Can you post every receipt to the correct ledger account?
Welcome to the team, Junior Accountant! Today is your first day at headquarters. The accounts department is closing today's books, and money has rolled in from customers, cash sales, and sales tax.
All receipts are recorded in the Cash Book. Your vital mission is to POST (transfer) these amounts into the correct Main & Receivables Ledgers before the day ends!
Master these rules before taking on the live ledgers!
The business receives money and pays it into the bank.
When a customer pays, their debt to us decreases.
Sales increase revenue (SALES → CREDIT). Collected tax is owed to the government (SALES TAX → CREDIT).
TOTAL DEBITS = TOTAL CREDITS
Transaction 1:
Cash received into the bank: $4,700 from customer BL Lorries.
Where does the total cash entry go in the Main Ledger?
Break down the gross cash receipt into Sales Revenue and Sales Tax!
Total Cash Collected at Register: $1,200 (Includes 20% Sales Tax)
Drag or split the $1,200 into its proper breakdown:
Drag the posting amounts into the correct T-Account sides!
Review the Cash Receipts Book and complete the posting!
| Date | Ref / Details | Total ($) | Receivables ($) | Sales ($) | Tax ($) |
|---|---|---|---|---|---|
| 19.10.X6 | BL Lorries (S239) | 4,700 | 4,700 | - | - |
| 19.10.X6 | MA Meters (S314) | 2,820 | 2,820 | - | - |
| 19.10.X6 | Tanktop Ltd (S205) | 3,100 | 3,100 | - | - |
| 19.10.X6 | Cash Sale | 1,200 | - | 1,000 | 200 |
| TOTALS | 11,820 | 10,620 | 1,000 | 200 | |
Match the columns to their T-Account Ledger destination:
A junior clerk made a grave posting mistake! Spot the error:
Customer BL Lorries paid $4,700 to settle their bill.
What is wrong with this posting?
Rapid-fire posting! Choose the correct ledger treatment quickly!
TRANSACTION:
You have successfully posted the Cash Book and balanced the ledgers!
Final Score: 0 Points