Accounting Question: Record and Post Journal Entries to General Ledger

I have completed the waverider part 2 as required by the student with a grade of 91%. Above is the
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Below is the extract of the answer provided:
Question 1
INSTRUCTIONS:
 In all parts of this question, enter amounts with a comma for thousands and to two
decimal places. For example, enter two thousand as 2,000.00.
 Enter negative amounts using a hyphen. For example, -2,000.00.
 If the balance or total returns to zero, enter 0.00 in the required field.
 If an entry field does not require an answer, leave the field blank.
TIPS:
 To avoid having to scroll up and down the question:
− if printing is enabled, print out the parts (as required)
− if printing is not enabled, copy and paste the required parts into a Word document
and divide your screen between the question and the copied content.
 Save regularly using the 'Save for later' button at the end of each part.
 For assistance regarding account names, click the 'Show list of accounts' button to
view all of the accounts used in this question.
 Predictive text can be used to assist entering the account titles when recording and
posting information in the journals and ledger accounts, simply type in the first few
letters to use the predictive text option.
 Excel templates/working documents have been designed to provide assistance if there
is a preference to work offline and later enter the completed information online to
submit for assessment.
part (e)
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part (e)
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the question if you prefer to work offline. Please note the assessment will still need to be
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Record the chart of account reference number underneath each column to be posted to the
general ledger then post the journal totals to the general ledger. Please note predictive text is
available for the general ledger details fields. When posting totals to the Bank Account
general ledger account from the Cash Payments Journal and the Cash Receipts Journal use the
generic terms 'Payments' and 'Receipts' in the details field. When posting from the sales,
purchases, cash payments and cash receipts journals, you must enter in the details the
opposing debit/credits as per the column headings in the respective journals (e.g. When
posting to Accounts Payable 200 from the Cash Payments Journal, the details field will be
Bank Account/Discount Received/GST Paid (Outlays)).

SALES JOURNAL Page: 10
Date Invoic
e No. Account Term
s
Post
Ref
Hire
Service
Income
Lesson
Income
Freight
Collect
ed
GST
Collected
Accounts
Receivabl
e
Jun
e 7 3358
Sand and
Surf
Holidays
N30 SANH 1,008.18 1,800.00 280.82 3,089.00
1
9 3360 Coastal
Tours
10/10
, N30 COAT 2,016.00 1,080.00 309.60 3,405.60
2
6 3361 Waterworl
d Sports N30 WAT
W 720.00 1,200.00 192.00 2,112.00
3,744.18 4,080.00 782.42 8,606.60
PURCHASES JOURNAL Page: 11
Date Invoic
e No. Account Term
s Post Ref Other Freight
Expense
GST Paid
(Outlays)
Accounts
Payable
June 6 23116
Coastal Surf
and
Waves/Hire
Equipment
(Cost)
5/10,
N30 COSW/170 2,363.64 100.00 246.36 2,710.00
17 2234
Max
Holman/Surf
Instruction
Charges
N7 MAXH/670 1,181.82 118.18 1,300.00
26 9457
Surf
Apparel/Hire
Equipment
(Cost)
N30 SURA/170 1,500.00 50.00 155.00 1,705.00
5,045.46 150.00 519.54 5,715.00
CASH PAYMENTS JOURNAL Page:
12
Debits Credits
Date Account
Cheq
ue
No.
Pos
t
Ref
Accoun
ts
Payable
GST
Paid
(Outlay
s)
Other Bank
Account
Pet
ty
Cas
h
Discoun
t
Receive
d
GST
Paid
(Outlay
s)
Jun
e 4 Telephone [phone].20 376.42
5 Max
Holman 1195 MAX
H 960.00 960.00
1
2
Printing and
Postage PC 655 5.27 52.73 58.0
0
1
2
Surf's Up
Wholesalers 1196 SUR
W 2,400.00 2,400.00
1
2 Drawings 1197 315 3,021.0
0 3,021.00
1 Coastal Surf 1198 COS 2,710.00 2,574.50 123.18 12.32
400 410 210 110
630 140 200

4 and Waves W
1
5
Staff
Amenities PC 675 0.72 26.13 26.8
5
2
0
Motor
Vehicle
Expenses
1199 645 8.00 80.00 88.00
2
4 Petty Cash 1200 84.85
-
84.8
5
2
4
Repairs and
Maintenanc
e
1201 665 32.00 320.00 352.00
2
5
Superannua
tion Payable 1202 230 432.00 432.00
2
8 Cleaning 1203 610 10.00 100.00 110.00
2
8
Wages and
Salaries 1204 690 4,600.0
0
PAYG
Withholding
Payable
220 -540.00 4,060.00
Bank
Charges BS 605 14.70 14.70
Bank Loan BS 280 2,000.0
0 2,000.00
6,070.00 90.21 10,448.
76
16,473.4
7 0.00 123.18 12.32
CASH RECEIPTS JOURNAL
Pag
e:
14
Debits Credits
Date Accoun
t
Pos
t
Ref
Bank
Accoun
t
Discoun
t Given
GST
Collect
ed
Hire
Service
Income
Lesson
Income
Accoun
ts
Receiva
ble
GST
Collect
ed
Othe
r
Jun
e 1
Cash
Sale
#3357
315.30 286.64 28.66
1
0
Sand
and
Surf
Holiday
s
SAN
H 1,320.00 1,320.00
1
7
Hire
Equipm
ent
(Cost)
170 662.00 60.18 601.
82
1
8
Cash
Sale
#3359
1,601.60 256.00 1,200.00 145.60
2
4
Coastal
Beach
Resort
COA
S 2,160.00 2,160.00
200 140 100 420 140

2
8
Coastal
Tours
COA
T 3,065.04 309.60 30.96 3,405.60
9,123.94 309.60 30.96 542.64 1,200.00 6,885.60 234.44 601.
82
GENERAL JOURNAL Page: 20
Date Description Post Ref Debit Credit
June 17 Accumulated Depreciation – Hire Equipment 171 492.00
Hire Equipment (Cost) 170 205.18
Profit on Sale of PPE 440 286.82
(Transfer profit on sale of ex hire equipment to
Randall Smith)
27 Accounts Payable/Surf Apparel 200/SOUF 165.00
Hire Equipment (Cost) 170 150.00
GST Paid (Outlays) 140 15.00
(Adjustment note #9462 from Surf Apparel for
the return of hire equipment)
GENERAL LEDGER
Name: BANK ACCOUNT Acct No.: 100
Date Details Post Ref Debit Date Details Post Ref Credit
Jun
e 1 Balance 14,632.20 Jun
e
Name: PETTY CASH Acct No.: 105
Date Details Post
Ref Debit Date Details Post
Ref Credit
June 1 Balance 200.00
Name: ACCOUNTS RECEIVABLE Acct No.: 110
Date Details Post Ref Debit Date Details Post Ref Credit
Jun
e 1 Balance 5,760.00 Jun
e
Name: PREPAID INSURANCE Acct No.: 120
Date Details Post
Ref Debit Date Details Post
Ref Credit
100 620 210 400 410 110 210
30 Payments CPJ12 16,473.47
30 Receipts CRJ14 9,123.94
30 Receipts CRJ14 6,885.60
30 Hire Service InSJ10 8,606.60