p-pe-per-PERDISCO :( (3 Viewers)
- Thread starter JayCakie
- Start date
Omnipotence
Kendrick Lamar
I haven't started. yipee 
kaz1
et tu
it takes ages to do, it took me one whole day during the weekend and two more sittings during the week
ugh, I hate accounting in general.
But this morning in my accounting lecture two guys dressed in a banana suit and a monkey suit ran into our lecture and started chasing each other. It was pretty cool until our lecture told them to leave because their skit was so long.
But this morning in my accounting lecture two guys dressed in a banana suit and a monkey suit ran into our lecture and started chasing each other. It was pretty cool until our lecture told them to leave because their skit was so long.
seremify007
Junior Member
Since noone else seems to have offered an answer (as opposed to a way of getting an answer), here goes:
Dr Wages Payable $7,429
Dr Wages Expense $5,409
Cr Cash $12,838
The above entry is on the assumption that the wages incurred in the previous month of May were already recognised (as an expense) but instead of being paid out of cash, they were raised as a liability to staff. Therefore the balancing item between the two must be the current month's wage expense of $5,409 ($12,838 less $7,429 from the previous month).
The other interpretation is that no expenses have been recognised at all up until this point and hence in that case, you would:
Dr Wages Expense $12,838
Cr Cash $12,838
Anyone else have thoughts on this?
As for how you write it out into the book... I can't quite imagine what the table looks like but really I think it depends on which assumption you make above (i.e. whether or not the $7,429 was previously accrued or not).
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seremify007
Junior Member
If it makes you feel any better I spent a long time on it back in the day and because ours was in a paper book, if you made a mistake early on, it carried through. That being said I also did horribly poorly and received one of the lowest marks in our tutorial class (and my tutor felt sorry for me lol). 6 years later I'm a qualified accountant.
Interesting how life works, aye? Well thank you for your input
I'm going to man up on Sunday and try to do a few weeks of perdisco. I will take the information I have received on BoS into account haha thanks
it should say in the transaction if not read the firm's accounting policy regarding discounts. it should tell you.
Omnipotence
Kendrick Lamar
what is the discount? do I assume 1%?
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Omnipotence
Kendrick Lamar
after getting a hang of it - i kinda enjoy it...
Omnipotence
Kendrick Lamar
* edit: its found on schedules of accounts
Omnipotence
Kendrick Lamar
how long did it take? :S
Omnipotence
Kendrick Lamar
you can do it twice?
Shadowdude
Cult of Personality
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I think he meant he made two big mistakes when he submitted.
pencilcase
Member
Issued chq no 851 for $8000 to pay ZNG Property Group for two month's worth of rent in advance.
^ i was under the influence that prepayments were to be entered into GJ but it seems it might have to go in CPJ cos it has chq no.
can someone please clarify,thanks
^ i was under the influence that prepayments were to be entered into GJ but it seems it might have to go in CPJ cos it has chq no.
can someone please clarify,thanks
^ yea anything cash related regardless of prepayments, it gost in Cash journals hence the term Cash Journals XD
Well at least you know now better than doing that same mistake in the Finals (worth heaps more)
Well at least you know now better than doing that same mistake in the Finals (worth heaps more)