Accounting System Information & Procedures The company has a financial year end of 30 June and prepares adjusting entries at the end of the financial year. To ensure efficiency of its accounting procedures, the company uses the following Special Journals to maintain its accounting records: 1. Sales Journal (SJ): to record all sales of Inventory on credit 2. Purchases Journal (PJ): to record all Purchases of Inventory on credit 3. Cash Receipts Journal (CRI): to record all Cash Receipts 4. Cash Payments Journal (CPJ): to record all Cash Payments 5. General Journal (G): to record all transactions other than the above. Business transactions are recorded for Western Suburbs Car Products Pty Ltd on a daily basis in one of these five journals in the accounts. Schedule of Accounts Receivable As of 31 May 2023 Credit (S) Note: Western Suburbs Car Products Poy Ltd offers all customers Credit Terms 2/10,n30, unless otherwise stated Debit ($) 5,531,652 2,143,260 1,359,099 7.030,800 6.656.580 102,060 4,592,700 Acc. No. Account Amount ($) Invoice date 101-1 101-2 Granville Alarms & Locks & Lidcombe Oils & Tools Macquarie Covers & Seats Rosehill Tyres & Wheels 30 May 20 May 28 April 14 May 857,304 433,188 586,278 266,490 101-3 101-4 1.559,250 765,450 1.382 346 2,143,260 UNADJUSTED TRIAL BALANCE AND CHART OF ACCOUNTS As of 31 May 2023 Acc. Account 100 Cash at Bank 101 Accounts Receivable Control 102 Stationery Supplies 103 Inventory 104 Prepaid Rent (paid 1 March 2023) 105 Prepaid Insurance (paid 1 Nov. 2022) 150 Showroom Fittings 151 Accumulated Depreciation - Showroom Fittings 160 Equipment 161 Accumulated Depreciation - Equipment 200 Accounts Payable Control 201 Interest Payable 202 Utilities Payable 203 Wages Payable 204 Salaries Payable 205 Tax Payable 206 Dividend Payable 250 Mortrage Loan (due 31 July 2038) 300 Share Capital 301 Retained Profits (1 July 2022) 302 Dividends Declared 303 Profit and Loss Summary 400 Sales Revenue 401 Sales Discounts (Discount Allowed) 402 Sales Retums and Allowances Purchases 501 Purchase Discounts (Discount Received) 502 Purchase Retums and Allowances 600 Freight-Out 601 Wages Expense - Sales Staff 602 Depreciation Expense - Showroom Fittings 603 Depreciation Expense - Equipment 604 Stationery Expense 605 Rent Expense 606 Insurance Expense 607 Advertising Expense 60S Interest Expense 609 Utilities excoense 610 Tax Expense 611 Sundry Expenses 612 Salaries Expense - Office Staff 613 Bad Debts Expense 5,462,478 10,206,000 8,671,698 Schedule of Accounts Payable As of 31 May 2023 36,411,606 279,531 78,813 17,341,695 Acc. No. Account Credit terms Amount ($) 500 217,728 91,287 200-1 200-2 Invoice date 30 May 27 May Cherrybrook Car Accessories Pennant Hills Car Accessories 2/10, 1/60 1/10, n 45 391,230 991,116 26,082 8,713,089 $1,382,346 394,632 526,176 27,216 6,845,958 63.208.593 63.208.593 Date Transaction Week 1 June 1 Granville Alarms & Locks paid the balance of its account and were given a discount of $17,136 by us. Delivered goods to Lidcombe Oils & Tools for $614.628 and issued invoice #981. Issued cheque #530 to pay $68,070 for delivery costs of inventory to their premises. June 4 Paid the amount owing to Cherrybrook Car Accessories and Cheque #531 was sent to the Creditor. June 7 Total Cash Sales for the week were $173,502. Week 2 June 9 Macquarie Covers & Seats paid $246,078 toward the amount it owes us. June 10 Made a purchase from Pennant Hills Car Accessories for $527,310 for inventory: Terms are 1/10, n. 45 and date of invoice was 10 June. The fimm issued cheque #532 for the purchase of Stationery Supplies amounting to $49,896. June 11 Granville Alarms & Locks purchased inventory of $619,164. Invoice #982 was issued. June 12 Some of the car products purchased on 10 June from Pennant Hills Car Accessories were the incorrect colour. We returned the inventory in exchange for a Credit Note of $170,100. June 14 Total Cash Sales for the week were $237,006. Week 3 June 15 Paid office staff salaries of $661,122. Cheque #533 was issued for payment. Cheque #534 was issued to pay sales staff wages, $561,330. June 16 Purchased inventory from Cherrybrook Car Accessories for $867,510. The invoice was dated 16 June. Credit terms are 2/10, n/30. June 18 Sold inventory to Macquarie Covers & Seats for $1,119,258 on invoice #983. Issued cheque #535 to pay for delivery costs of $85,050. June 19 The company issued cheque #536 to pay the amount still owing to Pennant Hills Car Accessories June 21 Total Cash Sales for the week were $225,099. Week 4 June 23 Macquarie Covers & Seats returned $212,058 of inventory purchased on 18 June. Issued a Credit Note for the transaction. June 24 Issued Cheque #537 for $113,400 to pay for the annual gift the company donates to the World Peace Charity Fund. The gift is to be recorded as a Sundry Expense in the accounts. June 25 Purchased inventory from Pennant Hills Car Accessories, worth $844,830. The terms were 1/10, n'45. Date of the invoice was 25 June. June 26 Received the total amount owing from Macquarie Covers & Seats. June 28 Total Cash Sales for the week were $353,808. Week 5 June 29 Lidcombe Oils & Tools paid the entire balance of its still outstanding account. June 29 Reduced $680,400 of the amount owing to Pennant Hills Car Accessories and Cheque #538 was issued. June 29 A dividend of $1,593,900 was declared to the company shareholders. However, the dividend will not be paid until 28 November 2023. Paid sales staff wages, $561,330 and Cheque #539 was issued to meet the payment. June 30 Issued additional shares to the Shareholder owners of the Company for cash, and $1,134,000 was received and banked from the share issue. Total Cash Sales for the week were $210,924. INSTRUCTIONS 1) Enter the transactions for Weeks 1-5 into the appropriate Journal for the month of June 2023. Next, post all the Journal transactions to the ledger accounts as specified in the "Account System Information" section of the introduction