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Review Questions Volume 1 - Chapter 3

1. Copy out and complete the following table: Account to be debited (a) Goods bought on credit from P Baker (b) Purchases of inventory made for cash (c) Goods returned by us to S Brennan (d) Goods sold on credit to I Blair (e) Goods sold to S English for cash (f) Equipment purchased on credit from E Gill (g) Goods sold returned to us by E Greybrook (h) Faulty fixtures returned to supplier R Walsh 2. Copy out and complete the following table: Account to be debited (a) Goods bought on credit from R Haviland (b) Inventory returned by us to the supplier R Parish (c) Motor van bought payment made by cheque (d) Sales of goods on credit to R Monk (e) Office furniture purchased for cash (f) Goods returned to us by B Toocaram (g) Sale of goods on credit to W Todd (h) Borrowed 500 cash from A Donaev 3. Enter the following transactions in the books of A Hirst: 20X3 March 1 March 3 March 6 March 11 March 13 March 17 March 22 March 28 March 31 Started firm with 4,000 cash Deposited 2,000 cash into bank account Bought stock on credit for 560 from I McNulty Bought office equipment for 1,500 paying by cheque Retuned stock worth 300 to I McNulty Sold goods on credit to S Brown for 400 Purchased office fixtures on credit from Westley Supplies for 500 S Brown returned goods to us worth 200 We settled our account with McNulty by sending cheque for 260 Account to be credited Account to be credited

4.

Enter the following transactions in the books of J Hunt: 20X4 June 1 June 4 June 11 June 16 June 18 June 20 June 24 June 25 June 30 Started firm with 3,000 deposited into bank account Bought office equipment for 2,200 paying by cheque Purchased goods on credit from S Kemp for 460 Purchased goods on credit from J Phillips for 300 Sold goods on credit to K Haynes for 600 Returned goods to Phillips worth 80 Paid amount owing to Kemp in full by cheque Sold goods for 350 cash Haynes retuned goods worth 120

5.

Enter each transaction in the double-entry accounts for the month of May 20X9: May 1 May 2 May 5 May 7 May 10 May 15 May 18 Started business with 8,000 cash. Purchased 500 of goods for resale on credit from H Clews Returned 200 of the goods to Clews Sold goods on credit to E Riches for 650 Purchased fixtures worth 5000 paying by cash Purchased goods for 90 cash Riches returned 75 of the goods

6.

Enter each transaction in the double-entry accounts for the month of June 20X8: June 1 June 5 June 7 June 10 June 12 June 14 June 15 Purchased goods from C Archer on credit for 47 Purchased goods from T Tucker on credit for 58 Returned goods to Tucker worth 24 Sold goods for 187 cash Paid Archer the amount owing in cash Sold goods on credit to G Peacock for 82 Peacock returned goods worth 32