ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
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S. Waweru starts business on 1st July 2020, when he deposits Shs. 18,000 into his business bank account and Shs. 2,500 in his cash account. During the month of July, he undertakes the following transactions:-
2020
July 3 He purchases shop fittings for sh. 2,500 and pays by cheque.
July 4 He buys a motor vehicle from AB & Co. on credit Sh. 3,000.
July 6 He buys stock for Sh. 1,500 and pays through bank.
July 8 He sells goods for cash Sh.1,000.
July 10 Buys goods on credit from XY & Co. for Sh. 1,200
July 12 Sells goods to A. Smith for Sh. 900 on credit
July 13 Pays wages Sh. 120 by cash
July 14 A. Smith returns goods worth Sh. 200
July 15 Pays to AB & Co. Sh. 3,000 by cheque
July 17 Goods returned to XY & Co. amounting to Sh. 350
July 21 Receives from A. Smith a cheque for Sh. 700
July 25 Sells goods for cash Sh. 300.
July 30…
Henry Johnson runs a book store. Henry receives his bookstore's bank statement for the month of March, in which bank charges of $25 were deducted. Which of the following entries records this transaction in the store's general journal?
a.A debit to Miscellaneous Expense account for $25 and a credit to Cash account for $25
b.A debit to Cash account for $25 and a credit to Miscellaneous Expense account for $25
c.A debit to Miscellaneous Expense account for $25 and a credit to Profit and Loss account for $25
d.A debit to Profit and Loss account for $25 and a credit to Miscellaneous Expense account for $25
Valley Hardware (Mr. M. Jordan is the sole proprietor) established a petty cash fund on January 1, 2018. A cheque for $400 payable to cash was given to Kate, the petty cashier, who went to the bank and brought back $400 and put it in the petty cash box. The following transactions were completed during January.
Jan 1 Purchased business cards for $36 (this business records office supplies as expenses upon purchase)
Jan 10 Paid $60 for repairs to the office photocopier
Jan 15 Paid $66 COD charges on merchandise to be resold to customers (the business uses the periodic inventory system)
Jan 15 Purchased paper for the printer, $37
Jan 20 Paid $45 for an advertisement in the local January newspaper
Jan 25 M. Jordan took $90 from the cash box to pay for a personal gift for his mother
Jan 26 Paid $40 delivery charges on merchandise inventory sold to a customer
Jan 28 Paid $16 for stamps used for mailing cheques to its suppliers.
The money in the petty cash box was counted…
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