Accounting

Question 3 [38] SUBSIDIARY JOURNALS Miss Jade Orange owns a clothing store, Turmeric Traders. The accountant was quarantined owing to COVID-19 in her family and Miss Orange approached you to assist with the subsidiary journals for February 2021. The following information was provided to assist you with the preparation of the journals; All inventory is marked up at 38% on cost. The entity is not registered for VAT. Miss Orange kept detailed notes of all transactions that took place during the month: 2 Jade Orange deposited R50 000 as capital in the entity's bank account. Purchased inventory on credit from CMC, R10 725. Received invoice IN1304. Sold inventory on credit to A Orlando, R20 838. (Invoice 117) 3 Purchased a computer from B & B, R5 619, and paid immediately via EFT. (Reference 2001) Sold inventory on credit to P Prune, R9 936. (Invoice 118) Transferred the monthly rental to Exceed Estates amounting to R13 315. (Reference 2002) Issued receipt no. 102 for cash sales, R7 935. 5 Received cash from A Orlando in full settlement of his account. (A Orlando did not owe any amount on his account on 1 February 2021.) This amount was banked with the cash sales received the previous day. (Receipt no. 103) 15 Purchased inventory for cash from Metro for R31 876 and paid immediately via EFT. [Reference 2003) Sold merchandise on credit to L Lime, R2 277. (Invoice 119) Purchased furniture from Karongwe, R6 500. (Invoice 9607) The invoice has not been paid yet. Drew cash, R6 600, to pay the weekly wages. (Reference C201) 24 Issued receipt no. 104 for cash sales, R30 084. Received a cheque from L Lime in full settlement of her account to date. The balance on the account on 1 February was R2 223. (Receipt no. 105) This amount was banked with the cash sales for the day. Settled the account of CMC via EFT. (Reference 2004) 25 Issued invoice 120 to E Primrose for the sale of merchandise, R2 760. Received invoice no. 1036 from Elmo for R14 950, R1 450 being for stationery and the balance for inventory. The invoice has not been paid yet. The bank statement reflected the following: interest received, R120; bank charges, R315. Required: Journalise the transactions above in the relevant subsidiary journals: 3.1. Cash Receipts Journal (13) 3.2. Cash Payments Journal (11) 3.3. Debtors Journal (B) 3.4. Creditors Journal (6)