Technology and Accounting Processes Question and Answer 2022

Running head: TECHNOLOGY AND ACCOUNTING PROCESSES
Technology and Accounting Processes
Name of the Student
Name of the University
Author Note

1
TECHNOLOGY AND ACCOUNTING PROCESSES
Table of Contents
Answer to Question 1.....................................................................................................2
Answer to Question 2.....................................................................................................2
Answer to Question 3.....................................................................................................4
Answer to Question 4.....................................................................................................5
Answer to Question 5.....................................................................................................7

2
TECHNOLOGY AND ACCOUNTING PROCESSES
Answer to Question 1
Purchases Journal
Date Account Credited Terms Invoice DatePost Ref. Amount
Jul-05 Corma Ltd 2/10,n/60 06-Jul 4400
20-Jul Lynwood Ltd 1/10,n/30 20-Jul 5390
9790
Sales Journal
Date Account Debited Terms Invoice DateInvoice NumberAmount
13-Jul M. Biller 1/10,n/30 1 9020
16-Jul O. Mowen 1/10,n/30 2 5170
29-Jul J. Rowls 1/10,n/30 3 4400
18590
Cash Receipts Journal
Date Account Credited PR Explanation Cash Dr. Sales Discount Dr. Accounts Receivable Cr.Sales Cr. Other accounts Cr.
15-Jul Cash Sales Cash Sales 3740 3740
23-Jul M. Biller Sales 8929.8 8929.8
26-Jul O.Mowen Sales 2940.3 2940.3
31-Jul Cash Sales Cash Sales 2145 2145
Cash Payments Journal
Date Account Debited Terms Cheque No.Cash Cr. Purchases Dr. Accounts Payable Dr. Other accounts debited
01-Jul Land and Building - 101 33000 33000
06-Jul Insurance Policy 102 792 792
08-Jul Purchases 103 5500 5500
15-Jul Tummult 104 3520 3520
16-Jul Salaries 105 2650 2650
29-Jul Electricity Expenses 106 220 220
29-Jul Lynwood 107 5336.1 5336.1
31-Jul Salaries 108 2850 2850
31-Jul Office Supplies 109 330 330
54198.1
General Journal
Date Particulars Date Particulars
1.7.19 Cash 60000
Capital 60000
2.7.19 Purchases 7480
Furniture 7480
9.7.19 Tumult Ltd. 880
Purchase Returnsq 880
22.7.19 Office Expenses 143
Accounts Payable 143
23.7.19 Sales Returns 2200
O. Mowen 2200
Accounts Receivable Control a/c
Date Particulars Amount Amount
31.7 Balance 15671.7
Answer to Question 2
Particulars Amount Amount
Net Operating Profit 54000
Additions to Profit