5) The CEO of the company is very concerned about the number of journal entries passing through the accounting ledgers, and has asked for your views on the role of the journal in the accounting system. He also produces a listing of transactions which he believes were never put through the system. The list is as follows: uly 8 uly 10 uly 12 luly 28 July 29 July 31 Billed clients $5,910 for services provided Declared $1,200 dividends, payable on October 31. Received a cheque for 50% of service fees billed on July 8. Collected payment for services which will be provided in August $5,000. Purchased supplies worth $1,000 on account. Paid $3,125 in salaries earned by employees during this month. Recognising that these transactions should have been posted to the ledger in the month of July you then seek to : a) Explain the role of the jourmal in the accounting syslem. b) Prepare ine relevant journal entries to properly record these transactions.

5) The CEO of the company is very concerned about the number of journal entries passing through the accounting ledgers, and has asked for your views on the role of the journal in the accounting system. He also produces a listing of transactions which he believes were never put through the system. The list is as follows: uly 8 uly 10 uly 12 luly 28 July 29 July 31 Billed clients $5,910 for services provided Declared $1,200 dividends, payable on October 31. Received a cheque for 50% of service fees billed on July 8. Collected payment for services which will be provided in August $5,000. Purchased supplies worth $1,000 on account. Paid $3,125 in salaries earned by employees during this month. Recognising that these transactions should have been posted to the ledger in the month of July you then seek to : a) Explain the role of the jourmal in the accounting syslem. b) Prepare ine relevant journal entries to properly record these transactions.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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