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
Indicate in the form below, the account numbers and the debit and credit amounts for the following transactions under the accrual basis.
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)
21) Discuss the purpose of synoptic/synoptic journals and describe some of their features.
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