ACCT 1211. Accounting AB-T Questions (45 marks) Shoes Supreme used the perpetual inventory system. All of its credit sales have the terms 2/10, w/30 Shoes Supreme incurred the following November 2018 transactions: Now 26: Purchased $ 15,000 inventory on account from Laced. The terms were 10 1/30 Nov. 27: Returned defective inventory to Laced sued a debit memo for $2.000 Nov. 28 ed invoice # 224 for $7.000 sales o account to Private Design Cost of this inventory was 55.400 Nov 28 Received $ 3.920 from Wilson Ladin full settlement of its receivable Nov. 30: Paid $2.000 salary with cheques #335 . . Required: A. Open Shoes Supreme's general ledger accounts using the following chart of count numbers provided . 410 #20 . Acos Receivable Supplies Prepaid Advertising Inventory Office Furniture Accounts Payable Sales Revenue Nov. 3: Issued invoice # 220 for $ 8,000 sales on count to Wilson Lid Cost of this inventory was $4,500 Nov. 4: $ 20,000 Inventory was purchased on account from Dancing Shoes Lad. The terms were 4/10, 100 Nov. 5: Received $2,000 cash for selling inventory. Cost of this inventory was $ 1.200 Now. 6 Purchased supplies for $3,300. It was paid by cheque # 330 Nov. 8: Received $7,000 interest revenue Nov. 10:sed invoice # 221 for $20,000 sales on account to Private Design Lid. Cost of this inventory was $ 12.000 Nov. 11: Purchased $2,800 office furniture. It was paid by cheque # 331 Nov. 12: Received $ 7,840 from Wilson Lid in full settlement of its accounts receivable. Nov. 13: Paid Dancing Shoes Lid with cheques # 332, Nov. 15: Purchased 9,000 inventory on account from Lace Lid. The terms were 2/10, 60 Nov. 16: Issued invoice 222 for $ 9,000 sales on account to Children's Wear Lid. Cost of this inventory was $6,500 Nov. 17: Issued credit memo to Children's Wear Lid. for $9,000 for merchandise sent by mistake and was returned to Shoes Supreme. Also accounted for receipt of the inventory Nov. 18: Issued invoice # 233 for $4,000 sales on account to Wilson Ltd. Cost of this inventory was $ 2.800 Nov. 19. Received $ 19,600 from Private Design Ltd. in full settlement of its accounts receivable Nov. 20: Purchased S 10,000 inventory on scot from Jones Ltd. The terms were nct 30 Nov. 21: Purchased $ 22,000 brochures on account from Direct Printing Ltd. The terms were 2/10,60 Advertising Expense was debited. Nov. 22: Paid Radio LS 30,000 with cheques # 333 to place radio ads to air the last week in December, Prepaid Advertising was debited Nov. 23. Sold supplies to an employee for S 100 cash, which was the cost of the supplies. Nov. 25: Paid 300 telephone bill with cheques #334 100 110 120 130 140 150 200 400 Sales Discounts Sales Returns & Allowances Interest Revenue Cost of Goods Solid Salary Expense Advertising Expense Telephone Expense 430 500 510 500 530 - . . B. Open these accounts in the accounts receivable subsidiary leder Private Design Lid. Children's Wear Lul, and Wilson Lid Open these con in the case subsidiary lelger accounts Dancing Shoes Ed. L. and load c. Record the above November tractions in a sales jamal (page 7 chreces para (page 4), a purchases journal page 5 cash payments journal and all (page 5). Ignore PST and GST. D. Post daily to the accounts receivable and we payable bylo Post the individual amounts to the al ledgers on the date recorded in the jour column jumal totals to the general ledger accounts on November 10 E Total the columns in the journals Illustrate that the total debitual the credits joumal F. Balance reconcile the accounts receivable diary depend the recente eneral ledger Balance reconcile the accounts payable subsidiary leaders and dec. payable in the general ledger ACCT 1211. Accounting AB-T Questions (45 marks) Shoes Supreme used the perpetual inventory system. All of its credit sales have the terms 2/10, w/30 Shoes Supreme incurred the following November 2018 transactions: Now 26: Purchased $ 15,000 inventory on account from Laced. The terms were 10 1/30 Nov. 27: Returned defective inventory to Laced sued a debit memo for $2.000 Nov. 28 ed invoice # 224 for $7.000 sales o account to Private Design Cost of this inventory was 55.400 Nov 28 Received $ 3.920 from Wilson Ladin full settlement of its receivable Nov. 30: Paid $2.000 salary with cheques #335 . . Required: A. Open Shoes Supreme's general ledger accounts using the following chart of count numbers provided . 410 #20 . Acos Receivable Supplies Prepaid Advertising Inventory Office Furniture Accounts Payable Sales Revenue Nov. 3: Issued invoice # 220 for $ 8,000 sales on count to Wilson Lid Cost of this inventory was $4,500 Nov. 4: $ 20,000 Inventory was purchased on account from Dancing Shoes Lad. The terms were 4/10, 100 Nov. 5: Received $2,000 cash for selling inventory. Cost of this inventory was $ 1.200 Now. 6 Purchased supplies for $3,300. It was paid by cheque # 330 Nov. 8: Received $7,000 interest revenue Nov. 10:sed invoice # 221 for $20,000 sales on account to Private Design Lid. Cost of this inventory was $ 12.000 Nov. 11: Purchased $2,800 office furniture. It was paid by cheque # 331 Nov. 12: Received $ 7,840 from Wilson Lid in full settlement of its accounts receivable. Nov. 13: Paid Dancing Shoes Lid with cheques # 332, Nov. 15: Purchased 9,000 inventory on account from Lace Lid. The terms were 2/10, 60 Nov. 16: Issued invoice 222 for $ 9,000 sales on account to Children's Wear Lid. Cost of this inventory was $6,500 Nov. 17: Issued credit memo to Children's Wear Lid. for $9,000 for merchandise sent by mistake and was returned to Shoes Supreme. Also accounted for receipt of the inventory Nov. 18: Issued invoice # 233 for $4,000 sales on account to Wilson Ltd. Cost of this inventory was $ 2.800 Nov. 19. Received $ 19,600 from Private Design Ltd. in full settlement of its accounts receivable Nov. 20: Purchased S 10,000 inventory on scot from Jones Ltd. The terms were nct 30 Nov. 21: Purchased $ 22,000 brochures on account from Direct Printing Ltd. The terms were 2/10,60 Advertising Expense was debited. Nov. 22: Paid Radio LS 30,000 with cheques # 333 to place radio ads to air the last week in December, Prepaid Advertising was debited Nov. 23. Sold supplies to an employee for S 100 cash, which was the cost of the supplies. Nov. 25: Paid 300 telephone bill with cheques #334 100 110 120 130 140 150 200 400 Sales Discounts Sales Returns & Allowances Interest Revenue Cost of Goods Solid Salary Expense Advertising Expense Telephone Expense 430 500 510 500 530 - . . B. Open these accounts in the accounts receivable subsidiary leder Private Design Lid. Children's Wear Lul, and Wilson Lid Open these con in the case subsidiary lelger accounts Dancing Shoes Ed. L. and load c. Record the above November tractions in a sales jamal (page 7 chreces para (page 4), a purchases journal page 5 cash payments journal and all (page 5). Ignore PST and GST. D. Post daily to the accounts receivable and we payable bylo Post the individual amounts to the al ledgers on the date recorded in the jour column jumal totals to the general ledger accounts on November 10 E Total the columns in the journals Illustrate that the total debitual the credits joumal F. Balance reconcile the accounts receivable diary depend the recente eneral ledger Balance reconcile the accounts payable subsidiary leaders and dec. payable in the general ledger