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    Exercise For Chapter 4

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    Phan Thi Van Anh
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    Exercise For Chapter 4

    Uploaded by

    Phan Thi Van Anh
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    Exercise-for-Chapter-4

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    Exercise For Chapter 4

    Uploaded by

    Phan Thi Van Anh
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    © All Rights Reserved
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    Exercise 1: You have the following information for Mr Vuong’s store for fiscal year 20X0:

    January:
    1st, Signed a 6-month rental contract for the store ($500 per month and pay full in advance) and
    bought $500 of supplies (cash paid).
    3rd Purchased a vehicle for $8,000 on credit.
    5th Purchased goods for $5,000 on credit.
    6th Sold goods for $11,000 and received cash (the amount of good originally costs $6,000).
    8th Borrowed $9,000 cash from the bank.
    16th: Paid for the vehicle in cash ( $5,000).
    17th Invested more $5,000 in cash to the business.
    26th Purchased goods for $4,000 in cash.
    27th Sold goods (which originally cost $3,000) for $1,500 on credit.
    31st Vehicle’s depreciation was estimated at $80.
    Additional information:
    The beginning balances of the month were:
    Cash $10,000
    Inventory $3,000
    AP $3,000
    Loans $4,000
    Vuong’s Equity $6,000
    The amount of supplies still on hand at the end of the month was valued at $200
    Requirement:
    Journalise the transactions in January and answer the following questions:
    1. What is the closing balance of the COGS Account at the end of Jan?
    2. What is the closing balance of the Cash Account at the end of Jan?
    3. What is the vehicle's NBV (Net Book Value) at the end of Jan?
    4. What is the closing amount of the Owner’s Equity as of 31st Jan?

    Exercise 2: You have the following information for FL’s company for fiscal year 20X0:
    January:
    1st Signed a 12-month rental contract for the company ($2,000 per month and pay full in advance)
    3rd purchased goods for $8,000 in cash.
    3rd Purchased supplies for $1000 in cash.
    4th Bought machine on credit, $10,000.
    6th Sold goods $12,000 and received cash (the amount of good originally costs $5,000).
    7th Borrowed $9,000 cash from the bank.
    17th Invested more $18,000 in cash to the business.
    27th Sold goods (which originally cost $6,000) for $3,000 on credit.
    31st Machine’s depreciation was estimated at $50.
    Additional information:
    The beginning balances of the month were:
    Cash $20,000
    Inventory $10,000
    Account Payable $10,000
    Loans $6,000
    Capital $14,000
    The amount of supplies still on hand at the end of the month was valued at $300
    Requirement:
    Journalise the transactions in January and answer the following questions:
    1. What is the closing balance of the COGS Account at the end of Jan?
    2. What is the closing balance of the Cash Account at the end of Jan?
    3. What is the vehicle's NBV (Net Book Value) at the end of Jan?
    4. What is the closing amount of the Owner’s Equity as of 31st Jan?
    5. Use the worksheet to prepare BS, PL

    Exercise 3: You have the following information for FL’s company for fiscal year 20X0:
    January:
    1st, Invest 40,000 in cash in the business
    1st Signed a 12-month rental contract for the company ($1000 per month and pay at the end of the
    contract)
    1st Paid in advance for annual insurance, $6,000
    1st Borrowed $9,000 cash from the bank and paid interest at the end of each month, $40/month
    3rd Purchased goods at the cost of $5,000 on credit.
    3rd Purchased supplies by cash, $800
    4th Bought machine on account, $10,000.
    6th Sold goods $10,000 and received cash (the amount of good originally costs $5,000).
    17th Owner withdrawn capital, $4,000
    26th Purchased goods for $8,000 in cash
    27th Sold goods (which originally cost $6,000) $3,000 and received half the amount by cash.
    31st Machine’s depreciation was estimated at $50.
    Additional information:
    The beginning balances of the month were:
    Cash $20,000
    Inventory $10,000
    Trade Payable $10,000
    Bank Payable $6,000
    Owner’s Equity $14,000
    The amount of supplies still on hand at the end of the month was valued at $200
    Requirement:
    Journalise the transactions in January and answer the following questions:
    1. What is the closing balance of the COGS Account at the end of Jan?
    2. What is the closing balance of the Cash Account at the end of Jan?
    3. What is the vehicle's NBV (Net Book Value) at the end of Jan?
    4. What is the closing amount of the Owner’s Equity as of 31st Jan?

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