Wrigley Ltd uses subsidiary ledgers for debtors and creditors. At 1 July 2011 debtors owed $7000 and creditors were owed $4000. Transactions for year ended 30 June 2012 were as follows: \[\begin{array} { l r } & \$ \\ \text { Cash purchases } & 6000 \\ \text { Credit purchases } & 11000 \\ \text { Cash sales } & 15000 \\ \text { Credit sales } & 20000 \\ \text { Cash paid to creditors } & 9000 \\ \text { Cash received from debtors } & 18000 \\ \text { Discount received from creditors } & 500 \\ \text { Discount allowed to debtors } & 700 \end{array}\] -What was the balance of the debtors control account at 30 June 2012?

A) $8300 B) $9700 C) $21 300 D) $9000 A) $8300 B) $9700 C) $21 300 D) $9000 A

Use the information given below to answer the following questions: Features Ltd maintains subsidiary ledgers for debtors and creditors. At 1 July 2011, debtors owed $10 000, creditors were owed $7300, and the balance in allowance for doubtful debts was $250. Transactions for the year ended 30 June 2012 were as follows: \[\begin{array} { l r } \text { }&\$\\ \text { Credit sales } & 120000 \\ \text { Cash sales } & 300000 \\ \text { Credit purchases } & 80000 \\ \text { Cash purchases } & 200000 \\ \text { Cash received from debtors } & 90000 \\ \text { Cash paid to creditors } & 72000 \\ \text { Discount received from creditors } & 1200 \\ \text { Discount allowed to debtors } & 800 \\ \text { Bad debts written off } & 150 \\ \text { Increase in allowance for doubtful debts } & 300 \end{array}\] -What was the balance of the allowance for doubtful debts account at 30 June 2012?

A) $400 B) $300 C) $200 D) $450. A) $400 B) $300 C) $200 D) $450. A

Use the information given below to answer the following questions: Plume Ltd maintains subsidiary ledgers for debtors and creditors. At 1 January 2012, debtors owed $3000 and creditors were owed $5600. Transactions for the month of January 2012 were as follows: \[\begin{array} { l r } & \$ \\ \text { Credit sales } & 9000 \\ \text { Cash sales } & 4000 \\ \text { Credit purchases } & 16000 \\ \text { Cash purchases } & 2000 \\ \text { Cash received from debtors } & 8000 \\ \text { Cash paid to creditors } & 17000 \\ \text { Freight charged to debtors } & 500 \\ \text { Charged debtors interest on overdue accounts } & 300 \\ \text { Discount received from creditors } & 800 \\ \text { Discount allowed to debtors } & 400 \end{array}\] -What was the balance of the debtors control account at 31 January 2012?

A) $8400 B) $4100 C) $3900 D) $4400. A) $8400 B) $4100 C) $3900 D) $4400.

Use the information given below to answer the following questions: Gum Ltd maintains subsidiary ledgers for debtors and creditors. At 1 July 2011, debtors owed $4000, and $7200 was owing to creditors. Transactions for year ended 30 June 2012 were as follows: \[\begin{array} { l r } \text { }&\$\\ \text { Credit sales } & 14000 \\ \text { Cash sales } & 3000 \\ \text { Credit purchases } & 23000 \\ \text { Cash purchases } & 1500 \\ \text { Cash received from debtors } & 11000 \\ \text { Cash paid to creditors } & 25000 \end{array}\] -What was the balance of the creditors control account at 30 June 2012?

A) $5200 B) $5500 C) $6000 D) $9200 A) $5200 B) $5500 C) $6000 D) $9200

Use the information given below to answer the following questions: Wrigley Ltd uses subsidiary ledgers for debtors and creditors. At 1 July 2011 debtors owed $7000 and creditors were owed $4000. Transactions for year ended 30 June 2012 were as follows: \[\begin{array} { l r } & \$ \\ \text { Cash purchases } & 6000 \\ \text { Credit purchases } & 11000 \\ \text { Cash sales } & 15000 \\ \text { Credit sales } & 20000 \\ \text { Cash paid to creditors } & 9000 \\ \text { Cash received from debtors } & 18000 \\ \text { Discount received from creditors } & 500 \\ \text { Discount allowed to debtors } & 700 \end{array}\] -What was the balance of the creditors control account at 30 June 2012?

A) $11 500 B) $6500 C) $5500 D) $6000 A) $11 500 B) $6500 C) $5500 D) $6000

Use the information given below to answer the following questions: Plume Ltd maintains subsidiary ledgers for debtors and creditors. At 1 January 2012, debtors owed $3000 and creditors were owed $5600. Transactions for the month of January 2012 were as follows: \[\begin{array} { l r } & \$ \\ \text { Credit sales } & 9000 \\ \text { Cash sales } & 4000 \\ \text { Credit purchases } & 16000 \\ \text { Cash purchases } & 2000 \\ \text { Cash received from debtors } & 8000 \\ \text { Cash paid to creditors } & 17000 \\ \text { Freight charged to debtors } & 500 \\ \text { Charged debtors interest on overdue accounts } & 300 \\ \text { Discount received from creditors } & 800 \\ \text { Discount allowed to debtors } & 400 \end{array}\] -What was the balance of the creditors control account at 31 January 2012?

A) $5800 B) $4600 C) $3800 D) $7400. A) $5800 B) $4600 C) $3800 D) $7400.

Use the information given below to answer the following questions: Features Ltd maintains subsidiary ledgers for debtors and creditors. At 1 July 2011, debtors owed $10 000, creditors were owed $7300, and the balance in allowance for doubtful debts was $250. Transactions for the year ended 30 June 2012 were as follows: \[\begin{array} { l r } \text { }&\$\\ \text { Credit sales } & 120000 \\ \text { Cash sales } & 300000 \\ \text { Credit purchases } & 80000 \\ \text { Cash purchases } & 200000 \\ \text { Cash received from debtors } & 90000 \\ \text { Cash paid to creditors } & 72000 \\ \text { Discount received from creditors } & 1200 \\ \text { Discount allowed to debtors } & 800 \\ \text { Bad debts written off } & 150 \\ \text { Increase in allowance for doubtful debts } & 300 \end{array}\] -What was the balance of the debtors control account at 30 June 2012?

A) $39850 B) $39 200 C) $39 050 D) $40 000. A) $39850 B) $39 200 C) $39 050 D) $40 000.

Use the information given below to answer the following questions: Features Ltd maintains subsidiary ledgers for debtors and creditors. At 1 July 2011, debtors owed $10 000, creditors were owed $7300, and the balance in allowance for doubtful debts was $250. Transactions for the year ended 30 June 2012 were as follows: \[\begin{array} { l r } \text { }&\$\\ \text { Credit sales } & 120000 \\ \text { Cash sales } & 300000 \\ \text { Credit purchases } & 80000 \\ \text { Cash purchases } & 200000 \\ \text { Cash received from debtors } & 90000 \\ \text { Cash paid to creditors } & 72000 \\ \text { Discount received from creditors } & 1200 \\ \text { Discount allowed to debtors } & 800 \\ \text { Bad debts written off } & 150 \\ \text { Increase in allowance for doubtful debts } & 300 \end{array}\] -What was the balance of the creditors control account at 30 June 2012?

A) $14 100 B) $15 300 C) $214 100 D) $8 000 A) $14 100 B) $15 300 C) $214 100 D) $8 000

Exam 17: Appendix: Special Journals, subsidiary Ledgers and Control Accounts

Wrigley Ltd uses subsidiary ledgers for debtors and creditors. At 1 July 2011 debtors owed $7000 and creditors were owed $4000. Transactions for year ended 30 June 2012 were as follows: \ Cash purchases 6000 Credit purchases 11000 Cash sales 15000 Credit sales 20000 Cash paid to creditors 9000 Cash received from debtors 18000 Discount received from creditors 500 Discount allowed to debtors 700 -What was the balance of the debtors control account at 30 June 2012?

Free

(Multiple Choice)

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Question 1

Correct Answer:

Verified

A

Use the information given below to answer the following questions: Features Ltd maintains subsidiary ledgers for debtors and creditors. At 1 July 2011, debtors owed $10 000, creditors were owed $7300, and the balance in allowance for doubtful debts was $250. Transactions for the year ended 30 June 2012 were as follows: \ Credit sales 120000 Cash sales 300000 Credit purchases 80000 Cash purchases 200000 Cash received from debtors 90000 Cash paid to creditors 72000 Discount received from creditors 1200 Discount allowed to debtors 800 Bad debts written off 150 Increase in allowance for doubtful debts 300 -What was the balance of the allowance for doubtful debts account at 30 June 2012?

Free

(Multiple Choice)

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(32)

Question 2

Correct Answer:

Verified

A

Which of the following statements about a subsidiary ledger is NOT true?

Free

(Multiple Choice)

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(35)

Question 3

Correct Answer:

Verified

A

Which of the following is NOT a purpose served by special journals?

(Multiple Choice)

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Question 4

Which of the following may NOT be a subsidiary ledger?

(Multiple Choice)

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Question 5

The most common way of accommodating the need for detailed records in the accounting system,without grossly expanding the number of separate accounts in the general ledger,is to use the technique of:

(Multiple Choice)

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Question 6

Which of the following statements about trade discount is NOT true?

(Multiple Choice)

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Question 7

Use the information given below to answer the following questions: Plume Ltd maintains subsidiary ledgers for debtors and creditors. At 1 January 2012, debtors owed $3000 and creditors were owed $5600. Transactions for the month of January 2012 were as follows: \ Credit sales 9000 Cash sales 4000 Credit purchases 16000 Cash purchases 2000 Cash received from debtors 8000 Cash paid to creditors 17000 Freight charged to debtors 500 Charged debtors interest on overdue accounts 300 Discount received from creditors 800 Discount allowed to debtors 400 -What was the balance of the debtors control account at 31 January 2012?

(Multiple Choice)

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Question 8

Which of the following statements about subsidiary ledgers and control accounts is NOT true?

(Multiple Choice)

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Question 9

Which of these items is the source document for the sales journal?

(Multiple Choice)

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Question 10

Griffin Ltd made a sale of $800 to a customer on terms of 2.5/10,n/30 on 1 July.The account was paid on 8 July.Griffin Ltd would make which of the following postings to the ledger on 8 July?

(Multiple Choice)

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Question 11

Which of these items is the source document for the purchase journal?

(Multiple Choice)

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Question 12

Use the information given below to answer the following questions: Gum Ltd maintains subsidiary ledgers for debtors and creditors. At 1 July 2011, debtors owed $4000, and $7200 was owing to creditors. Transactions for year ended 30 June 2012 were as follows: \ Credit sales 14000 Cash sales 3000 Credit purchases 23000 Cash purchases 1500 Cash received from debtors 11000 Cash paid to creditors 25000 -What was the balance of the creditors control account at 30 June 2012?

(Multiple Choice)

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Question 13

In posting the total of the cash column in a cash receipts journal,the entry that would be made is:

(Multiple Choice)

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Question 14

Use the information given below to answer the following questions: Wrigley Ltd uses subsidiary ledgers for debtors and creditors. At 1 July 2011 debtors owed $7000 and creditors were owed $4000. Transactions for year ended 30 June 2012 were as follows: \ Cash purchases 6000 Credit purchases 11000 Cash sales 15000 Credit sales 20000 Cash paid to creditors 9000 Cash received from debtors 18000 Discount received from creditors 500 Discount allowed to debtors 700 -What was the balance of the creditors control account at 30 June 2012?

(Multiple Choice)

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Question 15

Which of these items is the source document for the cash receipts journal?

(Multiple Choice)

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Question 16

'Accounts receivable' is a credit column in the:

(Multiple Choice)

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Question 17

Use the information given below to answer the following questions: Plume Ltd maintains subsidiary ledgers for debtors and creditors. At 1 January 2012, debtors owed $3000 and creditors were owed $5600. Transactions for the month of January 2012 were as follows: \ Credit sales 9000 Cash sales 4000 Credit purchases 16000 Cash purchases 2000 Cash received from debtors 8000 Cash paid to creditors 17000 Freight charged to debtors 500 Charged debtors interest on overdue accounts 300 Discount received from creditors 800 Discount allowed to debtors 400 -What was the balance of the creditors control account at 31 January 2012?

(Multiple Choice)

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(38)

Question 18

Use the information given below to answer the following questions: Features Ltd maintains subsidiary ledgers for debtors and creditors. At 1 July 2011, debtors owed $10 000, creditors were owed $7300, and the balance in allowance for doubtful debts was $250. Transactions for the year ended 30 June 2012 were as follows: \ Credit sales 120000 Cash sales 300000 Credit purchases 80000 Cash purchases 200000 Cash received from debtors 90000 Cash paid to creditors 72000 Discount received from creditors 1200 Discount allowed to debtors 800 Bad debts written off 150 Increase in allowance for doubtful debts 300 -What was the balance of the debtors control account at 30 June 2012?

(Multiple Choice)

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(31)

Question 19

Use the information given below to answer the following questions: Features Ltd maintains subsidiary ledgers for debtors and creditors. At 1 July 2011, debtors owed $10 000, creditors were owed $7300, and the balance in allowance for doubtful debts was $250. Transactions for the year ended 30 June 2012 were as follows: \ Credit sales 120000 Cash sales 300000 Credit purchases 80000 Cash purchases 200000 Cash received from debtors 90000 Cash paid to creditors 72000 Discount received from creditors 1200 Discount allowed to debtors 800 Bad debts written off 150 Increase in allowance for doubtful debts 300 -What was the balance of the creditors control account at 30 June 2012?

(Multiple Choice)

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Question 20

Which of the following statements about a subsidiary ledger is NOT true?

Which of the following is NOT a purpose served by special journals?

Which of the following may NOT be a subsidiary ledger?

The most common way of accommodating the need for detailed records in the accounting system,without grossly expanding the number of separate accounts in the general ledger,is to use the technique of:

Which of the following statements about trade discount is NOT true?

Which of the following statements about subsidiary ledgers and control accounts is NOT true?

Which of these items is the source document for the sales journal?

Griffin Ltd made a sale of $800 to a customer on terms of 2.5/10,n/30 on 1 July.The account was paid on 8 July.Griffin Ltd would make which of the following postings to the ledger on 8 July?

Which of these items is the source document for the purchase journal?

In posting the total of the cash column in a cash receipts journal,the entry that would be made is:

Which of these items is the source document for the cash receipts journal?

'Accounts receivable' is a credit column in the:

Introduction to Financial Accounting

Measuring and Evaluating Financial Position and Financial Performance

The Double-Entry System

Record-Keeping

Accrual Accounting Adjustments

Financial Reporting Principles, accounting Standards and Auditing

Sustainability Reporting

Internal Control and Cash

Inventory

Noncurrent Assets

Liabilities

Completing the Balance Sheet

Revenue and Expense Recognition: Additional Concepts

The Statement of Cash Flows

Financial Statement Analysis

Accounting Policy Choices

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