Understanding Bookkeeping

Accounting Test Question No.3

In Tim’s book, the following June 2007 are recorded. You are required to extract a Trial Balance as at 30 June 2007.

June 2. Started business with $600 in the bank

3. Bought $500 goods on credit from Supplier A

4. Credit sales : X-$20

Y-$80

Z-$100

5. Cash Sales $250

6. Paid motor expenses $30 cash

7.Paid wages $150 cash

8.Credit sales: X-$80

U-$120

9.Bought $300 goods on credit from Supplier A

10.Cash sales $350

11.Paid Supplier A $400 cash

12.Customer X paid $100 cash

13. Paid motor expenses $30 cash

14.Paid wages $150 cash

15.Credit sales: X-$80

U-$120

16.Bought $300 goods on credit from Supplier A

17.Cash sales $350

18.Paid Supplier A $400 cash

19.Customer X paid $100 cash

27.Cash sales $350

30.Paid Supplier A $400 cash

Answer : Trial Balance = $8,201

Accounting Test Question No 2:

In Douglas’s book, the following May 2007 are recorded. You are required to extract a Trial Balance as at 31 May 2007.

May 1. Started business with $600 in the bank

2. Bought $500 goods on credit from Supplier A

3. Credit sales : X-$20

Y-$80

Z-$100

5. Cash Sales $250

7. Paid motor expenses $30 cash

10.Paid wages $150 cash

12.Credit sales: X-$80

U-$120

14.Bought $300 goods on credit from Supplier A

16.Cash sales $350

19.Paid Supplier A $400 cash

25.Customer X paid $100 cash

27.Customer Y paid $40 cash

31.Paid supplier A $200 cash

Answer : Trial Balance = $1,800

Accounting Test Question No 1:

Write up the asset and liability accounts to record the following transactions of Mr A and extract a Trial Balance as at 30 June 2007:

June 1. Started business with $3,500 in the bank

3. Bought office machinery by cheque $250

4. Bought furniture $350 on credit from Supplier XYZ

5. Bought goods for re-sale $500 by cheque

8. Sold some of the goods for $600 on credit to Customer A

10.Sold the remaining goods to Customer B

15.Received a cheque of $600 from Customer A

27. Paid Supplier XYZ by cheque for $350

Answer: Trial Balance=$4,500