CHAPTER 4 USING EXPENSES, PURCHASES, SALES AND DRAWINGS ACCOUNTS Question 1 Dr Feb Dr Feb 1 Balance 21 Sales Bank account 12 000 Feb 520 1 Balance 5 Sales Cash account 400 Feb 330 Dr Dr Feb Dr Feb 2 Bank 11 Trade payable 24 Cash 4 Bank 18 Bank 8 Bank 19 Cash Dr Dr May 19 Insurance 24 Purchases Cr 40 60 2 4 8 18 Capital account Feb Dr Dr Feb Purchases Rent Insurance Rent Cr 1 200 420 180 420 1 Balance Purchases account 1 200 840 60 Cr Rent account 420 420 Cr Sales account Feb Cr 330 910 520 5 Cash 14 Trade receivable 21 Bank Insurance account 180 40 Trade payable account May 11 Purchases 14 Sales Cr 12 400 Trade receivable 910 Cr Cr 840 Cr Question 2 Dr June Dr June 1 Balance 21 Sales Bank account 14 400 June 810 1 Balance 6 Sales Cash account 700 June 490 Dr Dr June Dr June Cr 4 700 740 210 7 Wages 14 Wages 24 Purchases Cr 580 490 110 Capital account June 2 Bank 11 Trade payable 24 Cash 3 Bank Dr Dr June 2 Purchases 3 Rent 19 Electricity 7 Cash 14 Cash Dr 1 Balance Cr 15 100 Purchases account 4 700 1 470 110 Cr Rent account 740 Cr Sales account June Cr 490 1 420 810 6 Cash 13 Trade receivable 21 Bank Wages account 580 490 Trade payable account June 11 Purchases Cr Cr 1 470 Dr June Sales Trade receivable account 1 420 Cr 13 Dr June Bank Electricity account 210 Cr 19 Question 3 Dr April Dr April Dr April 1 Balance 18 Bank Equipment account 6 200 1 020 1 Balance 21 Sales Bank account 8 400 April 720 1 Balance 5 Sales Cash account 300 April 1 230 Dr Dr April Dr Dr April 8 Bank 19 Cash Dr April Cr 620 90 580 1 Balance Cr 14 900 Purchases account 3 600 510 Cr 5 Cash 9 Trade receivable 21 Bank Drawings account 240 90 Trade payable account April 4 Purchases 9 Sales 11 27 Cash Cash Cr 240 510 1 020 13 Wages 19 Drawings 27 Wages Sales account April Dr Dr April 8 Drawings 11 Purchases 18 Equipment Capital account April 4 Trade payable 11 Bank Cr Cr 1 230 470 720 Cr Cr 3 600 Trade receivable account 470 Cr Wages account 620 580 Cr Question 4 Dr Oct 1 Balance Dr Oct 1 Balance Dr Oct 1 7 18 25 Fittings account 8 600 Oct 18 Cash Bank account 7 800 Oct Cash account 700 Oct 990 300 210 Balance Sales Fittings Receivable Dr 4 Cash 6 Trade payable Dr Dr Oct Dr Oct Dr Oct Dr Oct 11 Rent 22 Payable 29 Drawings Cr 770 3 000 390 4 Purchases 12 Drawings Cr 500 110 1 Balance Cr 17 100 Capital account Oct Dr Oct 12 Cash 29 Bank Purchases account 500 4 240 Cr Sales account Oct Cr 990 440 7 Cash 14 Trade receivable Drawings account 110 390 Trade payable account 3 000 Oct 6 Purchases 22 14 Sales 11 Bank Trade receivable account 440 Oct 25 Cash Rent account 770 Question 5 1 January 2 January 3 January 4 January 5 January Purchases goods for resale and paid by cheque, $6000 Cash sales totalled $3200 Paid general expenses by cheque, $320 Sold goods on credit, $1730 Purchases goods on credit, $2290 Question 6 1 May 2 May 3 May 4 May 5 May Cr 300 Sold goods on credit, $3790 Paid wages in cash, $280 Purchased goods for resale and paid in cash, $170 Purchased goods for resale on credit, $1200 Received cheque from trade receivable, $2000 Cr Cr 4 240 Cr 210 Cr Question 7 Dr March Premises account 120 000 Cr 1 Balance Dr March Vehicle account 11 500 Cr 1 Balance Dr March Dr March Dr March Dr March 1 Balance 24 Bank Equipment account 8 900 March 17 Bank 2 800 Cr 400 1 Balance Trade receivables account 7 300 March 15 Bank Cr 2 800 1 5 15 17 Balance Cash Trade receivable Equipment 1 Balance 4 Sales 22 Sales Dr 3 Bank Dr Dr March Dr March Dr March Cash account 800 March 1 470 1 280 3 10 18 24 30 Trade payable Insurance Loan interest Equipment Vehicle exp 5 12 19 26 29 Bank Wages Drawings Wages Insurance Capital account March Dr Dr March Bank account 6 400 March 800 2 800 400 Cr 1 700 420 120 2 800 230 Cr 800 580 250 630 180 1 Balance Cr 116 000 Bank loan account March 1 Balance Cr 30 000 Trade payables account 1 700 March 1 Balance 8 Purchases Cr 8 900 3 200 Sales account March 4 Cash 22 Cash Cr 1 470 1 280 Purchases account 3 200 Cr Drawings account 250 Cr 19 Cash Insurance account 420 180 Cr 10 Bank 29 Cash Cr 8 Payable Dr March 12 26 Cash Cash Wages account 580 630 Dr March 18 Loan interest account 120 Cr Bank Vehicle expenses account 230 Cr Dr March 30 Bank Question 8 Dr Nov Dr Nov Dr Nov Dr Nov Dr Nov Equipment account 9 400 Nov 24 Bank 1 Balance Fittings account 8 700 1 300 1 Balance 8 Bank 1 Balance 22 Sales 1 12 15 24 Bank account 3 760 Nov 2 480 4 1 280 8 250 11 17 18 26 Capital account Nov Dr Nov 11 Bank Dr Nov 18 Bank Rent Purchases Fittings Bank loan Advertising Payable Drawings Cash account 490 Nov 5 Wages 910 23 Wages 1 Balance 1 Sales Dr Cr 750 1 440 1 300 500 130 640 610 Cr 520 820 Cr 17 590 Bank loan account 500 Nov 1 Balance Cr 5 000 Sales account Nov 4 Bank 30 Trade payable Cr 480 1 Balance Trade payables account 640 Nov 1 Balance 30 Purchases Dr Dr Nov Cr Trade receivables account 1 210 Nov 12 Bank 390 Balance Receivable Sales Equipment Cr 250 1 Cash 15 Bank 22 Trade receivable Cr 970 2 080 Cr 910 1 280 390 Purchases account 1 440 2 080 Cr Dr Nov Drawings 610 Cr 26 Bank Dr Nov Rent account 750 Cr 2 Bank Cr 5 Cash 23 Cash Wages account 520 820 Advertising account 130 Cr Dr Nov Dr Nov 17 Bank