Review Questions
Volume 1 - Chapter 3
1. Copy out and complete the following table:
Account to be
debited
Account to be
credited
(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
Account to
be credited
(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
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