Books of Original Entry and Types of Ledgers ：練習問題

Which of the following books of original entry is used to record all credit purchases of goods for resale?

Consider the following statements regarding ledgers:

I. The Sales Ledger contains individual accounts for all trade receivables.

II. The Purchases Ledger contains individual accounts for all trade payables.

III. The General Ledger contains control accounts for subsidiary ledgers and all other accounts not found in the subsidiary ledgers.

Which of the statements are correct?

A sole proprietorship business, "Fashion Trends", recorded the following events during the month of July:

(i) The owner withdrew $$HKD5,000$$ in cash for personal use.
(ii) Goods originally purchased for $$HKD3,000$$ were taken by the owner for personal use.
(iii) Office equipment, with a cost of $$HKD15,000$$, was purchased on credit from 'Office Supplies Co.'.
(iv) A customer, 'Ms. Lee', who owed $$HKD2,000$$ to "Fashion Trends" was declared bankrupt, and her debt was deemed irrecoverable.

Which of the above events would primarily be recorded in the Journal Proper as their respective books of original entry?

What is the primary function of a ledger in the accounting system?

At the start of an accounting period, a business needs to record its opening balances for assets and liabilities brought forward from the previous period. Which book of original entry is most appropriate for recording these initial entries?

Which book of original entry is specifically used to record all cash received and cash paid by a business?

Identify the specific book of original entry used to record returns outwards to a supplier, and also the ledger where the supplier's individual account would be maintained.

A business regularly uses sales, purchases, cash receipts, and cash payments journals. When the owner contributes a personal asset, such as a vehicle valued at $$ \$50,000 $$, to the business, explain why this transaction would not be recorded in any of these specialized journals and identify the correct book of original entry, clarifying its primary function.

Happy Times Co. had the following transactions:
(a) On 5th March, received $$HK\$2,500$$ in cash from a customer, Mr. Chan, who had previously bought goods on credit.
(b) On 8th March, paid $$HK\$1,800$$ by cheque to a supplier, XYZ Ltd., for goods purchased earlier on credit.

For each transaction, identify the most appropriate book of original entry and briefly explain why it is used.

For each of the following transactions, identify the most suitable book of original entry and the specific ledger accounts (and their respective ledgers, e.g., General Ledger, Sales Ledger, etc.) that would be affected. Specify whether the account is debited or credited.
(a) Provided photography services on credit to Event Planners Ltd. for $$HK\$15,000$$.
(b) Purchased a new computer for office use for $$HK\$8,000$$ in cash.