ACC201 Financial Accounting: General Ledger Practice Set and Solution

This document presents a solved general ledger practice set, likely related to a financial accounting course (ACC201). It includes pre-adjusting trial balance information with various accounts such as Cash at Bank, Short-term Investments, Accounts Receivable Control, Inventory, and others. The practice set covers transactions recorded in journals and ledgers, including sales, purchases, returns, and cash receipts and payments. The document provides debit and credit balances for each account as of June 30th, offering a comprehensive overview of the accounting cycle's initial stages. Desklib is a valuable resource for students seeking similar solved assignments and study materials.

08/02/2018 Practice set information
https://www.perdisco.com/resources/html/scenario/accPS3popup2ab.html 1/7
GENERAL LEDGER PRE ADJUSTING
Account: Cash at Bank
Account No. 100
Date Description Ref. Debit Credit Balance
May 31 Balance 96,668 DR
Jun 30 Total from cash receipts journal CRJ 277,360 374,028 DR
Jun 30 Total from cash payments journal CPJ 228,806 145,222 DR
Jun 30 Unadjusted Balance 145,222 DR
Account: Short-term Investments
Account No. 102
Date Description Ref. Debit Credit Balance
May 31 Balance 25,000 DR
Jun 30 Unadjusted Balance 25,000 DR
Account: ARC - Accounts Receivable Control
Account No. 110
Date Description Ref. Debit Credit Balance
May 31 Balance 64,441 DR
Jun 13 Sales return from Hypertronics GJ 3,960 60,481 DR
Jun 30 Total from sales journal SJ 167,937 228,418 DR
Jun 30 Total from cash receipts journal CRJ 63,750 164,668 DR
Jun 30 Unadjusted Balance 164,668 DR
Account: Interest Receivable
Account No. 112
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Unadjusted Balance 0
Account: Inventory
Account No. 120
Date Description Ref. Debit Credit Balance
May 31 Balance 180,070 DR
Jun 13 Sales return from Hypertronics GJ 2,000 182,070 DR
Jun 21 Purchase return to Moon Megasystems GJ 3,900 178,170 DR
Jun 30 Total from sales journal SJ 83,310 94,860 DR
Jun 30 Total from purchases journal PJ 45,650 140,510 DR
Jun 30 Total from cash receipts journal CRJ 118,540 21,970 DR
Jun 30 Total from cash payments journal CPJ 54,840 76,810 DR

08/02/2018 Practice set information
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Jun 30 Unadjusted Balance 76,810 DR
Account: Office Supplies
Account No. 130
Date Description Ref. Debit Credit Balance
May 31 Balance 2,144 DR
Jun 30 Unadjusted Balance 2,144 DR
Account: GST Outlays
Account No. 135
Date Description Ref. Debit Credit Balance
May 31 Balance 11,147 DR
Jun 21 Purchase return to Moon Megasystems GJ 390 10,757 DR
Jun 30 Total from purchases journal PJ 4,565 15,322 DR
Jun 30 Total from cash payments journal CPJ 5,841 21,163 DR
Jun 30 Total from cash payments journal CPJ 30 21,133 DR
Jun 30 Unadjusted Balance 21,133 DR
Account: Prepaid Rent
Account No. 140
Date Description Ref. Debit Credit Balance
May 31 Balance 1,200 DR
Jun 15 Prepaid rent CPJ 2,400 3,600 DR
Jun 30 Unadjusted Balance 3,600 DR
Account: Prepaid Advertising
Account No. 141
Date Description Ref. Debit Credit Balance
May 31 Balance 6,000 DR
Jun 30 Unadjusted Balance 6,000 DR
Account: Prepaid Insurance
Account No. 142
Date Description Ref. Debit Credit Balance
May 31 Balance 3,250 DR
Jun 30 Unadjusted Balance 3,250 DR
Account: Cash Registers
Account No. 150
Date Description Ref. Debit Credit Balance
May 31 Balance 7,000 DR
Jun 30 Unadjusted Balance 7,000 DR

08/02/2018 Practice set information
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Account: Accum Depn: Cash Registers
Account No. 151
Date Description Ref. Debit Credit Balance
May 31 Balance 1,757 CR
Jun 30 Unadjusted Balance 1,757 CR
Account: Store Fixtures
Account No. 160
Date Description Ref. Debit Credit Balance
May 31 Balance 39,000 DR
Jun 30 Unadjusted Balance 39,000 DR
Account: Accum Depn: Store Fixtures
Account No. 161
Date Description Ref. Debit Credit Balance
May 31 Balance 11,420 CR
Jun 30 Unadjusted Balance 11,420 CR
Account: APC - Accounts Payable Control
Account No. 210
Date Description Ref. Debit Credit Balance
May 31 Balance 77,809 CR
Jun 21 Purchase return to Moon Megasystems GJ 4,290 73,519 CR
Jun 30 Total from purchases journal PJ 50,215 123,734 CR
Jun 30 Total from cash payments journal CPJ 106,640 17,094 CR
Jun 30 Unadjusted Balance 17,094 CR
Account: Wages Payable
Account No. 220
Date Description Ref. Debit Credit Balance
May 31 Balance 6,500 CR
Jun 4 Paid staff wages CPJ 6,500 0
Jun 30 Unadjusted Balance 0
Account: Electricity Payable
Account No. 221
Date Description Ref. Debit Credit Balance
May 31 Balance 1,225 CR
Jun 10 Paid electricity bill CPJ 1,170 55 CR
Jun 30 Unadjusted Balance 55 CR

08/02/2018 Practice set information
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Account: Water Payable
Account No. 222
Date Description Ref. Debit Credit Balance
May 31 Balance 110 CR
Jun 30 Unadjusted Balance 110 CR
Account: Interest Payable
Account No. 225
Date Description Ref. Debit Credit Balance
May 31 Balance 220 CR
Jun 30 Unadjusted Balance 220 CR
Account: GST Collections
Account No. 240
Date Description Ref. Debit Credit Balance
May 31 Balance 19,577 CR
Jun 13 Sales return from Hypertronics GJ 360 19,217 CR
Jun 30 Total from sales journal SJ 15,267 34,484 CR
Jun 30 Total from cash receipts journal CRJ 46 34,438 CR
Jun 30 Total from cash receipts journal CRJ 19,390 53,828 CR
Jun 30 Unadjusted Balance 53,828 CR
Account: Bank Loan Payable
Account No. 250
Date Description Ref. Debit Credit Balance
May 31 Balance 44,000 CR
Jun 30 Unadjusted Balance 44,000 CR
Account: Share Capital
Account No. 300
Date Description Ref. Debit Credit Balance
May 31 Balance 50,000 CR
Jun 30 Unadjusted Balance 50,000 CR
Account: Retained Earnings
Account No. 301
Date Description Ref. Debit Credit Balance
May 31 Balance 223,302 CR
Jun 30 Unadjusted Balance 223,302 CR
Account: Profit and Loss Summary
Account No. 310

08/02/2018 Practice set information
https://www.perdisco.com/resources/html/scenario/accPS3popup2ab.html 5/7
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Unadjusted Balance 0
Account: Sales Revenue
Account No. 400
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Total from sales journal SJ 152,670 152,670 CR
Jun 30 Total from cash receipts journal CRJ 193,900 346,570 CR
Jun 30 Unadjusted Balance 346,570 CR
Account: Sales Returns and Allowances
Account No. 401
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 13 Sales return from Hypertronics GJ 3,600 3,600 DR
Jun 30 Unadjusted Balance 3,600 DR
Account: Discount Received
Account No. 402
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Total from cash payments journal CPJ 300 300 CR
Jun 30 Unadjusted Balance 300 CR
Account: Interest Revenue
Account No. 403
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Interest received from the bank CRJ 826 826 CR
Jun 30 Unadjusted Balance 826 CR
Account: Cost of Sales
Account No. 500
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 13 Sales return from Hypertronics GJ 2,000 2,000 CR
Jun 30 Total from sales journal SJ 83,310 81,310 DR
Jun 30 Total from cash receipts journal CRJ 118,540 199,850 DR
Jun 30 Unadjusted Balance 199,850 DR

08/02/2018 Practice set information
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Account: Advertising Expense
Account No. 511
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Unadjusted Balance 0
Account: Wages Expense
Account No. 516
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Total from cash payments journal CPJ 45,134 45,134 DR
Jun 30 Unadjusted Balance 45,134 DR
Account: Rent Expense
Account No. 540
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Unadjusted Balance 0
Account: Electricity Expense
Account No. 541
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Unadjusted Balance 0
Account: Water Expense
Account No. 542
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Unadjusted Balance 0
Account: Insurance Expense
Account No. 543
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Unadjusted Balance 0
Account: Office Supplies Expense
Account No. 544
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Unadjusted Balance 0

08/02/2018 Practice set information
https://www.perdisco.com/resources/html/scenario/accPS3popup2ab.html 7/7
Account: Salary Expense
Account No. 545
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Paid salary CPJ 6,600 6,600 DR
Jun 30 Unadjusted Balance 6,600 DR
Account: Depn Expense: Cash Registers
Account No. 560
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Unadjusted Balance 0
Account: Depn Expense: Store Fixtures
Account No. 561
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Unadjusted Balance 0
Account: Interest Expense
Account No. 571
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Unadjusted Balance 0
Account: Bank Charges
Account No. 572
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Transaction fee CPJ 11 11 DR
Jun 30 Unadjusted Balance 11 DR
Account: Discount Allowed
Account No. 573
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Total from cash receipts journal CRJ 460 460 DR
Jun 30 Unadjusted Balance 460 DR