Question 5: Write the appropriate journal entries for the following.

a.Lots of Fun Pty Ltd purchased $500 of clothing for resale purposes from Sports Clothing Pty Ltd on credit.

Account

Dr Cr

Clothing

Creditors

a.Lots of Fun Pty Ltd received a bill for $200 from Telstra

Account

Dr Cr

Telephone Expenses

Creditors

a.Lots of Fun Pty Ltd paid the fortnightly salary of $2,500 of Joe Toff (Executive Director)

Account

Dr Cr

Salaries

Bank A/c

Question 1: Give examples of what transactions are.

Transaction is when we pay insurance expense or collect cash from customers or purchased vehicle or equipment.

Question 2: When using the more complicated spreadsheet to complete the process, how many columns should there be? Name each of them.

Question 1: Describe three examples of methods of payments

Question 2: Outline 3 examples of organisational and legislative requirements in relation to making and receiving payments.

Question 3: Describe two Privacy Principles for handling personal information and why each is important. https://www.oaic.gov.au/privacy/australian-privacy-principles/australian-privacy-principles-quick-reference/

Question 1: What needs checking within payment documentation?

Question 2: Describe the process of sending payment documentation.

Question 3: Whats the Profit and Loss Account and Balance Sheet for the above business.

ROB AND CHEETEM CONSULTING SERVICES

Trial Balance December 2018

Account Name Debit Credit

Cash 4,000

Accounts receivable 17,000

Supplies 3,000

Equipment 40,000

Accounts payable 9,000

Loan14,000

Accrued interest received375

J. Smith, Capital 39,000

Consulting revenue 60,000

Salary expense46,200

Utility expense 1,800

Misc. expense 1,000

Depreciation expense 4,000

Supplies expense 5,000

Interest expense 375

Totals

Question 1: Explain the principles of double entry bookkeeping.

Question 2: Describe the difference between creditors and debtors.

Question 3: Name four aspects of a process to identify any discrepancies and calculate the correct figures.

Question 4: Describe five legislative and organisational requirements for processing and documenting financial records, including confidentiality.

Question 5: Outline five strategies to ensure that your clients pay on time.