QUESTION 7 - GENERAL LEDGER You are supplied with information from the books of Temba Traders. REQUIRED TO DO: 7.1 Post the following completed journals to the partially completed Trading Stock Account in the General Ledger. 7.2 Balance the account at the end of June 2018. INFORMATION - Opening Balances: Trading Stock R 5880 JOURNALS: CASH RECEIPTS JOURNAL OF TEMBA TRADERS FOR JUNE 2018 CRJ6
Added by Nancy G.
Close
Step 1
7.1 Posting the Journals to the Trading Stock Account: To post the journals to the Trading Stock Account, you need to look at the Cash Receipts Journal of Temba Traders for June 2018. This journal will contain all the cash transactions that have occurred during Show more…
Show all steps
Your feedback will help us improve your experience
Breanna Ollech and 61 other Intro Stats / AP Statistics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
Zack's Hardware, a registered VAT vendor, makes use of the periodic inventory system. The VAT rate is 15%. The following is an extract from the financial records of Zack's Hardware for January 2023: Trade receivables: opening balance (1 January) 33 000 Credit sales 131 200 Cash receipts journal: Trade receivables column total (31 January) 64 600 Sales returns journal: Trade receivables column (31 January) 6 200 On month end, the auditors completed a debtors reconciliation and found the following: 1. On 10 January, Mr Zack returned goods sold to him for cash to the amount of R550. This transaction was incorrectly recorded in the sales returns journal 2. The trade receivables column in the cash receipts journal were overcast by R400. 3. On 18 January, goods sold on credit to the amount of R8 500 was recorded in the sales joumal as R5 300. No journal entry has been made to correct this error. Required: Complete the trade receivables account in the general ledger of Zack's Hardware for the month ending 31 January 2023. Instructions: 1. Use a full stop to indicate any decimals (eg: 1000.01) 2. Round off to the second decimal after the full stop (eg: 50.56) 3. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
Breanna O.
post the transaction to the general ledger account
Shu N.
Recommended Textbooks
Elementary Statistics a Step by Step Approach
The Practice of Statistics for AP
Introductory Statistics
Watch the video solution with this free unlock.
EMAIL
PASSWORD