Question

Analyze these transactions ( say which account to debit and which account to credit with the amount)

⃝           Cheque Copy #170                                        Dated January 18/xx

               To Design n’ Wear, $1,600 in payment of account. Reference invoice #DW-6299.

⃝           Funds Received Form #FR-11-8                  Dated January 20/xx

               Record $60,400 in pledges to sponsor participants from sponsor forms submitted. Create a new     group account 1180 Donations Receivable. (HINT: Cr. Revenue: Sponsors).

⃝           Cash Purchase Invoice #DP-34982             Dated January 20/xx

               From Domino Pizza, $565 for pizza and soft drinks for volunteers. Invoice paid from Cash on               Hand. (HINT: Charge Pizza expense to Miscellaneous Expense).

Session Date – Jan 28, 20xx

⃝           Funds Received Form #FR-11-9                  Dated January 27/xx

Cash and cheques received from third and fourth weekends of event. Create a new Group account 4180 Revenue: Photos

                              Admissions for patrons                                 $22,320

                              Sale of snack foods and drinks                       13,360

                              Sale of T-shirts                                                     5,000

                              Sale of surprise bags                                           3,500

                              Photo sales                                                            7,800

               Total of cash and cheques received were deposited in Bank: HOOPS

              

⃝           Funds Received Form #FR-11-10               Dated January 27/xx      

Record $161,000 in pledged from sponsor forms submitted by participants to sponsor the        participants.

⃝          Cash Purchase Invoice #DP-39168             Dated January 27/xx

               From Domino Pizza, $723.20 for pizza and soft drinks for volunteers. Invoice paid from Cash on     Hand.

⃝         Cheque Copy #171                                        Dated January 27/xx

               To Leanna Alexander, $2,000 for winning a contest. Create a new Group account 5430      Tournament Prizes.

⃝           Memo #3                                                         Dated January 27/xx

               Adjustments to inventory required for sale events:

                              Cost of T-shirts sold                                       $3,500

                              Cost of food items sold                                8,460

                              Cost of surprise bag items sold                  1,000

               Donated items are not included in these costs.

⃝           Cheque Copy #172                                        Dated January 28/xx

               To Althea Brooks, manager, $4,000 for wages for month.

Session Date – Jan 31, 20xx

⃝           Cheque Copy #173                                        Dated January 29/xx

               To Design n’ Wear, $2,468 in payment of account. Reference invoice #DW-9493.

Answer 1

In case, more than 4 questions are asked. Answers for only first four is provided:

Please find below the journal entries:

Date	Ledger Name		Debit	Credit
18/xx	Design n' wear a/c	dr	$1,600
	To Bank a/c			($1,600)
	(Paid to Design n' wear on account)
20/xx	Donations Receivable a/c	dr	$60,400
	To Revenue: Sponsors			($60,400)
	(Donations receivable from sponsor participants)
20/xx	Miscellaneous expenses a/c	dr	$565
	To Cash a/c			($565)
	(Dominos pizza purchased on cash)
27/xx	Bank a/c	dr	$51,980
	To Revenue: Admission of patrons			($22,320)
	To Revenue: Snacks food and drinks			($13,360)
	To Revenue: Sale of T shirts			($5,000)
	To Revenue: Sale of Surprise bags			($3,500)
	To Revenue: Photos			($7,800)
	(money received in cash and cheques deposited)