clairegirl
the name's Anne!
Hey accg105 ppl, since I haven't done the practice set.. i thought i'de go through some random things that I've read through about antz pants
Lets all contribute something random about antz pants... hopefully we can get full marks if we all put in the effort to write something random about the shitty practice set.
Proprieter- Jet Jackson
Established 30 Sept 2003
Capital- mostly proceeds from early retirement package
Took out a $80 000 loan from State Bank
June 1 2005- employed
salesman (Danial James)
Bookeeper (Aaron Nolan)
Journals used besides GJ
Sales journal, sales returns journal, purchases journal, purchase returns journal, cash recepits journal, cash payments journal
Info from special journals posted to gen ledger at end but PRIOR to balance day adj
Subsidary ledgers A/c recievable and a/c payable updated daily
Customers
Bogart
Brando
Dungarees
Jeans R Us
Light Gear
Suppliers
Bos Pty Ltd
Jest Jeans Pty Ltd
Rangler Aust Ltd
Inventory- uses the PERIODIC method, and COGS is calculated using the FIFO method.
Credit sales- recorded against each customer at gross price with terms 2/10 n/30
Supplier- Jest Jeans offered Antz Pants 2% commission on all jeans sold
- commission is calculated on the cost price of each sale minus sales returns (commission is recieved in the 1st two weeks of following month.
Credit purchases- freight-in recorded in purchases journal- monthly total of this expense is then posted to the CATAGE INWARDS EXPENSE account
Bank- state bank- prenumbered cash sales invoices... all payments (except petty cash) are made by cheque. After cheque has been signedm Jackson writes PAID on all the supporting documentation so it cannot be submitted for payment a 2nd time (internal control)
Petty cash- uses IMPREST SYSTEM with a gloat of $200, travel cleaning postage
Bad n doubtful debts- the provision for bad and doubful debts is calculated at a rate of 2% of the oustanding accounts recieable balances at the end of Jun/ July
Daniel James (salesman) n Aaron Nolan commenced employment Jun 1 2--4
Paid every SECOND THURSDAY (paid for 10 working days), paid by cheque jul 7 n 21
C'mon guys input some random info about Antz pants?
I swear accounting is such a load of vomit!
Lets all contribute something random about antz pants... hopefully we can get full marks if we all put in the effort to write something random about the shitty practice set.
Proprieter- Jet Jackson
Established 30 Sept 2003
Capital- mostly proceeds from early retirement package
Took out a $80 000 loan from State Bank
June 1 2005- employed
salesman (Danial James)
Bookeeper (Aaron Nolan)
Journals used besides GJ
Sales journal, sales returns journal, purchases journal, purchase returns journal, cash recepits journal, cash payments journal
Info from special journals posted to gen ledger at end but PRIOR to balance day adj
Subsidary ledgers A/c recievable and a/c payable updated daily
Customers
Bogart
Brando
Dungarees
Jeans R Us
Light Gear
Suppliers
Bos Pty Ltd
Jest Jeans Pty Ltd
Rangler Aust Ltd
Inventory- uses the PERIODIC method, and COGS is calculated using the FIFO method.
Credit sales- recorded against each customer at gross price with terms 2/10 n/30
Supplier- Jest Jeans offered Antz Pants 2% commission on all jeans sold
- commission is calculated on the cost price of each sale minus sales returns (commission is recieved in the 1st two weeks of following month.
Credit purchases- freight-in recorded in purchases journal- monthly total of this expense is then posted to the CATAGE INWARDS EXPENSE account
Bank- state bank- prenumbered cash sales invoices... all payments (except petty cash) are made by cheque. After cheque has been signedm Jackson writes PAID on all the supporting documentation so it cannot be submitted for payment a 2nd time (internal control)
Petty cash- uses IMPREST SYSTEM with a gloat of $200, travel cleaning postage
Bad n doubtful debts- the provision for bad and doubful debts is calculated at a rate of 2% of the oustanding accounts recieable balances at the end of Jun/ July
Daniel James (salesman) n Aaron Nolan commenced employment Jun 1 2--4
Paid every SECOND THURSDAY (paid for 10 working days), paid by cheque jul 7 n 21
C'mon guys input some random info about Antz pants?
I swear accounting is such a load of vomit!
