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Categories each transaction using the correct account name

Categories each transaction using the correct account name

FINANCIAL ACCOUNTING
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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Categories each transaction using the correct account name

Chart of accounts unt Account Name 101 Cash 102 Accounts Receivable 103 Inventory Office Supplies 104 111 GST Paid 141 Prepaid Insurance 142 Prepaid Rent Prepaid Interest Expense Computer equipment 143 151 152 Accum. Depreciation - Computer Equipment 155 Office Furniture 156 Accum. Depreciation - Office Furniture 158 Motor Vehicle 159 Accum. Depreciation - Motor Vehicle 161 Interest Receivable 201 Accounts Payable 222 GST Collected 240 Interest Due Unearned Revenue Wages Payable Utilities Payable 241 242 243 244 Consulting Fees Payable 251 Bank Loan 252 PAYG Withheld 301 Capital 302 Drawings Sales Revenue Service Revenue 401 402 403 Interest Revenue 501 Cost of Good Sold Computer Expense Office Supplies Expense 601 602 603 Interest Expense Consulting Expense Insurance Expense 604 605 606 Rent Expense 607 Sales Commission Expense Utilities Expense Wage Expense Depreciation Expense - Motor Vehicle Depreciation Expense - Office Furniture Depreciation Expense - Computer Equipment 608 609 651 655 658
Transcribed Image Text:Chart of accounts unt Account Name 101 Cash 102 Accounts Receivable 103 Inventory Office Supplies 104 111 GST Paid 141 Prepaid Insurance 142 Prepaid Rent Prepaid Interest Expense Computer equipment 143 151 152 Accum. Depreciation - Computer Equipment 155 Office Furniture 156 Accum. Depreciation - Office Furniture 158 Motor Vehicle 159 Accum. Depreciation - Motor Vehicle 161 Interest Receivable 201 Accounts Payable 222 GST Collected 240 Interest Due Unearned Revenue Wages Payable Utilities Payable 241 242 243 244 Consulting Fees Payable 251 Bank Loan 252 PAYG Withheld 301 Capital 302 Drawings Sales Revenue Service Revenue 401 402 403 Interest Revenue 501 Cost of Good Sold Computer Expense Office Supplies Expense 601 602 603 Interest Expense Consulting Expense Insurance Expense 604 605 606 Rent Expense 607 Sales Commission Expense Utilities Expense Wage Expense Depreciation Expense - Motor Vehicle Depreciation Expense - Office Furniture Depreciation Expense - Computer Equipment 608 609 651 655 658
Transactions for the month ended 31/07/2021 Date |Description 3/07/2021 The business repaid $8,589 on its bank loan. 4/07/2021 Provided a chess lesson to 26 students. Of the 26 students, only 20 have paid cash, the rest have not yet paid. 7/07/2021 Purchased new computer equipment for $1,078 (GST inclusive) in cash. Paid employee salaries for the month: Gross Amount $4,351; PAYG Tax Deducted $1,175; staff were paid the net amount in cash. Invoiced 20 students for 1 lesson provided on that day. Students have paid 10% the total amount with the remainder yet to be paid. 10/07/2021 11/07/2021 17/07/2021 Magnus bought a rare chess set for personal use at home for $1,177 (GST inclusive) using the business bank account. 20/07/2021 Sold 21 chess sets as bulk order. Customer paid the full-amount in cash the same day. 'Check, mate' was invoiced $473 (GST inclusive) for a consultation service regarding business expansion. The amount is yet to be paid. Sold chess sets for $2,376 (GST inclsuive) as a bulk order. Client was a repeat customer and so was allowed to buy the entire order on credit. 21/07/2021 22/07/2021 24/07/2021 Check, mate' purchased 20 chess sets on credit from 'Blitz corner'. Magnus had to travel to a tournament. He delivered 1 online lesson and reduced the class fee by 20%. 18 students attended. Students agreed to pay in a few days. 25/07/2021 27/07/2021 The business received cash for lessons provided on the 4th, 11th, and 25th July. 28/07/2021 Sold 18 chess sets to another chess club. Received 50% of the amount in cash with the remainder yet to be paid. 29/07/2021 Business paid Utilities bill of $2,926 (GST inclusive). 31/07/2021 'Check, mate' paid off all debts outstanding to 'Blitz corner' including any payables at the beginning of the month. 3. Additional information Description Selling price per chess set (GST inclusive) Cost per chess set (GST inclusive) Service Revenue per Student per Lesson (GST inclusive) Value $198.00 $132.00 $55.00
Transcribed Image Text:Transactions for the month ended 31/07/2021 Date |Description 3/07/2021 The business repaid $8,589 on its bank loan. 4/07/2021 Provided a chess lesson to 26 students. Of the 26 students, only 20 have paid cash, the rest have not yet paid. 7/07/2021 Purchased new computer equipment for $1,078 (GST inclusive) in cash. Paid employee salaries for the month: Gross Amount $4,351; PAYG Tax Deducted $1,175; staff were paid the net amount in cash. Invoiced 20 students for 1 lesson provided on that day. Students have paid 10% the total amount with the remainder yet to be paid. 10/07/2021 11/07/2021 17/07/2021 Magnus bought a rare chess set for personal use at home for $1,177 (GST inclusive) using the business bank account. 20/07/2021 Sold 21 chess sets as bulk order. Customer paid the full-amount in cash the same day. 'Check, mate' was invoiced $473 (GST inclusive) for a consultation service regarding business expansion. The amount is yet to be paid. Sold chess sets for $2,376 (GST inclsuive) as a bulk order. Client was a repeat customer and so was allowed to buy the entire order on credit. 21/07/2021 22/07/2021 24/07/2021 Check, mate' purchased 20 chess sets on credit from 'Blitz corner'. Magnus had to travel to a tournament. He delivered 1 online lesson and reduced the class fee by 20%. 18 students attended. Students agreed to pay in a few days. 25/07/2021 27/07/2021 The business received cash for lessons provided on the 4th, 11th, and 25th July. 28/07/2021 Sold 18 chess sets to another chess club. Received 50% of the amount in cash with the remainder yet to be paid. 29/07/2021 Business paid Utilities bill of $2,926 (GST inclusive). 31/07/2021 'Check, mate' paid off all debts outstanding to 'Blitz corner' including any payables at the beginning of the month. 3. Additional information Description Selling price per chess set (GST inclusive) Cost per chess set (GST inclusive) Service Revenue per Student per Lesson (GST inclusive) Value $198.00 $132.00 $55.00
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