age view A Read aloud T Add text IV Draw High P64A. Please refer to problem P6-3A0. The sales data listed there form the basis for much of this problem. The following cash was received by CIT during August, 2022: 2022 Aug. 4 3 W. Chan contributed $50,000 and deposited this in the CIT bank account. 11 JIW Enterprises paid invoice No. 2001, less the credit memo, taking discount Advanced Technologies in Motion paid invoice No. 2003, taking discount. Case-5 Electronics paid invoice No. 2002, taking their special discount Manfred Communications dropped off a cheque in full payment of invoice No. 2004, less the credit memo, and taking the discount. Although a day late, the discount was approved by W. Chan. 23 JIW Enterprises paid invoice No. 2005, taking discount. Advanced Technologies in Motion paid invoice No. 2006, taking discount 31 WMJ Sales paid half of invoice No. 2007, taking the special cush discount on the amount paid. P6-3A. Wilson Chan has just taken over a business started by his aunt in Sarnia, Ontario, and moved the company to Regina, Saskatchewan. The company is called Chan's Imported Technology (CIT for short) and has all new customers in the Regina region. CIT specializes in the sale of three types of advanced electronic devices: cell phones (CP), tablet computers (TC), and smart watches (SW). Wilson wants his bookkeeper to record all sales into the Sales account. CIT's normal terms are 2/10, n/20, but a couple of customers have been granted special terms of 3/15, n/45. Here are the sales and sales-related transactions for CIT during its first month of operations in August 2022. All inventory sold has a cost of goods sold amount equal to 75% of the sale (for example, if $4,000 of product was sold, the cost of goods sold for that sale would be $3,000). 2022 2 Sold $4.000 (CP) and $5,500 (TC) 10 JN Eaterprises. lavoice No. 207. Normal terms. Sold $3,200 TCP, $1,600 and $2,600 So eises Electronics Invoice Vo. 2002. Special terms. Sold $2,000 (TC) and $1,200 (SV) to Advanced Technologies in Slation. Invoice V. 2003. Normal terms G JI Enterprises messaged that there was a minor problem with the screens of ro of the cel phones they purchase i on August 2. Wilson agreed to a credit allowance of $150 and issued credit Tenorundum No. 101 dated this date. Vindd neat take back centrs 553 (C1. $4,750 10. and STD to Need CommumGLLOTG Inoce Ne 2011 Normal tuin 13 Sold $1,400 (C1, $5.500 (2) nd SSB SKE tu l Enterprises, Inuar 2005 Non tant 12 Sold 33 P. 51.100 TO, ad s tou Sw to druge Technology Myton. Intuk NL NILI 20 The piny nuanager for Nintro Comunications de pred by tu siuntohur thuru waone who is Check Figure Total of Schedule of Accounts Receivable $25,110.00 Required a. Enter the above transactions in the cash receipts joumal, b. Record all transactions to the customers' accounts in the AR subsidiary ledger. c. Ensure that the cash receipts journal is completed. d. Post all transactions to the relevant GL accounts at month-end. See account numbers below. e. Prepare a schedule of accounts receivable as of Aug. 31, and ensure that the total agrees with GL account number 13.09. The company uses these additional GL account numbers: Cash 1100 Owner's Equity, W. Chan 3000 nics. Invoice No. 2002 Special terms. 5 Sold $2,900 (TC) and $1,200 (SW) to Advanced Technologies in Motion. Invoice No. 2003. Normal terms. 6 JIW Enterprises messaged that there was a minor problem with the screens of two of the cell phones they purchased on August 2. Wilson agreed to a credit allowance of $150 and issued credit memorandum No. 101 dated this date. Wilson did not take back the inventory. 10 Sold $3,000 (CP), $4,750 (TC), and $1,700 (SW) to Manfred Communications. Invoice No. 2004. Normal terms. 13 Sold $1,400 (CP), $3,500 (TC), and $850 (SW) to JIW Enterprises. lavoice No. 2005. Normal terms. Sold $930 (CP), $1,400 (TC), and $1,100 (SW) to Advanced Technologies in Motion. Invoice No. 2006. Normal terms. 20 The purchasing manager for Manfred Communications dropped by to mention that there was a memory flaw in one of the tablets sold to them on August 10. Manfred had already replaced the memory component with its own supply, and so an adjustment in price of $75 was agreed to. Issued credit memorandum No. 102 to Manfred Communications this datc. No inventory was returned. 22 Sold S4,200 (CP), S3,800 (TC), and $1,300 (SW) to WMJ Sales. Invoice No. 2007. Special terms. 26 Sold 56,200 (TC) to Case-5 Electronics. Invoice No. 2008. Special terms. Sold S2,550 (CP), $4,400 (TC), and $1,780 (SW) to Manfred Communications. Invoice No. 2009. Normal terms. 30 Sold S1,430 (CP), 52,800 (TC), and $1,300 (SW) to Advanced Technologies in Motion. Invoice Na. 2010. Normal terms. Check Figure Total of Schedule of Accounts Receivable $69,165.00 Required a. Enter the above transactions in a sales journal and the general journal. b. Record all transactions to the customers accounts in the accounts receivable subsidiary ledger. C. Prepare a schedule of accounts receivable as of August 31. Please note if you are also required to complete problem P6-4A (see following), then you should prepare this schedule only once, after all cash receipts have been recorded. Here are the general ledger account numbers used by CIT: +100 Sales Cost of Goods Sold 1500 Accounts Receivable Inventory Sales Returns and Allowances Sales Discounts 4500 1550 age view A Read aloud T Add text IV Draw High P64A. Please refer to problem P6-3A0. The sales data listed there form the basis for much of this problem. The following cash was received by CIT during August, 2022: 2022 Aug. 4 3 W. Chan contributed $50,000 and deposited this in the CIT bank account. 11 JIW Enterprises paid invoice No. 2001, less the credit memo, taking discount Advanced Technologies in Motion paid invoice No. 2003, taking discount. Case-5 Electronics paid invoice No. 2002, taking their special discount Manfred Communications dropped off a cheque in full payment of invoice No. 2004, less the credit memo, and taking the discount. Although a day late, the discount was approved by W. Chan. 23 JIW Enterprises paid invoice No. 2005, taking discount. Advanced Technologies in Motion paid invoice No. 2006, taking discount 31 WMJ Sales paid half of invoice No. 2007, taking the special cush discount on the amount paid. P6-3A. Wilson Chan has just taken over a business started by his aunt in Sarnia, Ontario, and moved the company to Regina, Saskatchewan. The company is called Chan's Imported Technology (CIT for short) and has all new customers in the Regina region. CIT specializes in the sale of three types of advanced electronic devices: cell phones (CP), tablet computers (TC), and smart watches (SW). Wilson wants his bookkeeper to record all sales into the Sales account. CIT's normal terms are 2/10, n/20, but a couple of customers have been granted special terms of 3/15, n/45. Here are the sales and sales-related transactions for CIT during its first month of operations in August 2022. All inventory sold has a cost of goods sold amount equal to 75% of the sale (for example, if $4,000 of product was sold, the cost of goods sold for that sale would be $3,000). 2022 2 Sold $4.000 (CP) and $5,500 (TC) 10 JN Eaterprises. lavoice No. 207. Normal terms. Sold $3,200 TCP, $1,600 and $2,600 So eises Electronics Invoice Vo. 2002. Special terms. Sold $2,000 (TC) and $1,200 (SV) to Advanced Technologies in Slation. Invoice V. 2003. Normal terms G JI Enterprises messaged that there was a minor problem with the screens of ro of the cel phones they purchase i on August 2. Wilson agreed to a credit allowance of $150 and issued credit Tenorundum No. 101 dated this date. Vindd neat take back centrs 553 (C1. $4,750 10. and STD to Need CommumGLLOTG Inoce Ne 2011 Normal tuin 13 Sold $1,400 (C1, $5.500 (2) nd SSB SKE tu l Enterprises, Inuar 2005 Non tant 12 Sold 33 P. 51.100 TO, ad s tou Sw to druge Technology Myton. Intuk NL NILI 20 The piny nuanager for Nintro Comunications de pred by tu siuntohur thuru waone who is Check Figure Total of Schedule of Accounts Receivable $25,110.00 Required a. Enter the above transactions in the cash receipts joumal, b. Record all transactions to the customers' accounts in the AR subsidiary ledger. c. Ensure that the cash receipts journal is completed. d. Post all transactions to the relevant GL accounts at month-end. See account numbers below. e. Prepare a schedule of accounts receivable as of Aug. 31, and ensure that the total agrees with GL account number 13.09. The company uses these additional GL account numbers: Cash 1100 Owner's Equity, W. Chan 3000 nics. Invoice No. 2002 Special terms. 5 Sold $2,900 (TC) and $1,200 (SW) to Advanced Technologies in Motion. Invoice No. 2003. Normal terms. 6 JIW Enterprises messaged that there was a minor problem with the screens of two of the cell phones they purchased on August 2. Wilson agreed to a credit allowance of $150 and issued credit memorandum No. 101 dated this date. Wilson did not take back the inventory. 10 Sold $3,000 (CP), $4,750 (TC), and $1,700 (SW) to Manfred Communications. Invoice No. 2004. Normal terms. 13 Sold $1,400 (CP), $3,500 (TC), and $850 (SW) to JIW Enterprises. lavoice No. 2005. Normal terms. Sold $930 (CP), $1,400 (TC), and $1,100 (SW) to Advanced Technologies in Motion. Invoice No. 2006. Normal terms. 20 The purchasing manager for Manfred Communications dropped by to mention that there was a memory flaw in one of the tablets sold to them on August 10. Manfred had already replaced the memory component with its own supply, and so an adjustment in price of $75 was agreed to. Issued credit memorandum No. 102 to Manfred Communications this datc. No inventory was returned. 22 Sold S4,200 (CP), S3,800 (TC), and $1,300 (SW) to WMJ Sales. Invoice No. 2007. Special terms. 26 Sold 56,200 (TC) to Case-5 Electronics. Invoice No. 2008. Special terms. Sold S2,550 (CP), $4,400 (TC), and $1,780 (SW) to Manfred Communications. Invoice No. 2009. Normal terms. 30 Sold S1,430 (CP), 52,800 (TC), and $1,300 (SW) to Advanced Technologies in Motion. Invoice Na. 2010. Normal terms. Check Figure Total of Schedule of Accounts Receivable $69,165.00 Required a. Enter the above transactions in a sales journal and the general journal. b. Record all transactions to the customers accounts in the accounts receivable subsidiary ledger. C. Prepare a schedule of accounts receivable as of August 31. Please note if you are also required to complete problem P6-4A (see following), then you should prepare this schedule only once, after all cash receipts have been recorded. Here are the general ledger account numbers used by CIT: +100 Sales Cost of Goods Sold 1500 Accounts Receivable Inventory Sales Returns and Allowances Sales Discounts 4500 1550