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ABT 184 FINAL EXAM REVIEW KEY

A. PETTY CASH
Apr

15

26

31

Petty Cash
Bank

100.00
100.00

Delivery Expense
Office Supplies
Promotion Expense
Parking Expense
HST Paid on Purchases
Bank

13.85
24.64
28.12
14.72
5.43

Delivery Expense
Postage Expense
HST Paid on Purchases
Cash Over and Short
Bank

45.00
39.50
5.92
1.50

Petty Cash
Bank

50.00

86.76

91.92

50.00

C. BANK RECONCILIATION

Bank Balance
Add: Deposits
Subtotal
Deduct: Outstanding Cheques
#2012 $
1,520.50
#2052
380.00
#2055
1,205.75
Bank Error
Subtotal

Redonda East Resort


Bank Reconciliation Statement
May 31, 20XX
$2,757.67
Book Balance
2,545.10
Add: Rent Revenue
$5,302.77
Subtotal
Deduct:
Service Charges
Service Charges
Journal Error
3,106.25
NSF Cheque
750.00
Subtotal
3,856.25

Adjusted Bank Balance

Account/Explanation

Date
May

$1,446.52

31

Bank
Rent Revenue

$1,179.30
575.00
$1,754.30
42.33
15.00
90.00
160.45
307.78

Adjusted Book Balance


Ref

$1,446.52
Debit

Credit

575.00
575.00

31

31

31

Service Charges
Bank

57.33

Insurance Expense
Bank

90.00

10

11

90.00

Accounts Receivable/Bill Gates


Bank

D. PRACTICE SET JOURNAL AND LEDGER


Date
Account/Explanation
Oct
1 Bank
Bob Brown, Capital
2

57.33

Prepaid Rent
HST Paid on Purchases
Bank

160.45
160.45

Ref
1010
3100

Debit
20,000.00

1045
1020
1010

1,800.00
216.00

20,000.00

2,016.00

Advertising Expense
HST Paid on Purchases
Accounts Payable/Victoria Times

5020
1020
2010/

175.00
21.00

Accounts Receivable/Select Tours


HST Charged on Sales
Tour Group Rentals

1015/
2020
4010

1,904.00

Bank
HST Charged on Sales
Daily/Hourly Rentals

1010
2020
4020

2,240.00

Cycling Equipment
HST Paid on Purchases
Bank

1055
1020
1010

10,000.00
1,200.00

1010
1015/

1,904.00

3020
1010

2,000.00

Bank
Accounts Receivable/Select Tours
Bob Brown, Withdrawals
Bank

Credit

196.00

204.00
1,700.00

240.00
2,000.00

11,200.00

1,904.00

2,000.00

Name Bank_____________________________________________________ Account No. _1010_____


Date

Description

Oct

1
2
8
9
10
11

Post
Ref
7
7
7
7
7
7

Debit

Credit

Dr
Cr

20,000.00

Balance
20,000.00
17,984.00
20,224.00
9,024.00
10,928.00
8,928.00

2,016.00
2,240.00
11,200.00
1,904.00
2,000.00

Name Accounts Receivable_________________________________________ Account No. _1015____


Date

Description

Oct

7
10

Post
Ref
7
7

Debit

Credit

Dr
Cr

1,904.00

Balance
1,904.00
0.00

1,904.00

Name HST Paid on Purchases_____________________________________ Account No. _1020_____


Date
Oct

Description
2

Post
Ref
7

5
9

7
7

Debit

Credit

Dr
Cr

Balance

216.00

216.00

21.00
1,200.00

237.00
1,437.00

Name Prepaid Rent______________________________________________ Account No. _1045_____


Date
Oct

Description
2

Post
Ref
7

Debit

Credit

Dr
Cr

1,800.00

Balance
1,800.00

Name Cycling Equipment_______________________________________________ Account No. _1055____


Date
Oct

Description
9

Post
Ref
7

Debit

Credit

Dr
Cr

10,000.00

Balance
10,000.00

Name Accounts Payable_________________________________________ Account No. _2000_____


Date
Oct

Description
5

Post
Ref
7

Debit

Credit

Dr
Cr

196.00

Balance
196.00

Name HST Charged on Sales _____________________________________ Account No. _2020_____


Date
Oct

Description
7
8

Post
Ref
7
7

Debit

Credit
204.00
240.00

Dr
Cr

Balance
204.00
444.00

Name Bob Brown, Capital_________________________________________ Account No. _3010_____


Date

Description

Oct

Post
Ref
7

Debit

Credit

Dr
Cr

Balance

20,000.00

20,000.00

Name Bob Brown, Withdrawals___________________________________ Account No. _3020_____


Date
Oct

Description
11

Post
Ref
7

Debit

Credit

Dr
Cr

Balance

2,000.00

2,000.00

Name Tour Group Rentals_______________________________________ Account No. _4010_____


Date

Description

Oct

Post
Ref
7

Debit

Credit

Dr
Cr

Balance

1700.00

1700.00

Name Hourly/Daily Rentals_______________________________________ Account No. _4020_____


Date

Description

Oct

Post
Ref
7

Debit

Credit

Dr
Cr

Balance

2000.00

2000.00

Name Advertising Expense________________________________________ Account No. _5050_____


Date

Description

Oct

Post
Ref
7

Debit

Credit

Dr
Cr

Balance

175.00

175.00

Name Rent Expense______________________________________________ Account No. _5090_____


Date

Description

Post
Ref

Debit

Credit

Dr
Cr

Balance

Name __Accounts Receivable Select Tours_________________________


Date
Oct

Description
7
10

Post
Ref
7
7

Debit

Credit

Balance

1904.00

1904.00
0.00

1904.00

Name Accounts Payable Victoria Times Newspaper_______________________________________


Date
Oct

Description
5

Post
Ref
7

Debit

Credit
196.00

Balance
196.00

E. MERCHANDISING JOURNAL ENTRIES


Dec

10

11

12

20

Inventory
Accounts Payable/Scorer Supplies

5000.00
5000.00

Accounts Receivable/Pat May


Sales

350.00

COGS
Inventory

245.00

350.00

245.00

Office Furniture
Accounts Payable/Leonards

1000.00

Bank
Sales

6900.00

COGS
Inventory

4830.00

1000.00

6900.00

4830.00

Sales Returns and Allowances


Accounts Receivable/Pat May

50.00

Inventory
COGS

35.00

Accounts Payable/Scorer Supplies


Inventory
Delivery Expense
Accounts Payable/Wings for Wheels

50.00

35.00
1000.00
1000.00
25.00
25.00

Accounts Payable/Scorer Supplies


Inventory
Bank

4000.00

Bank
Sales Discounts
Accounts Receivable/Pat May

297.00
3.00

Inventory
Bank

80.00
3920.00

300.00
88.00
88.00

F. INCOME STATEMENT
(a)

Net Sales: (Sales-Sales Returns and Allowances-Sales Discounts) 164,500

(b)

Gross Profit: (Net Sales-COGS) 75,000

(c)

Gross Sales: 170,000

(d)

Net Income: (Gross Profit-Expenses) 27,300

G. PAYROLL
Date
Jun

30

Account/Explanation
Wages Expense
Payroll Taxes Expense
WCB Expense
Medical Expense
Vacation Payable
CPP Payable
EI Payable
WCB Payable
Medical Payable
Income Tax Payable
Canada Savings Bonds Payable
Bank

Debit
4160.00
133.00
120.00
15.00

Credit

160.00
126.00
120.00
120.00
15.00
1200.00
200.00
2487.00