Questions

MCD1010 - T3 - 2024 SunSolar - Journal to Ledger Posting.

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Question textSunSolar Ltd sells Solar panels and has recorded the following journals: [table] Date | Details | Debit | Credit Apr 8 | Inventory | 33000 | | Bank | | 33000 Apr 10 | Inventory | 47500 | | Accounts Payable | | 47500 Apr 15 | Inventory | 59500 | | Bank | | 59500 Apr 18 | Accounts Receivable | 72000 | | Sales Revenue | | 72000 | Costs of Goods Sold | 27200 | | Inventory | | 27200 Apr 20 | Bank | 4500 | | Sales Revenue | | 4500 | Costs of Goods Sold | 1800 | | Inventory | | 1800 Apr 21 | Sales Returns | 900 | | Bank | | 900 | Inventory | 360 | | Cost of Goods Sold | | 360 Apr 22 | Accounts Receivable | 12600 | | Sales Revenue | | 12600 | Costs of Goods Sold | 6600 | | Inventory | | 6600 Apr 24 | Accounts Receivable | 6900 | | Sales Revenue | | 6900 | Costs of Goods Sold | 2700 | | Inventory | | 2700 Apr 26 | Inventory | 15200 | | Accounts Payable | | 15200 Apr 28 | Drawings | 1100 | | Inventory | | 1100 Apr 30 | Bank | 6762 | | Discount Expense | 138 | | Accounts Receivable | | 6900 Apr 30 | Accounts Payable | 15200 | | Bank | | 14744 | Discount Income | | 456 [/table] These journals have been posted to some of the ledger accounts and some of the ledger accounts are provided below. Complete the Inventory ledger account for these journals. Bank [table] Date | Details | DR $ | Date | Details | CR $ April 20 | Sales | 4500 | Apr 8 | Inventory | 33000 April 30 | Acc Rec & Disc Exp | 6762 | Apr 15 | Inventory | 59500 | | | Apr 21 | Sales Returns | 900 | | | Apr 30 | Accounts Payable | 14744 | | | | | [/table] Inventory – Complete this ledger account [table] Date | Details | DR $ | Date | Details | CR $ April 8 | Answer 1 Question 1 BankAccounts ReceivableStock of MaterialsInventoryAccounts PayableLoanCapitalDrawingsSales RevenueSales ReturnsDiscount IncomeCosts of Good SoldDiscount Expense | Answer 2 Question 1 | Apr 18 | Answer 3 Question 1 BankAccounts ReceivableStock of MaterialsInventoryAccounts PayableLoanCapitalDrawingsSales RevenueSales ReturnsDiscount IncomeCost of Goods SoldDiscount Expense | Answer 4 Question 1 April 10 | Answer 5 Question 1 BankAccounts ReceivableStock of MaterialsInventoryAccounts PayableLoanCapitalDrawingsSales RevenueSales ReturnsDiscount IncomeCost of Goods SoldDiscount Expense | Answer 6 Question 1 | Apr 20 | Answer 7 Question 1 BankAccounts ReceivableStock of MaterialsInventoryAccounts PayableLoanCapitalDrawingsSales RevenueSales ReturnsDiscount IncomeCost of Goods SoldDiscount Expense | Answer 8 Question 1 Apr 15 | Answer 9 Question 1 BankAccounts ReceivableStock of MaterialsInventoryAccounts PayableLoanCapitalDrawingsSales RevenueSales ReturnsDiscount IncomeCost of Goods SoldDiscount Expense | Answer 10 Question 1 | Apr 22 | Answer 11 Question 1 BankAccounts ReceivableStock of MaterialsInventoryAccounts PayableLoanCapitalDrawingsSales RevenueSales ReturnsDiscount IncomeCost of Goods SoldDiscount Expense | Answer 12 Question 1 Apr 21 | Answer 13 Question 1 BankAccounts ReceivableStock of MaterialsInventoryAccounts PayableLoanCapitalDrawingsSales RevenueSales ReturnsDiscount IncomeCost of Goods SoldDiscount Expense | Answer 14 Question 1 | Apr 24 | Answer 15 Question 1 BankAccounts ReceivableStock of MaterialsInventoryAccounts PayableLoanCapitalDrawingsSales RevenueSales ReturnsDiscount IncomeCost of Goods SoldDiscount Expense | Answer 16 Question 1 Apr 26 | Answer 17 Question 1 BankAccounts ReceivableStock of MaterialsInventoryAccounts PayableLoanCapitalDrawingsSales RevenueSales ReturnsDiscount IncomeCost of Goods SoldDiscount Expense | Answer 18 Question 1 | Apr 28 | Answer 19 Question 1 BankAccounts ReceivableStock of MaterialsInventoryAccounts PayableLoanCapitalDrawingsSales RevenueSales ReturnsDiscount IncomeCost of Goods SoldDiscount Expense | Answer 20 Question 1 | | | | Balance | Answer 21 Question 1 | | 155560 | | | 155560 [/table] Sales Revenue [table] Date | Details | DR $ | Date | Details | CR $ | | | Apr 18 | Accounts Receivable | 72000 | | | Apr 20 | Bank | 4500 | | | Apr 22 | Accounts Receivable | 12600 | | | Apr 24 | Accounts Receivable | 6900 | | | | | | | | | | [/table] Sales Returns [table] Date | Details | DR $ | Date | Details | CR $ April 21 | Bank | 900 | | | | | | | | | | | | | [/table] Cost of Goods Sold [table] Date | Details | DR $ | Date | Details | CR $ Apr 18 | Inventory | 27200 | Apr 21 | Inventory | 360 Apr 20 | Inventory | 1800 | | | Apr 22 | Inventory | 6600 | | | Apr 24 | Inventory | 2700 | | | | | | | | | | | | | [/table]

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We are asked to complete the Inventory ledger by placing the correct debit or credit entries on the dates shown, using the numbers provided in the answer set. Each value corresponds to a line in the Inventory ledger (either a debit to inventory increasing stock or a credit reducing stock). - Apr 8 entry: The Journals show an inventory increase with a debit to Inventory of 33,000 and a credit to Bank of 33,000. In the Inventory ledger, this appears as a debit (DR) of 33,000 on Apr 8, reflecting the addition to stock. Therefore, the first blank should be filled with 33,000. - Apr 10 entry: The journals record an inventory purchase with a debit to Inventory of 47,500 and a credit to Accounts Payable of 47,500. The Inventory ledger will show a debit of 47,500 on Apr 10, increasing inventory. Thus the second blank should be 47,500. - Apr 15 entry: The journa......Login to view full explanation

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