non-current liability $ 100
    Wage expense $ 210 Loan $ 100

    Net profit $ 270 Current liability $ 800


    Payables $ 800
    Total Liability $ 900
    Capital
    Capital $ 9,700
    Contribution $ 300
    Net profit for the year (Retained
    $ earnings)
    270
    Less Drawings $ (220)
    Total Capital $ 10,050
    Total Liability + Capital $ 10,950

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