acct 1001 practice set (1 Viewer)

[absolution*]

im so horribly wrong

my adjusted trial balance is like 256000 or thereabouts

what could i be doing wrong?

 

[fush]

did u total up and post all the purchases and sales revenue from the sales and purchases journal??

 

[absolution*]

sales journal balance: 66810

purchases journal balance: 41560

is that right?

 

[sarevok]

you are adding the opening balances, right? :S

Seeing as the original unadjusted trial balance is greater than 1 000 000 i don't see how yours could be so small

 

[ToO LaZy ^*]

SJ: 66410
PJ: 41560

 

[absolution*]

oooh i forgot about adding opening balances.

and yeah i got 66410 miscalculation

lucky i did it in pencil

 

[absolution*]

Does everyone have 4 entries in their general journals.

june 7, june 23, june 25 and june 30

 

[fush]

+ all adjusting entries

 

[sarevok]

Is adjusting entry (d) an error? It says the business prepaid rent for a year, but it doesn't say for how much. And if you look in the trial balance, it says the business prepaid that $36000 of rent in November 2003, not in November 2004...

 

[011]

I'd REALLY like to know where the COGS goes on the worksheet.

Why on earth do they give you a figure for ending inventory as if it matters?

 

[fush]

for adjusting entry (d) i ahd the same question but it could also mean that the prepaid rent is half of 36000 for 2004 so the adjustments would be halved...

very ambiguous though

 

[absolution*]

for adjusting entry (d) i ahd the same question but it could also mean that the prepaid rent is half of 36000 for 2004 so the adjustments would be halved...

very ambiguous though

ask it on the discussion board on blackboard

 

[ToO LaZy ^*]

for adjusting entry (d) i ahd the same question but it could also mean that the prepaid rent is half of 36000 for 2004 so the adjustments would be halved...

very ambiguous though

what page does it actually say it was paid on nov 2003?

 

[fush]

trial balance 31 may 2004

at the start of the practice set

 

[s.m.i.t.h]

for the june 23 transaction' issued credit note of $550 to south west education commmission for books returned'
u put in it the general journeal right?
adn which accounts do u dr and cr? is there any need for COGS? and if so what would u put there?

 

[ToO LaZy ^*]

yeah. it goes in the GJ
dr sales return and allowances
cr accounts rec.

since it's periodic, there's no need to record changes in inventory

 

[s.m.i.t.h]

k
thanks heaps

 

[absolution*]

if someone would like to help me add me to your msn:

dying_atheist@hotmail.com

 

[04er]

What is the purchases column used for in the cash payments journal? It wasn't in the text book...

 

[04er]

Would it be used for assets? (e.g. the 2nd transaction on june 2nd)?