Q1:

Transaction: On April 1, the business, Count-On-Us Pty Ltd, received prepayment from a customer of $200 for registration to an online accounting conference event to be delivered in July. The cash receipt was recorded as a liability.

Instructions: Record the transaction in the general journal by selecting the correct accounts that are debited and credited. (2 marks)

General Journal

April 1.	[ Select ] ["Select account", "Asset", "Cash", "Accounts Receivable", "Prepaid Insurance", "Prepaid Rent", "Supplies", "Machinery", "Land", "Liability", "Accounts Payable", "Unearned Insurance Revenue", "Loan Payable", "Contributed Capital", "Retained Earnings", "Service Revenue", "Insurance Expense", "Supplies Expense", "Rent Expense", "Wages Expense", "Depreciation Expense"]		$200
		[ Select ] ["Select account", "Asset", "Cash", "Accounts Receivable", "Prepaid Insurance", "Prepaid Rent", "Supplies", "Machinery", "Land", "Liability", "Accounts Payable", "Unearned Revenue", "Loan Payable", "Contributed Capital", "Retained Earnings", "Service Revenue", "Insurance Expense", "Supplies Expense", "Rent Expense", "Wages Expense", "Depreciation Expense"]		$200

Q2

Transaction: On April 2, Count-On-Us Pty Ltd paid $4,000 for rent of an office building for the months of May and June. The payment of rent was recorded as an asset.

Instructions: Record the transaction in the general journal by selecting the correct accounts that are debited and credited. (2 marks)

General Journal

April 2.	[ Select ] ["Select account", "Asset", "Cash", "Accounts Receivable", "Prepaid Rent", "Supplies", "Machinery", "Land", "Liability", "Accounts Payable", "Wages Payable", "Unearned Insurance Revenue", "Loan Payable", "Contributed Capital", "Retained Earnings", "Service Revenue", "Supplies Expense", "Rent Expense", "Wages Expense"]		$4,000
		[ Select ] ["Select account", "Asset", "Cash", "Accounts Receivable", "Prepaid Insurance", "Supplies", "Machinery", "Land", "Liability", "Accounts Payable", "Wages Payable", "Unearned Insurance Revenue", "Loan Payable", "Contributed Capital", "Retained Earnings", "Service Revenue", "Supplies Expense", "Rent Expense", "Wages Expense"]		$4,000

Q3

Transaction: On April 3, Count-On-Us Pty Ltd received a cash payment in the amount of $2,000 for accounting services that were billed (invoiced) for in March.

Instructions: Record the transaction in the general journal by selecting the correct accounts that are debited and credited. (2 marks)

General Journal

April 3.	[ Select ] ["Select account", "Asset", "Cash", "Accounts Receivable", "Supplies", "Prepaid Insurance", "Prepaid Rent", "Land", "Machinery", "Liability", "Accounts Payable", "Wages Payable", "Unearned Revenue", "Loan Payable", "Contributed Capital", "Retained Earnings", "Service Revenue", "Insurance Expense", "Supplies Expense", "Rent Expense", "Wages Expense"]		$2,000
		[ Select ] ["Select account", "Asset", "Cash", "Accounts Receivable", "Supplies", "Prepaid Insurance", "Prepaid Rent", "Land", "Machinery", "Liability", "Accounts Payable", "Wages Payable", "Unearned Revenue", "Loan Payable", "Contributed Capital", "Retained Earnings", "Service Revenue", "Insurance Expense", "Supplies Expense", "Rent Expense", "Wages Expense"]		$2,000