1.
Prepare the voucher register for the February month.
1.
Explanation of Solution
Voucher: A voucher is a pre-numbered document which indicates the authorized approval of payment for a particular acquisition.
Voucher register is a journal that records the voucher once they are approved. Voucher register is also known as book of original entry.
Prepare the voucher register for the February month.
Table (1)
2.
Prepare the voucher register and check register for the March month.
2.
Explanation of Solution
Check register is the journal used to record all the checks, cash payment and outlay of cash during an accounting period. Check register is also known as cash disbursements journal.
Prepare the voucher register for the March month.
Table (2)
Prepare the check register for the March month.
Table (3)
Working note: 1
Calculate the purchase discounts from K Company.
Working note: 2
Calculate the purchase discounts from Mr.J. R S.
Working note: 3
Calculate the purchase discounts from L, Inc.
Working note: 4
Calculate the purchase discounts from M M Company.
3.
Total of the voucher register and check register for the March month.
3.
Explanation of Solution
Total of the voucher register:
Total of the check register:
4.
Show the equality of credit and debit column of voucher register and check register.
4.
Explanation of Solution
Debit: The condensed form of a ledger is referred to as T-account. The left-hand side of this account is known as debit.
Credit: It refers to selling goods and services to the customers on account.
Equality of debits and credits in voucher register:
Equality of debits and credits | |||
Particulars | Debits($) | Particulars | Credits($) |
Purchases | 10,150 | Vouchers payable | 20,673 |
Freight in | 72.00 | ||
Wages payable | $4,985 | ||
other | 5,466 | ||
Total | $20,673 | $20,673 |
Table (4)
Equality of debits and credits in check register:
Equality of debits and credits | |||
Particulars | Debits($) | Particulars | Credits($) |
Vouchers payable | 24,789 | Purchase discounts | 331.56 |
cash | 24,457.44 | ||
Total | $20,673 | $20,673 |
Table (5)
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Chapter 10A Solutions
College Accounting: A Career Approach (with Quickbooks Accountant 2015 Cd-rom)
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