A business commences business in June. Its sales account from the general ledger at the end of June is as follows. What will be the brought-down balance at the start of July?
A: CR $1,050
B: DR $1,050
C: DR $950
D: CR $950
A: CR $1,050
B: DR $1,050
C: DR $950
D: CR $950
举一反三
- If a business proprietor pays their personal income into the business bank account, what is the accounting double entry to record the transaction? A: Dr Drawings Cr Cash B: Dr Cash Cr Sales C: Dr Cash Cr Drawings D: Dr Expense Cr Cash
- Ignoring sales tax, which of the following are the correct entries to post the total of the discounts received column in the cash book to the general ledger? A: DR discounts received, CR Purchases B: DR Payables control account, CR Discounts received C: DR Purchases, CR Discounts received D: DR Discounts received, CR Payable control account
- A business discovers that a customer has become bankrupt. The customer owes the business $2,360. If sales tax is 20%, what accounting entries are necessary? A: DR Irrecoverable debts: $2,360, CR Receivables: $2,360 B: DR Irrecoverable debts: $1,888, DR Sales tax: $472, CR Receivables: $2,360 C: DR Irrecoverable debts: $2,360, CR Sales tax: $393.33, CR Receivables: $1,966.67 D: DR Irrecoverable debts: $1,966.67, DR Sales tax: $393.33, CR Receivables: $2,360
- The sales day book total has been undercast by $3,500. What adjustment needs to be made to reconcile the receivables control account to the receivables ledger? A: DR $3,500 to the receivables ledger B: CR $3,500 to the receivables control account C: CR $3,500 to the receivables ledger D: DR $3,500 to the receivables control account
- Alana is not registered for sales tax purpose. She has recently received an invoice for goods for resale which cost $500 before sales tax, which is levied at 15%. The total value was therefore $575. What is the correct entry to be made in Alana's general ledger in respect of the invoice? A: Dr Purchases $500, Dr Sales tax $75, Cr Payables $575 B: Dr Purchases $575, Cr Sales tax $75, Cr Payables $500 C: Dr Purchases $500, Cr Payables $500 D: Dr Purchases $575, Cr Payables $575