Accounting General Journals

Question 1

Cash Capital Contribution

Answer 1

[D] Bank
[C] Capital

Question 2

Cash sale with GST

Answer 2

[D] Bank
[C] Cash Sales
[C] GST Clearing
[D] Cost of Sales
[C] Inventory

Question 3

Cash payments

Answer 3

[D] Wages
[C] Bank

[D] Drawings
[C] Bank

Question 4

Cash payments with GST

Answer 4

[D] Inventory
[D] GST Clearing
[C] Bank

Question 5

GST Settlement

Answer 5

[D] GST Clearing
[C] Bank

Question 6

GST Refund

Answer 6

[D] Bank
[C] GST Clearing

Question 7

Credit purchase with GST

Answer 7

[D] Inventory
[D] GST Clearing
[C] Accounts Payable – Company

Question 8

Cash payment to Accounts Payable

Answer 8

[D] Account Payable – Company
[C] Bank

Question 9

Purchase Return

Answer 9

[D] Account Payable – Company
[C] Inventory
[C] GST Clearing

Question 10

Cash payment to Accounts Payable with discount

Answer 10

[D] Account Payable – Company
[C] Bank
[C] Discount Revenue

Question 11

Credit sale with GST

Answer 11

[D]Account Receivable – Company
[C] Sales
[C] GST Clearing
[D] Cost of Sales
[C] Inventory

Question 12

Cash receipt from Accounts Receivable

Answer 12

[D] Bank
[C] Accounts Receivable – Company

Question 13

Sales Returns

Answer 13

[D] Sales Returns
[C] GST Clearing
[C] Accounts Receivable – Company
[D] Inventory
[C] Cost of Sales

Question 14

Cash receipt from Accounts Receivable with discount

Answer 14

[D] Bank
[D] Discount Expense
[C] Accounts Receivable – Company

Question 15

Contributions of a non-cash asset

Answer 15

[D] Vehicle
[C] Capital – Company

Question 16

Drawings of a non-cash asset

Answer 16

[D] Drawings
[C] Non Current Asset

Question 17

Donating to a local school

Answer 17

[D] Advertising
[C] Inventory

Question 18

Inventory Loss

Answer 18

[D] Inventory Loss
[C] Inventory

Question 19

Inventory Gain

Answer 19

[D] Inventory
[C] Inventory Gain

Question 20

Inventory write-down

Answer 20

[D] Inventory write-down
[C] Inventory

Question 21

Closing revenue accounts

Answer 21

[D] Sales
[D] Discount revenue
[D] Inventory gain
[C] Sales returns
[C] Profit and Loss Summary

Question 22

Closing expense accounts

Answer 22

[D] Profit and Loss Summary
[C] Advertising
[C] Cartage In
[C] Cost of Sales
[C] Discount Expense
[C] Freight Out
[C] Interest Expense
[C] Inventory write-down
[C] Rent Expense
[C] Wages

Question 23

Transferring profit or loss

Answer 23

[D] Profit and Loss Summary
[C] Capital

[D] Capital
[C] Profit and Loss Summary

Question 24

Transferring Drawings to Capital

Answer 24

[D] Capital
[C] Drawings

Question 25

Cash purchase of a prepaid expense

Answer 25

[D] Prepaid Insurance
[D] GST Clearing
[C] Bank

Question 26

BDA – Expense Incurred

Answer 26

[D] Insurance
[C] Prepaid Insurance

Question 27

BDA – Accrued ELECTRICITY

Answer 27

[D] Electricity
[C] Accrued Electricity

Question 28

Payment in subsequent period

Answer 28

[D] Accrued electricity
[D] Electricity
[D] GST Clearing
[C] Bank

Payment of electricity bill for August / September

Question 29

Balance Day Adjustments

Answer 29

[D] Inventory Loss
[C] Inventory

[D] Rent Expense
[C] Prepaid Rent Expense

[D] Wages
[C] Accrued Wages

Question 30

Depreciation Expense

Answer 30

[D] Depreciation of Van
[C] Accumulated Depreciation of Van

Question 31

Receipt of Loan

Answer 31

[D] Bank
[C] Loan – Company

Question 32

Depreciation Expense

Answer 32

[D] Depreciation of NCA
[C] Accumulated Depreciation of NCA

Question 33

Transferring the Carrying Value

Answer 33

[D] Disposal of Equipment
[C] Equipment
[D] Accumulated depreciation of Equipment
[C] Disposal of Equipment

Question 34

Proceeds on cash sale

Answer 34

[D] Bank
[C] Disposal of Equipment

Question 35

Loss on disposal of non-current asset

Answer 35

[D] Loss on Disposal of NCA
[C] Disposal of NCA

Question 36

Profit on disposal of non-current asset

Answer 36

[D] Disposal of Equipment
[C] Profit on Disposal of Equipment

Question 37

Trade-in and cash purchase of a non-current asset

Answer 37

[D] Disposal of Van
[C] Van
[D] Accumulated depreciation of Van
[C] Disposal of Van
[D] Van
[C] Disposal of Van
[D] Loss on Disposal of Van
[C] Disposal of Van
[D] Van
[D] GST Clearing
[C] Bank

Question 38

Bad debts expense, allowance for doubtful debts

Answer 38

[D] Bad Debts
[C] Allowance for doubtful debts

Question 39

Writing off Bad debt

Answer 39

[D] Allowance for doubtful debts
[C] GST Clearing
[C] Accounts Receivable

Question 40

Cash receipt of unearned revenue

Answer 40

[D] Bank
[C] Unearned rent revenue
[C] GST Clearing

Question 41

BDA – Revenue earned

Answer 41

[D] Unearned rent revenue
[C] Rent revenue

Question 42

Sales of inventory involving a deposit (no GST)

Answer 42

[D] Bank
[C] Unearned Sales

Question 43

Cash sale (following deposit)

Answer 43

[D] Bank
[D] Unearned Sales
[C] Sales
[C] GST Clearing
[D] Cost of Sales
[C] Inventory

Question 44

Credit sale (following deposit)

Answer 44

[D] Accounts Receivable
[D] Unearned Sales
[C] Sales
[C] GST Clearing
[D] Cost of Sales
[C] Inventory

Question 45

BDA – Accrued Revenue

Answer 45

[D] Accrued Interest Revenue
[C] Interest Revenue

Question 46

Receipt in subsequent period

Answer 46

[D] Bank
[C] Accrued Interest Revenue
[C] Interest Revenue

Receipt of interest on term deposit for February – July 2025