Bookkeeping Test

Referring to the image below, what is the GST Exclusive amount?

• $3.60
• $0.24
• $3.36
• $1.80

I purchased $500 worth of office supplies from a non-GST registered vendor. Payment was required before the items were sent. The invoice was sent on 14 June, I made payment on 17 June, and the goods arrived on 20 June. Which of the following journal entries is correct?

• 20 June: Dr Office Supplies $500, Cr Accounts Payable $500
• 14 June: Dr Office Supplies $500, Cr Accounts Payable $500
• 17 June: Dr Bank $500, Cr Office Supplies $500
• 14 June: Dr Office Supplies $500, Cr Bank $500

In the Chart of Accounts, Prepayments is generally a:

• Expense
• Asset
• Liability
• Revenue

I purchased a full year software subscription for Loom for $2,400 from 1 August 2023 to 31 July 2024. What balances would I expect to see in the Year End accounts as at 31 December 2023?

• Prepayment: $600, Subscriptions: $1,800
• Prepayment: $1,000, Subscriptions: $1,400
• Prepayment: $1,400, Subscriptions: $1,000
• Prepayment: $2,400, Subscriptions: $0

I needed to fix the office air-con and arranged for a repair service. The repairman came and fixed the air-con unit on 2 February and issued the invoice the same day for $150. I paid the invoice on 11 February. What is the correct journal entry to record the payment?

• 11 Feb: Dr Bank $150, Cr Accounts Payable $150
• 11 Feb: Dr Bank $150, Cr Repairs and Maintenance $150
• 11 Feb: Dr Repairs and Maintenance $150, Cr Bank $150
• 11 Feb: Dr Accounts Payable $150, Cr Bank $150

In the Chart of Accounts, Dividends issued by the company are generally:

• Equity
• Other Income
• Expense
• Assets

On 12 March I purchased a MacBook Air for $2,199 to be depreciated over 3 years. I am paying instalments of $91.63/month for 24 months with 0% interest. What journal entry do I need to record this purchase initially?

• 12 Mar: Dr Computer Expense $91.63, Cr Loan $91.63
• 12 Mar: Dr Fixed Assets $2,199.00, Cr Bank $2,199.00
• 12 Mar: Dr Fixed Assets $2,199.00, Cr Loan $2,199.00
• 12 Mar: Dr Depreciation $91.63, Cr Bank $91.63

For the laptop in the question above, what is the monthly depreciation under the straight line method?

• $91.63
• $21.99
• $61.08
• $183.25

My company is GST registered and being audited for the financial year end 31 Dec 2023. We agreed on the quote of $5,000 (excl. GST 8%) on 20 Nov 2023 but the invoice will only be dated once the audit is completed some time in March 2024. What adjustments should be made if any?

• 31 Dec 2023: Dr Audit Fees $5,000, Cr Accruals $5,000
• 31 Dec 2023: Dr Audit Fees $5,000, Cr Accounts Payable $5,000
• 31 Dec 2023: Dr Audit Fees $5,400, Cr Accruals $5,400
• 31 Dec 2023: Dr Audit Fees $5,000, Dr GST $400, Cr Accruals $5,400

Following from the information in the question above, the audit is completed and the invoice sent 31 Mar 2024. What is the journal entry once the invoice is received?

• 31 Mar 2024: Dr Audit Fees $5,400, Cr Accruals $5,400
• 31 Mar 2024: Dr Accruals $5,000, Dr GST $400, Cr Accounts Payable $5,400
• 31 Mar 2024: Dr Accruals $5,000, Cr Audit Fees $5,000, Cr GST $400
• 31 Mar 2024: Dr Accounts Payable $5,000, Cr Audit Fees $5,000