11.1 You are provided with General Ledger with balances (in part (b) below) of E. Norman after balance day adjustments have been posted. a. Prepare the closing general journal entries. General Journal – E. Norman Date 30/6 Sale Trading Particulars Balance transferred to Trading A/c Debit Credit 44,593 44,593 30/6 Trading COGS 21,118 21,118 Balance transferred to Trading A/c 30/6 Trading 23,475 Profit and loss 23,475 Gross profit transferred to P&L A/c 30/6 Commissions received 807 Profit and loss 807 Balance transferred to P&L A/c 30/6 Profit and loss 5,624 Freight outwards 475 Insurance 228 Electricity Telephone 532 190 Salaries and wages Rates 2,470 238 Discount allowed 1007 Rent 484 Balances transferred to P&L A/c 30/6 Profit and loss Capital Net profit transferred to Capital A/c 18,658 18,658
11.1 You are provided with General Ledger with balances (in part (b) below) of E. Norman after balance day adjustments have been posted. a. Prepare the closing general journal entries. General Journal – E. Norman Date 30/6 Sale Trading Particulars Balance transferred to Trading A/c Debit Credit 44,593 44,593 30/6 Trading COGS 21,118 21,118 Balance transferred to Trading A/c 30/6 Trading 23,475 Profit and loss 23,475 Gross profit transferred to P&L A/c 30/6 Commissions received 807 Profit and loss 807 Balance transferred to P&L A/c 30/6 Profit and loss 5,624 Freight outwards 475 Insurance 228 Electricity Telephone 532 190 Salaries and wages Rates 2,470 238 Discount allowed 1007 Rent 484 Balances transferred to P&L A/c 30/6 Profit and loss Capital Net profit transferred to Capital A/c 18,658 18,658
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
is the general ledger correct based off the general journal in image 1.
Transcribed Image Text:11.1 You are provided with General Ledger with balances (in part (b) below) of E. Norman after
balance day adjustments have been posted.
a. Prepare the closing general journal entries.
General Journal – E. Norman
Date
30/6
Sale
Trading
Particulars
Balance transferred to Trading A/c
Debit
Credit
44,593
44,593
30/6
Trading
COGS
21,118
21,118
Balance transferred to Trading A/c
30/6
Trading
23,475
Profit and loss
23,475
Gross profit transferred to P&L A/c
30/6
Commissions received
807
Profit and loss
807
Balance transferred to P&L A/c
30/6
Profit and loss
5,624
Freight outwards
475
Insurance
228
Electricity
Telephone
532
190
Salaries and wages
Rates
2,470
238
Discount allowed
1007
Rent
484
Balances transferred to P&L A/c
30/6
Profit and loss
Capital
Net profit transferred to Capital A/c
18,658
18,658
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education