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XI Accounting General Journal Test 03

Shamim collegiate
Paper 1st year Accounting general journal Test 03
Paper 1st year Accounting general journal Test 03


Jan 1 Bought goods for cash 70,000

2 Sold good to Steve Co.(Credit) 38,000

15 Sold goods for cash 9,000

21 Steve co. paid by cheque 35,000

22 Stationery bill paid by chq 2,000

22 Telephone bill by cash 500

31 Paid rent by cash 2,000

Paid salaries by cash 3,000

Withdrew cash personal use 5,000
Requirement General Journal Ledger T account

Transaction
June 8
An amount of $50,000 was paid for six months of rent.
June 9
Equipment costing $100,000 was purchased using $40,000 cash. The remaining amount of $60,000 is a one year note with an interest rate of 3.4%
June 10
Office supplies were purchased totaling $25,000 on account.
June 16
Received $39,400 in cash for services rendered to customers.
June 16
Paid the account for office supplies purchased June 10.
June 20
$63,900 worth of services were given to customers. Received cash amount of $43,700. Customers promised to pay remaining amount of $20,200.
June 21
Paid employees’ wages for June 8-June 21. Wages totaled $23,500.
June 21
Received $20,200 in cash for services rendered to customers on June 20.
June 22
Received $6,300 in cash as advanced payment from customers.
June 27
Office supplies were purchased totaling $3,500 on account.
June 28
Electricity bill received totaling $1,850.
June 28
Phone bill received totaling $2,650.
June 28
Miscellaneous expenses totaled $4,320.
These events would then be recorded into the accounting journal. The table below records the journal entries for the events above.
03)This company was incorporated on March 1, 2013 with a starting of $1,500,000 and 10,000 common stock shares at $50 par value. These are the company’s transactions for the first month:
Date
Transaction
March 3
$300,000 were paid as advanced rent for six months.
March 4
Office supplies were purchased on account totaling $35,000.
March 6
Services were provided to customers, and the company received $54,000 in cash.
March 7
The accounts payable for office supplies purchased on March 4 was paid.
March 7
$200,000 in cash was used to purchase equipment costing $560,000. The remaining $360,000 became a one year note payable with interest rate of 4%.
March 9
Office supplies were purchased on account totaling $13,500.
March 12
Services were provided to customers, and the company received $43,500 in cash.
March 13
The accounts payable for office supplies purchased on March 9 was paid.
March 14
Employees were paid wages for March 3-March 14 totaling $356,000.
March 14
Services were provided to customers totaling $256,720. Customers paid $143,650 with a promise to pay $113,070 remaining balance in the future.
March 20
Office supplies were purchased on account totaling $5,400.
March 21
Customers paid $100,000 toward the $113,070 remaining balance for services rendered March 14.
March 23
The accounts payable for office supplies purchased on March 20 was paid.
March 25
Customers paid $13,070 for services rendered March 14.
March 27
Customers paid $23,000 in advance for services to be received.
March 28
Employees were paid wages for the final weeks of March, totaling $453,600.
March 28
Electricity bill was received totaling $6,750.
March 28
Phone bill was received totaling $8,754.
March 31
Miscellaneous expenses for the month were totaled at $15,450.


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