The General Journal Chart of accounts Account Account Name No Date Dr Cr 01/01/2

Question

The General Journal Chart of accounts Account Account Name No Date Dr Cr 01/01/2018 Motor Vehicle 132,000 101 Cash 102 Accounts receivable GST Pald Cash Bank Loan 13,200 29,040 116,160 104 office Supplies 111 GST Paid 141 Prepaid Insurance 142 Prepaid Rent 143 Prepaid Interest GST Paid Cash 3,195 35,145 151 Computer equipment 05/01/2018 Drawings 215 152 Accum. Depreciation-Computer Equipment 155 Office Furniture Cash 215 07/01/2018 Inventory GST Paid 17,750 158 Motor vehicle 159 Accum. Depreciation-Motor vehicle 19,525 161 Interest Recelvable 09/01/2018 Wage Expense 222 GST Collected 240 Interest Due 6,049 Cash 6,049 241 Unearned Revenue 242 Wages Payable 243 Utilities Payable 10/01/2018 Cash 3,300 Sales Revenue GST Collected 3,000 300 244 Consulting Fees Payable 251 Bank Loan 252 Notes Payable 301 Capital 302 Drawings 401 Sales Revenue 12/01/2018Cash 28,958 Capital 28,958 3/01/2018Cash 15,950 Sales Revenue GST Collected 14,500 1,450 402 Service Revenue 403 Interest Revenue 501 ICost nfGood Snld

Explanation / Answer

Closing balance of cash account showing negative. Cash account should not be negative. i think opening balances are there for cash account. but in given question didnt mention about opening balance. if it is there you can add to Debit coloumn.

Cash Date Explanation Debit Credit Balance 01/01/2018 Opening balance 01/01/2018 Motor vehicle, GST Paid $ 29,040 $   (29,040) 02/01/2018 Prepaid Rent, GST Paid $ 35,145 $   (64,185) 05/01/2018 Drawings $        215 $   (64,400) 09/01/2018 Wage Expense $    6,049 $   (70,449) 10/01/2018 Sales revenue, GST Collected $    3,300 $   (67,149) 12/01/2018 Capital $ 28,958 $   (38,191) 13/01/2018 Sales revenue, GST Collected $ 15,950 $   (22,241) 15/01/2018 Accounts payable - IOI Supplies Corp $        612 $   (22,853) 17/01/2018 Inventory, GST Paid $    4,400 $   (27,253) 18/01/2018 Service revenue, GST Collected $    1,650 $   (25,603) 22/01/2018 Service revenue, GST Collected $ 18,700 $      (6,903) 29/01/2018 Accounts payable - IOI Supplies Corp $ 99,855 $ (106,758)

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