Additional Info

Question 1

Dr and Cr:
Wages and salaries expense of $100 was owing

Answer 1

(E) Dr: WaS exp

(CL) Cr: WaS exp payable

Question 2

Dr and Cr:
Utilities expenses of $100 was prepaid

Answer 2

(CA) Dr: Prepaid Utilities exp

(E) Cr: utilities exp

Question 3

Dr and Cr:
Commission income of $100 was earned but not yet collected

Answer 3

(CA) Dr: CI Receivable

(I) Cr: Commission Income

Question 4

Dr and Cr:
An amount of $100 outstanding from a debtor was deemed to be uncollectible but not yet written
off from the books.

Answer 4

(E) Dr:ILoTR

(CA) Cr:Trade receivables

Question 5

Straight-line method

Answer 5

(Cost x %)

Question 6

Reducing-balance method

Answer 6

(Cost - acc dep) x %

Question 7

What is Trade Receivables

Answer 7

CA

Question 8

What is Trade Payables

Answer 8

CL

Question 9

5% Bank loan. What is the % in the bank loan

Answer 9

(E) Dr: Interest Expense

(CL) Cr: Interest Expense Payable

Question 10

What is Discount allowed

Answer 10

Income

Question 11

What is discount received

Answer 11

Expense