Doc0 - Practice Questions - Accounting System PDF

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Module 5 Lecture illustrative example The following transactions relate to ABC’ Accounting Services for the month of July 2011: 1/7/2011 The owner invested $10,000 into the business. 4/7/2011

Paid salaries $1,100.

7/7/2011

Received fees revenue of $4,400.

9/7/2011

The owner withdrew $2,000 from the business.

10/7/2011

The company borrowed $10,000 from the bank.

14/7/2011

Signed a contract to rent an office space.

15/7/2011

Employed an account clerk. The clerk will be paid $500 per week.

16/7/2011

Purchased a new computer for $2,200 and paid $1,000 cash.

17/7/2011

Prepared and submitted a tax return for Audrey Ltd. Billed Audrey for $1,100.

18/7/2011

Purchase office furniture for $3,300. Paid cash.

21/7/2011

Paid 1 week wage to accounts clerk.

30/7/2011

Paid 1 week rent, $550.

30/7/2011

Paid amount owing on the computer purchased on the 16/7.

30/7/2011 Audrey Ltd paid the amount owing on the 17/7. Prepare general journal entries to record the above events....