Accounting and Finance

to calculate the cost of overheads

to calculate the cost of production

to calculate the cost of raw materials used

to calculate the prime cost

Debit Smith’s account $30, credit suspense account $30

Debit suspense account $30, credit discount allowed account $30

Debit suspense account $30, credit Smith’s account $30

Debit Smith’s account $30, credit discount allowed account $30

$4,600

$5,750

$6,950

$7,150

increased non-current assets, decreased current liabilities

increased non-current assets, increased current liabilities

increased non-current assets, increased non-current liabilities

decreased non-current assets, increased non-current liabilities

cash book

general journal

sales journal

trial balance

loss $200

loss $ 1800

profit $200

profit $1 800

cheques paid

discount received

goods purchased

purchase returns

purchase ledger balances

rent received in advance

sales ledger balances

wages accrued

bank

carriage inwards

carriage outwards

cash

credit purchases

credit sales

trade payables

trade receivables