OKAY,
desperato question.
very confused in fact.
For a long time i've been thinking that there could be a deficiency in the question provided, however, seeing that this has appeared in both cambridge and TSFX, im a little bit unsure of myself.
when given a pre-adjustment trial balance
like if there is a drawings figure of, say, $15000.
How do we fill out the ledger account for drawings?
do we just assume it's stock, and not bank? Or vice versa? Or are we actually supposed to be told like in 'additional information' to come to a definitive conclusion.
(also, the fact that the business has a positive bank balance or a bank deficit, doesn't make a difference right?)
Okay and another question.
sometimes it'll say that "Pat paid $5000 in wages on february the 8th. Record this in teh Cash payments Journal" Or something along those lines, and it also gives that there are wages owing (accrued wages)
But i swear they will not tell you how much wages are owing, nor will they tell you the rate at which you pay wages.
is there way to figure out the wages accrued wages figures? Or am i misreading something..
thanks
(sorry i cant give examples, when i do questions and ifnd them, i shall)