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G - Learning Unit 3 - Quiz 3 - Attempt Review123

The document is a review of a quiz taken on March 13, 2025, where the participant scored 31 out of 32 marks, achieving a grade of 96.88%. It includes a series of transactions related to JT Traders, a general dealer, requiring the identification of debited and credited accounts along with their classifications. The quiz assesses knowledge on accounting principles, particularly regarding inventory and financial transactions.

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61 views2 pages

G - Learning Unit 3 - Quiz 3 - Attempt Review123

The document is a review of a quiz taken on March 13, 2025, where the participant scored 31 out of 32 marks, achieving a grade of 96.88%. It includes a series of transactions related to JT Traders, a general dealer, requiring the identification of debited and credited accounts along with their classifications. The quiz assesses knowledge on accounting principles, particularly regarding inventory and financial transactions.

Uploaded by

adonai.daniels
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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3/13/25, 7:51 AM G - Learning Unit 3: Quiz 3: Attempt review

FAC1501-25-S1  Learning Unit 3  G - Learning Unit 3: Quiz 3

QUIZ

Started on Thursday, 13 March 2025, 7:38 AM


State Finished
Completed on Thursday, 13 March 2025, 7:51 AM
Time taken 13 mins 1 sec
Marks 31.00/32.00
Grade 96.88 out of 100.00

https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=24377427&cmid=1095633 1/2
3/13/25, 7:51 AM G - Learning Unit 3: Quiz 3: Attempt review

Question 1

Partially correct

Mark 31.00 out of 32.00

JT Traders is a general dealer. JT Traders is not a registered VAT vendor and applies the perpetual stock method. (When
using the perpetual inventory system all inventory purchased is recorded in the inventory account and when it is sold the cost
price of the inventory is recorded in the cost of sales account and the inventory account. You will learn more about the topic
in Learning Units 6 and 7.) The following transactions by JT Traders occurred during January 2025:

1. The owner increased his capital contribution by depositing an additional R50 000 into the entity's current bank account.

2. Stationery was purchased on credit from XYZ Stationers for R6 000.

3a. Goods to the value of R6 800 were sold on credit.

3b. Cost price of goods sold (refer to 3a) is R5 440.

4. The water and electricity account of R1 000 was paid with an EFT

5. A debtor paid R500 in part settlement of his account.

6. XYZ Stationers, a creditor, was paid with an EFT to the amount of R1 800.

7. A tenant paid R4 500 for renting a part of the premises and a receipt was issued to her.

Required:

Identify the account debited and the account credited for each transaction and indicate whether the account will be classified
as an asset, liability, equity, income or expense.

Account to be debited Classification of account Account to be credited Classification of account


to be debited to be credited
1
Bank Current asset Capital Equity

   
2
Stationery Expense Trade payables control Current liability

   
3a
Trade receivables control Current asset Sales Income

   
3b
Cost of sales  Expense Inventory  Current asset

 
4
Water and electricity Expense Bank Current asset

   
5
Bank Current asset Trade receivables control Current asset

   
6
Other payables control Current liability Bank Current asset

   
7
Bank Current asset Rent received Income

   

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