Q1. Record the following transactions in a general journal for Voyageur Sports Ltd. Nov 7 Cash sales slips totalled $3295 plus $197.70 GST. Cash was deposited Issued Sales Invoice 87-B to A. Michaels, terms 3/15, n/30, amount $2000, not subject to PST, GST $120 Nov 8 Received bank credit memo for $215, interest earned by the company Nov 9 Received bank debit memo for $25, plus $1.50 GST, for the annual charge for a safety deposit box. Total $26.50 Nov 15 Received cheque from A. Michaels, $2056.40 for Invoice 87-B, less $63.60 discount. Cheque was deposited

Q1. Record the following transactions in a general journal for Voyageur Sports Ltd. Nov 7 Cash sales slips totalled $3295 plus $197.70 GST. Cash was deposited Issued Sales Invoice 87-B to A. Michaels, terms 3/15, n/30, amount $2000, not subject to PST, GST $120 Nov 8 Received bank credit memo for $215, interest earned by the company Nov 9 Received bank debit memo for $25, plus $1.50 GST, for the annual charge for a safety deposit box. Total $26.50 Nov 15 Received cheque from A. Michaels, $2056.40 for Invoice 87-B, less $63.60 discount. Cheque was deposited

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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5. The following balances were extracted from the books of Atuobi Trading Company on 30 November 2011 GHE 344,890 268,187 14,440 496,600 - Cash Credit Sales Purchases- Cash - Credit 600,570 503,970 5,520 3,510 5,070 Total receipts fram customers Total payments to suppliers Discount allowed Discount received Refunds given to cash customers Balance in the sales ledger-set off-against balance in the purchases ledger Bad debt written off Increase in the provisioh for bad debt Credit notes issued to credit customers Credit note received from suppliers 70 780 06 4,140 1,480 According to the audited financial statement for the previous year, debtors and creditors as at 1 December 2010 were GH¢26,555 and GH¢43,450 respectively. You are required to prepare: a) Total Debtors Ledger Control Account b) Total Creditor Ledger Control Accounts. ....
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Purchases and Cash Payments Journals Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of $535, which consists of $340 due Labradore Inc. and $195 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: Sept. 4. Purchased pet supplies from Best Friend Supplies Inc. on account, $230. Sept. 6. Issued Check No. 345 to Labradore Inc. in payment of account, $340. Sept. 13. Purchased pet supplies from Poodle Pals Inc. on account, $660. Sept. 18. Issued Check No. 346 to Meow Mart Inc. in payment of account, $195. Sept. 19. Purchased office equipment from Office Helper Inc. on account, $2,245. Sept. 23. Issued Check No. 347 to Best Friend Supplies Inc. in payment of account from purchase made on September 4. Sept. 27. Purchased pet supplies from Meow Mart Inc. on account, $350. Sept. 30. Issued Check No. 348 to Jennings Inc. for cleaning expenses, $50. Happy…
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7. The following information pertains to Mekka Company. a. Cash balance as per bank, July 31, RO 14,526 b. July bank service charges not recorded by the depositor RO 56 c. Cash balance as per books, July 31, RO 14,568 d. Deposit in transit, July 31, RO 3,000 e. Bank collected RO 1800 note for Mekka in July, plus interest RO 72, less fee RO 40. The collection has not been recorded by Mekka, and no interest has been accrued. f. Outstanding checks, July 31, RO 1182. Instruction: Prepare bank reconciliation at July 31
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Is this correct in preparing for a proof of cash?