WorksheetsAccounting For A Trading Business #1
Total questions: 10
Worksheet time: 5mins
Identify the transaction that matches the general journal entry shown.
Purchased equipment $1100 incl. GST
Purchased supplies $1100 incl. GST on credit
Purchased supplies $1100 incl. GST cash
Purchased supplies $1000 incl. GST cash
Identify the expense below that does not have GST
Electricity
Interest Expense
Insurance
Advertising
Calculate the correct values for Electricity and Bank.
Electricity $2000 and Bank $2200
Electricity $2200 and Bank $2400
Electricity $20 and Bank $220
Electricity $2200 and Bank $2000
All of the following statements are correct, except for?
Businesses can claim back GST on any purchases of supplies and equipment
Businesses owe the ATO GST collected on service fees
GST Clearing can either be an asset or a liability
GST Clearing is always a liability
The entry on May 15 was posted in error. It should have been for insurance, not wages. Identify the entry needed to correct this error.
Dr Insurance $3000, Dr GST Clearing $300 & Cr Wages $3300
Dr Insurance $3300 & Cr Wages $3300
Dr Wages $3300 & Cr Insurance $3300
Dr Bank $3300 & Cr Wages $3300
All of the following statements are correct, except for?
Service businesses purchase supplies
Trading businesses purchase inventories
Service businesses earn trading revenue
Trading businesses earn sales
Purchased supplies on credit from XZE Supplies $4400 incl. GST. Calculate the value of GST.
$40
$400
$440
$444
Given the GST Clearing Ledger account shown, calculate the amount paid for Electricity excluding GST.
$50
$500
$550
$555
Given the GST Clearing Ledger account shown, calculate the amount paid for Supplies including GST.
$15
$165
$1500
$1650
Given the GST Clearing Ledger account shown, calculate the amount paid for Supplies excluding GST.
$10
$110
$1000
$1100
