FAIZ

9 or 10....

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quyet

@chris That's right

chrisxuanxiang09

Rachel's trial balance did not balance,so she opened a suspense account with a balance of $ 970 Cr.She then discovered the following errors:

- A cash sale of $ 200 was posted to the cash account as $ 20
- A motor vechicle purchase of $ 4,500 was omitted from the accounting records
- Credit purchase of $ 2,500 were posted twice to the purchase account

what is the balance on the suspense account after the errors have been corrected ?

A $ 3,290 Cr
B $ 1,350 Cr
C $ 3,290 Dr
D $1,350 Dr

i had tried many calculation but did not get answer
i answered : -970 +180 -4500 + 5000 = -290 @ @ .. plz help to answer..

caster 87

Originally Posted by chrisxuanxiang09

Rachel's trial balance did not balance,so she opened a suspense account with a balance of $ 970 Cr.She then discovered the following errors: - A cash sale of $ 200 was posted to the cash account as $ 20 - A motor vechicle purchase of $ 4,500 was omitted from the accounting records - Credit purchase of $ 2,500 were posted twice to the purchase account what is the balance on the suspense account after the errors have been corrected ? A $ 3,290 Cr B $ 1,350 Cr C $ 3,290 Dr D $1,350 Dr i had tried many calculation but did not get answer i answered : -970 +180 -4500 + 5000 = -290 @ @ .. plz help to answer..

don't correct or not....
-970-180+2500=1350Dr

chrisxuanxiang09

Cecilia purchase items of inventory as follows:

1 jan 20 items at $ 10 each
1 march 30 items at 11 each
20 november 10 items $ 12 each

Cecilla sells 15 units on 1 April and 15 units on 1 december for $ 15 per unit

What is the value of Cecila's closing inventory using the first in first out (FIFO) valuation method ?

$ _______

help me ...i no understand to answerT

quyet

It's so easy. U should read again theory about FIFO method
when selling 15 units on 1 april
=> inventory: 5 items at $10, 30 items at 11
when selling 15 untis on 1 dec
=> inventory: 20 item at 11 and 10 item at 12 => value of clsing inventory is 20*11 + 10*12
Easy right?

chrisxuanxiang09

Originally Posted by quyet

It's so easy. U should read again theory about FIFO method when selling 15 units on 1 april => inventory: 5 items at $10, 30 items at 11 when selling 15 untis on 1 dec => inventory: 20 item at 11 and 10 item at 12 => value of clsing inventory is 20*11 + 10*12 Easy right?

erm. answer is 20x 11 + 10 x 12 = 340 only is it ?

chrisxuanxiang09

Which part(s) of the business accounting equation will change following the withdrawal of inventory for the owner's personal use ?

A. Assets and Capital
B. Assests only
C. Liabilities and Capital
D Assests and Liabilities

I think to answer is D coz " the withdrawal of inventory (liabilites) for the owner's personal use ( assets). How about yours?

this is other question.
A sales tax registered business bought inventory on credit terms at a cost of $ 4,000 ,plus sales tax of $ 600

What is the correct accounting entry to record this ?

A Dr Purchase $ 4,000 Cr Sales Tax $ 600 Cr supplier $ 3,400
B Dr Purchases $ 4,000 Cr Supplier $ 4,000
C Dr Purchases $ 4,000 Dr Sales Tax $ 600 Cr Supplier $ 4,600
D Dr Purchase $ 4,600 Cr Supplier $ 4,600

I answer is A. how about ur?

chrisxuanxiang09

anyone help to answer this question ?? plz...

quyet

First question, As my opinion, A is my answer
Inventory decrease (assets) and drawing increase (capital)
Second question, I think.
If sales tax registered business, I think answer is C
This is input sales tax and It can be recovered by government.