B D E F G H 1 J K L 0 P Q R S T 1 THE BRIGHT SPOT AN ACCOUNTING PRACTICE SET 2 VEEK ONE - TASK 1 3 The Bright Spot is a sole proprietorship that sells lamps and light fittings to tradespeople, on account and to the general public on a cash basis. Your role is the temporary bookkeeper for August. 4 5 tour responsibilities include recording the reversing entries and the monthly transactions, posting, performing month-end procedures, and preparing the financial statements. 6 The Bright Spot uses four specialised journals, a general journal and a general ledger. The July 31 Trial Balance is shown below and those account balances are recorded in the General ledger. 7 NB: CREDIT SALE TERHS are 2/10, 1/30. B August 1: Rec'd supplier invoice from The Rubber Barons for office supplies, $45. terns n30. (Use Gj - Office Supplies are not trading stock) 9 The Bright Spot. Trial Balance 31/7/20XX 10 Current Assets Debit Credit TASK 1 11 Cash 40, 125 Prepare the necessary reversing entries in General Journel forgat. 12 Accounts Receivable 4,725 GENERAL JOURNAL 13 Inventary RRRRRR Date Particulars DR CR 14 Supplies an hand 516 Aug 1 15 Prepaid rent 500 16 Prepaid insurance B00 17 Plant Assets 18 Store Equipment to 18,000 19 Store Equipment Acc. Dp 6,400 20 Office Equipment it cost 4,500 21 Office Equipment Acc. Don 2,500 22 Delivery Truck at cost 23,000 23 Delivery Truck Acc. Don 6,500 24 Liabilities 25 Accounts Payable 36,150 26 Sales Salaries Payable 900 27 Office Salaries Payable 300 28 Telephone Payable 400 29 Electricity Payable 250 30 Owners Equity 31 Capital 32 Dravings 16,000 Note: 33 Incon Suitary On completion af each 'Practice Sct Task ask your teacher for feedback. 34 TOTAL ## ####### 35 36 37 38 Intro. & GJ +