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Study Design- accrued expenses

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elaine:

--- Quote from: ben4386 on June 10, 2008, 03:32:02 pm ---bank ledger would certainly come into it on the date of payment

                                  Bank

Date Details Amount           Date                                       Details                                 Amount
                                        end of reporting period                Payments                         ($X including the $484)


Accrued Power and Light expense


Date                                       Details             Amount           Date    Details         Amount

end of reporting period             Bank                  $484

    

--- End quote ---

is it supposed to be a debit of 440 to Accrued advertising right?
and then a debit of 44 to GST?


--- Quote from: ben4386 on June 10, 2008, 03:32:02 pm ---             

Ive got a few problems with this answer
1. Why are they debiting advertising and not accrued advertising
2. Why have they said "Which accounts are debited and credited on 5/3/14 " in the question, you only debit and credit accounts in the general ledger at the start and end of the reporting period


--- End quote ---

i'm pretty sure those are errors, A+ is a tad weird at times. not to mention the COMPLETE LACK OF SPACE they give you. seriously. a ledger entry can fit 'stoc...' and that's about it.


--- Quote from: ben4386 on June 10, 2008, 03:32:02 pm ---
3. The whole point of this thread is to known how to record such transactions, I still believe you recognise the GST at the time that the transaction occurs, like debtors and sundry creditors, and the amount you pay is a sundry, I may indeed be wrong but if you record the GST at the time that you pay for it seperately in the GST column then you are adding to the GST paid during this reporting period, when clearly the GST was paid for last reporting period (on credit, think of how debtors and creditors control works, you don't include GST seperately when you receive cash from debtors or pay creditors with cash).

     

--- End quote ---

oo! i get it now, the GST is for the previous period and it would be irrelevant to record it in the GST column.
yay thanks

gta007:
Just wanted to check on this, better safe than sorry.

Doing previous VCAA exams - they had questions like this:

Prepare the General Journal entries required to record the new valuation of buildings.

AFAIK it's not in the study design, though I haven't glanced through it thoroughly. Just want someone else's opinion.  :)

gta007:
Oh since, I'm here, those POINT OF SALES/ POINT OF TRANSFER questions. Not included please!

sheepz:
nah those arent in the course anymore =)

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