ACCT2511 Topic 1 Problem 8.17 – Template PDF

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Tutorial template for week 1 pass questions....

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UNSW Business School School of Accounting, Auditing & Taxation

ACCT2511 – Financial Accounting Fundamentals Topic 1 Problem 8.17 – Template Indicate below which journal to record the transactions: Cash Receipts Journal (CRJ) OR Cash Payments Journal (CPJ). Write the columns to input the transaction data into the journals:

Date

Transaction

Journal

Columns

2/6/2019 Paid Venus $6,000 3/6/2019 Milky Way paid an amount of owing of $1,100, less $30 discount. 8/6/2019 Cash sales, $500. 10/6/201 Paid an amount owing to Sun of 9 $4,000, less $40 discount. 15/6/201 Mars paid $7,000 and was allowed 9 $100 discount. 16/6/201 Purchased goods for cash, $3,000. 9 29/6/201 Constellation paid $8,000, less $200 9 discount.

Date

Particulars

Jupiter Ltd Cash receipts journal Bank Discount allowed DR $

Total

business.unsw.edu.au Last Updated 15/3/2021

DR $

Accounts receivable

Cash sales

CR $

CR $

CRICOS Provider Code 00098G

30/6/201 Paid Mercury $5,000, discount of 9 $200 was lost.

Date

Particulars

Jupiter Ltd Cash payments journal Bank Discount received CR CR $ $

Accounts payable DR $

Cash purchases DR $

Total Jupiter Ltd General Ledger Accounts Receivable Control $ $ O 27,00 30 1/6/19 /B 0 /6 30 C/ B /6

Accounts Payable Control $ 1/6/1 9 O/B 30/6

$ 22,00 0

C/B 22,00 0

Discount Allowed $

Discount Received $

$

Cash $

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$

$

Jupiter Ltd Accounts Receivable Subsidiary Ledger

1/6/19

O /B

Milky Way $ 3,00 0 30 /6

1/6/19

O /B

$ 1/6/1 9 C/ B

Constellation $ 10,0 00 30 /6

O/ B

Mars $ 14,00 0

30/6

$

C/B

$

C/ B

Schedule – 30/6/19 Accounts receivable $ Milky Way Mars Constellation

Accounts Payable Subsidiary Ledger Venus $

$ 30 O/ /6 B

30/6

1/6/1 9

6,000

C/ B

30/6

Sun $ 1/

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Mercury $

$ 6,000

C/B

$

O/B

10,0 00

O/ 6 B 30/6

C/ B

Schedule – 30/6/19 Accounts payable $ Mercury Sun Venus

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