Accounting Journalising and Ledger

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What is the total amount of cash contributed by the owner during June 2024?

$630,000 (correct)

$630000 plus the value of the neon sign

$630,000 minus the value of the office furniture

$600,000

What is the cash balance as at 30 June 2024?

$134,110 (correct)

$600,000 minus total expenses

$134,110 plus the value of the neon sign

$114,110

What is the correct general ledger account to debit when recording the purchase of office furniture?

Office Equipment Account

Assets Account

Furniture Account (correct)

Office Furniture Expense

What is the purpose of preparing a Trial Balance?

To ensure the debits equal credits Signup and view all the answers

What is the normal balance of the Cash Account?

Debit Signup and view all the answers

What is the purpose of posting journal entries to the general ledger?

To update the ledger accounts Signup and view all the answers

What is the likely presentation of work that shows a well-developed understanding of the income statement?

Extremely well-organised; logical format that was easy to follow Signup and view all the answers

What is the characteristic of a work that shows little understanding of the Statement of Changes in Equity?

Choppy and confusing; difficult to follow Signup and view all the answers

What is the consequence of not being able to prepare a balance sheet?

Shows little understanding of balance sheet Signup and view all the answers

What is the characteristic of a work that shows a good understanding of the income statement?

Somewhat organised and thoughtful presentation Signup and view all the answers

What is the likely outcome of a work that shows no errors in the Statement of Changes in Equity?

Extremely well-organised; logical format that was easy to follow Signup and view all the answers

What is the characteristic of a work that shows a well-developed understanding of the balance sheet?

Perfectly presented with no errors Signup and view all the answers

What characterizes a student's journal entries that demonstrate a well-developed understanding of the principles of journalising?

No errors in journalising Signup and view all the answers

What is characteristic of a ledger that shows a good understanding of Ledger accounts?

Few errors in posting Signup and view all the answers

What distinguishes a trial balance that shows a well-developed understanding of Trial Balance?

No errors Signup and view all the answers

What is a characteristic of a ledger that shows little understanding of Ledger accounts?

Many errors in posting Signup and view all the answers

What characterizes a trial balance that shows little understanding of Trial Balance?

Many errors Signup and view all the answers

What is a feature of a ledger that is extremely well organised?

Logical format that is easy to follow Signup and view all the answers

Accounting Journalising and Ledger

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Questions and Answers

What is the total amount of cash contributed by the owner during June 2024?

What is the cash balance as at 30 June 2024?

What is the correct general ledger account to debit when recording the purchase of office furniture?

What is the purpose of preparing a Trial Balance?

What is the normal balance of the Cash Account?

What is the purpose of posting journal entries to the general ledger?

What is the likely presentation of work that shows a well-developed understanding of the income statement?

What is the characteristic of a work that shows little understanding of the Statement of Changes in Equity?

What is the consequence of not being able to prepare a balance sheet?

What is the characteristic of a work that shows a good understanding of the income statement?

What is the likely outcome of a work that shows no errors in the Statement of Changes in Equity?

What is the characteristic of a work that shows a well-developed understanding of the balance sheet?

What characterizes a student's journal entries that demonstrate a well-developed understanding of the principles of journalising?

What is characteristic of a ledger that shows a good understanding of Ledger accounts?

What distinguishes a trial balance that shows a well-developed understanding of Trial Balance?

What is a characteristic of a ledger that shows little understanding of Ledger accounts?

What characterizes a trial balance that shows little understanding of Trial Balance?

What is a feature of a ledger that is extremely well organised?

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