ACCT1101 Tut Questions:
5. Transactions are analysed and classified before being recorded in the general journal. This
is where all transactions are recorded in order of date made, this makes it easier to spot
errors as the credits and debits are written out next to each other.
8. And error can occur in classifying the transaction as a debit or credit. This will not effect
the end balance as the error will neutralise itself in the addition.
9. GST receivable is an asset, because when they purchase goods and services they are
paying GST and eventually they will receive a refund for the GST expenditure, making it an
asset. Then GST payable is the opposite so it is a liability.
3.4
1. Debit, income statement, expense
2. Debit, income statement, expense
3. Debit, balance sheet, asset
4. Debit, balance sheet, liability
5. Credit, balance sheet, liability
6. Debit, income statement, expense
7. Credit, balance sheet, asset
8. Debit, balance sheet, asset
9. Debit, balance sheet, negative equity
10. Debit, balance sheet, liability
11. Credit, balance sheet, asset
12. Debit, balance sheet, liability
13. Credit, income statement, income
14. Credit, balance sheet, equity
15. Credit, income statement, income
3.8
a)
Date
01/12
03/12
08/12
14/12
19/12
23/12
30/12
3.16
Particulars
Hair drying equipment deposit
Accounts payable- hair drying
equipment
Drawings
Salaries
Advertising expenses
Income from clients
Loan repayment
Salon Revenue
Debit
5,000
60,000
Credit
1600
6800
800
540
3700
48250
Date
02/07
02/07
03/07
03/07
04/07
06/07
16/07
20/07
23/07
28/07
31/07
31/07
b)
Particulars
Tanya Arthur, Capital
Rent Expense (first month)
Equipment
Loan
Supplies
Advertising Expense
Revenue
Insurance expense
Accounts receivable
Tanya Arthur, drawings
Revenue
Telephone Expense
Post ref
300
500
102
200
102
501
400
502
101
301
400
503
Debit
Credit
120,000
1800
32,000
38000
8400
1230
3870
480
140
560
4260
260