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Home / Questions / Bill Bungee opened Bungee Jumping Enterprises and also sold jumping accessories. The syno

Bill Bungee opened Bungee Jumping Enterprises and also sold jumping accessories. The syno

 Bill Bungee opened Bungee Jumping Enterprises and also sold jumping accessories. The synoptic journal for Bungee has the following headings with appropriate columns for indicating debits and credits Explanation, Sundry, Cash, Accounts Receivable, Accounts Payable, Purchases and Sales.

 

The following is a partial chart of accounts of Bungee Jumping Enterprises:

 

111 Cash211Accounts Payable

112 Accounts Receivable 212GST Payable

113GST Receivable311Bungee, Capital

115 Prepaid Insurance 411Sales

121 Equipment 513Purchases

515Insurance Expense

 

Indicate in the form below, the account numbers and the debit and credit amounts for the following transactions under the accrual basis.

 

DebitCredit

Account Amount AccountAmount

__111______$9______311_____$12__ 0. Bungee invested $9 cash and $3

__121______$3___________________     of equipment in the business, no GST.

________________________________ a. Paid insurance for two years in advance $2,

________________________________ no GST.

________________________________ b. Purchased on account jumping accessories

________________________________     for resale to customers $5, plus GST $1.

________________________________ c. Collected from bungee jumping cash customers $6,

________________________________ plus GST $2.

________________________________d.Sold products to customers on account $2, plus

________________________________ GST $1.

________________________________ e. Collected from customers charged in (d) $3.

________________________________ f. Paid on account (b) $3.

________________________________g.One year of the two-year policy purchased in (a)

________________________________   expired.

 

 

21) Discuss the purpose of synoptic/synoptic journals and describe some of their features.

Dec 06 2019 View more View Less

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