BUSINESS SCHOOL Question 2 Match the most suitable option. No option is used twice. Not yet answered Marked out of Chart of Accounts 14.00 Fag question GST equals Terms Choose... Choose... Choose... Account Choose... "On account" usually refers to a transaction on Choose... If assets total $75,000 and Owners Equity is $25,000, what is Liabilities? Choose... To calculate GST when given the GST exclusive amount, you Choose COGS for a sale of $50,000 with a 25% GP margin is Choose Trial Balance Choose A "T" in the posting column means the transaction has been posted to the Choose... The General Ledger is usually posted to Choose.... Subsidiary ledgers are usually posted to Choose Collection of accounts Choose.... Calculate total invoice amount for a purchase of 100 units at $113.64 (GST exc). Round to nearest whole dollar. Choose Acknowledgement of Country UNE BUSINESS SCHOOL ? Fred Flintstone 39,270 0 3,570 35,700 25.500 A discount will only come about if the payment is received within the time period specified by the terms of the transaction. In this case they were 10/10 which means the customer must pay within 10 days in order to qualify for a 10% discount Yeti Pty Ltd employed a trainee to fill in for you whilst they were on holidays. Upon your return you discovered that whilst the special journals were completed there were no postings to the subsidiary and general ledgers. You must now post the following Purchases and Cash Payments Journals into the Subsidiary and General Ledgers. All answers are numbers which consist only of the digits 0 to 9. Symbols or punctuation marks should NOT be incorporated in answers. The only exception is dates which should be in the format dd/mm/yy-2 digits for the day, month and year (eg 01/06/14) Use a "T" for posting. Purchases Journal (P1) Date Account Credited Terms post Ref Accounts Payable Inventory GST 08/06/14 Powder Coat Supplies Nil T 3 22000 20000 2000 15/06/14 Nuts and Bolts Nit T 11000 10000 1000 Total 33000 30000 3000