Reference no: EM133675320

Question 1: Record transactions in cash receipts and cash payments journal. (LO9, 10, 13)
Betty Boop uses special journals and a general journal. The following transactions occurred during May 2023.

Required
Draw up a multicolumn cash receipts journal (see figure 6.15) and a multicolumn cash payments journal (see figure 6.22). (Use page 1 for each journal.)
Record the transaction(s) for May that should be journalised in the cash receipts journal and cash payments journal.

Question 2: Journalise purchase transactions. (LO2)
The following information relates to Hampton Pty Ltd.
On 5 April purchased inventory from R. Ward & Co. for $9000, terms 2/7, n/30.
On 6 April paid freight costs to Freight Masters of $450 on inventories purchased from R. Ward & Co.
On 7 April purchased equipment on account for $52 000.
On 8 April returned incorrect inventories to R. Ward & Co. and was granted a $1500 allowance.
On 11 April paid the amount due to R. Ward & Co.

Required
Prepare the journal entries to record the transactions listed in the records of Hampton Pty Ltd.
Assume that Hampton Pty Ltd paid the balance due to R. Ward & Co. on 4 May instead of 11 April. Prepare the journal entry to record this payment.
(Note: Hampton Pty Ltd is GST registered, quoted amounts does not include GST)

Question 3: Journalise inventory entries under a perpetual inventory system with GST. (LO9)
On 1 September, Better Office Supplies had an inventory of 30 deluxe pocket calculators at a cost of $10 each. The business uses a perpetual inventory system and FIFO inventory cost flow method. During September, the following transactions occurred:

Required
Journalise the September transactions, assuming all businesses were registered for GST and the GST rate was 10%.

*Note: Better Office Supplies uses the FIFO inventory cost flow assumption, which means that inventory purchased earlier will be sold first. On 1st September, Better Office Supplies had 30 calculators on stock @ $10 each. The first 26 calculators were sold to Reader Book Store on 12th September, so there were only 4 calculators left @ $10. But 1 Calculator was returned from Reader Book Store on 14 September. So when Better Office Supplies sold 30 calculators to Mega Ltd on 20th September, 5 calculators from old stock @ $10 each were sold first, and the remaining 25 calculators were taken from the new stock purchased on 6th September also @ $10 each.

Question 4: Prepare a corrected trial balance.
An inexperienced book keeper prepared the following trial balance that does not balance. Prepare a correct trial balance, assuming all account balances are normal.

Calculate missing amounts. LO6
Here are incomplete financial statements for Road Ltd

Attachment:- Practice_Set.rar