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ACTBAS2 QUIZ 2 AY 2011-2012 TERM 3 Accounting for Freight and VAT transactions Multiple Choice 1 B 2 A 3 A 4 A 5 D

6 7 8 9 10

D A C D D

CRYSTALS AND STONES MANILA GENERAL JOURNAL 2012 May 3

Merchandise Inventory Cash Acocunts payable To record purchase from Golden Locks Accounts Receivable Sales To record sale to Jecel Joy Cost of Goods Sold Merchandise Inventory To record cost of goods sold

388,800.00 97,200.00 291,600.00

May 5

348,000.00 348,000.00

208,800.00 208,800.00

May 6

Accounts Payable Merchandise Inventory To record returns made to Golden Locks Accounts Payable Cash To record partial payment to Golden Locks

400.00 400.00

May 9

40,000.00 40,000.00

May 11 Sales Returns and Allowances Accounts Receivable To record sales returns from Jecel Joy Merchandise Inventory Cost of Goods Sold To record cost of goods returned May 13 Accounts Payable Merchandise Inventory Cash To record full payment to Golden Locks May 14 Cash Accounts Receivable To record partial payment from Jecel Joy May 17 Cash Accounts Receivable To record full payment from Jecel Joy

800.00 800.00

480.00 480.00

251,200.00 5,824.00 245,376.00

52,000.00 52,000.00

295,200.00 295,200.00

CROSS AND CO. GENERAL JOURNAL 2012 June 2

Purchases Input Tax Accounts Payable To record purchase from Trump Trading Accounts Receivable Sales Output Tax To record sales to Mr. Viel Cash Sales Output Tax To record cash sales Freight-out Cash To record freight in the transaction

150,600.00 18,072.00 168,672.00

June 3

4,480.00 4,000.00 480.00

June 5

50,400.00 45,000.00 5,400.00

2,500.00 2,500.00

June 6

Purchases Input Tax Accounts Payable To record purchases from Jack and Co. Freight-In Cash To record freight on purchase from June 6 Accounts Receivable Sales Output Tax To record sales to A. Leo Freight-Out Cash To record freight in the transaction

50,000.00 6,000.00 56,000.00

June 7

2,000.00 2,000.00

June 8

16,800.00 15,000.00 1,800.00

3,400.00 3,400.00

June 9

Purchases Input Tax Accounts Payable To record purchase from Donald's Shop Freight-In

57,000.00 6,840.00 63,840.00

1,000.00

Acocunts Payable To record freight in the transaction June 12 Accounts Payable Purchase Discount Input Tax Cash To record settlement of liabilities with Trump Trading in full June 13 Cash Sales Discount Output Tax Accounts Receivable To record payment from Mr. Viel in full June 14 Accounts Payable Purchase Returns and Allowances Input Tax To record purchase returns to Donald's Shop June 16 Accounts Payable Cash To record partial payment to Jack and Co. June 17 Sales Returns and Allowances Output Tax Accounts Receivable To record sales returns from A. Leo June 18 Cash Accounts Receivable To record partial payment from A. Leo June 19 Accounts Payable Purchase Discount Input Tax Cash To record full payment to Donald's Shop June 22 Accounts Payable Cash To record full payment to Jack and Co. June 24 Cash Accounts Receivable To record full payment from A. Leo 64,504.00 168,672.00

1,000.00

3,012.00 361.44 165,298.56

4,435.20 40.00 4.80 4,480.00

336.00 300.00 36.00

28,000.00 28,000.00

1,000.00 120.00 1,120.00

3,920.00 3,920.00

1,134.00 136.08 63,233.92

28,000.00 28,000.00

11,760.00 11,760.00

June 30 Output Tax Creditable Input Tax Input Tax To record creditable input tax for the period

7,555.20 22,823.28 30,378.48

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