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University of South AustraliaDivision of Business

School Of Commerce

FINANCIAL ACCOUNTING 1

Study Period 5, 2011

Mid-Study Period Test

Wednesday August 17

STUDENT ID

STUDENT NAME.......................................................................................................(First Name) (Last Name)

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REQUIRED:Below are a Chart of Accounts and a selection of transactions that occurred duringJanuary for the company Wear With All managed by Gary Williams:

A. Record any necessary Reversing entries, based on the opening entry, and theJanuary transactions in the journals provided.NoteAll sales and purchases are made on credit unless otherwise

specified.

B. Total all journals at the completion of recording these transactions.C. Only for the ledgers providedpost the necessary amounts daily or at months

end as appropriate.

GENERAL JOURNALDATE ACCOUNTS Post Ref DEBIT CREDIT

December30

Bank 1009,852.00

Petty Cash 103 250.00

Accounts Receivable Control 105 19,600.00

10501 Brompton Bombers Demolition 1,214

10503 The OK Guys 6,247

10505 Lending and Save CU 11,699

10507 Do You a Deal 440

Inventory on Hand 110 62,568.00

Prepaid Insurance 115 900.00

Accrued Interest Revenue 116 525.00

Office Supplies 120 370.00

Term Deposit 140 10,000.00

F it d Fitti 150 28 000 00

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January 2 Received a cheque for $994 from Brompton Bombers Demolition asfull payment of their outstanding balance.

January 4 Sold 20 pairs of pants with the LSCU logo to Lending and Save CreditUnion for $60 each (all net of GST)

January 6 Purchased 25 Short Sleeved Business Shirts from a new supplierTaylored Maid at a cost of $15 each and freight of $25 (all net ofGST).

January 10 Sold 10 pairs of Tough Guy work boots to Brompton BombersDemolition for $125 each net of GST.

January 19 Received Interest Income of $750 for the last 3 months of earnings on

the Term Deposit.

January 19 Cash Sale of 10 Hi-Vis work vests to the Upper Port Council for $40each net of GST.

January 25 Sold 50 Gold Ties embroidered with Cmon Aussie Cmon to The OKGuys for $30 each, (all net of GST)

January 28 Received $330 (inclusive of GST) for doing a special order alteration

on 5 of the pants sold to LSCU.January 30 Purchased 15 Womens Suit Jackets from Tally Ho at a cost of $70

each with a freight charge of $150 (all net of GST)

GENERAL JOURNAL

Jan 1 Interest Income 602 525

Accrued Interest Revenue 116 525

Reversing Entry

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PURCHASES JOURNALDATE DETAILS INV. Post Ref STOCK FREIGHT GST CREDITORS

Jan 6 Taylored Maid 375 25 40 440

30 Tally Ho 1050 150 120 1320

1425 175 160 1760

CASH RECEIPTS JOURNALDATE DETAILS REC # Post

RefDISCOUNT DEBTORS SALES SUNDRIES GST BANK

net GST

2 Brompton 200 20 1214 99419 Interest 602 750

Upper Port 400 40 1190

28 Alteration 610 300 30 330

200 20 1214 400 1050 70 2514

(105) (x)

Accounts Receivable Control (105)

DATE Details Post Ref DEBIT CREDIT BALANCE

Dec 30 Opening Entry GJ 19,600 19,600 Dr

30 SJ 4345 23,945 Dr

CRJ 1214 22,731 Dr

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TIME THURS FRI

8:00-8:30am

8:30-9:00am

9:00-9:30am

9:30 - 10.00am

10:00-10:30am

10:30-11:00am

11:00-11:30am

11:30-12:00pm

12:00-12:30pm

12:30-1:00pm

1:00-1:30pm

1:30-2:00pm

2:00-2:30pm

2:30-3:00pm

3:00-3:30pm

3:30-4:00pm

4:00-4:30pm

4:30-5:00pm

5:00-5:30pm

5:30-6:00pm

6:00-6:30pm

6:30-7:00pm

7:00-7:30pm

7:30-8:00pm

8:00-8:30pm

8:30-9:00pm

MON

Lecture 1 - 20784 / BH2-09

Scott Copeland - 218

20797

GK 2-16

Mario

20808

H 6-03

Emily

20796

H 6-09

Greg

20794

GK 3-20

Ron

20793

GK 2-12

Mei Lin

20792

GK 3-20

Sue

20786

GK 3-16

Phil

20790

GK 3-16

Phil

20798

GK 2-12Paul

20795

BH 4-23

Geoff

Lecture 2 - 20783 / BH2-09

Scott Copeland - 205

WED

FINANCIAL ACCOUNTING 1 (ACCT1006) Study Period 5, 2011

20789

GK 3-20

Mitali

20788

BH 4-32

David

20787GK 3-20

Ron

20785GK 3-16

Phil

21681BH 4-32

David

20807

GK 2-12

Emily20806

GK 2-16

Daryl

20805

GK 2-16

Paul

TUES

20804

RR 3-10

Mario

20803

RR 4-11

Phil

20802

RR 5-09

Daryl

20801

BH 2-16

Scott

20800

GK 2-16

Geoff

20799

BH 2-16

Greg