(c) Determine whether the control account and suuda PSA6.8 Journalise in special journals; post; prepare a trial balance, prepare adjusting entries; prepare an adjusted trial balance. Presented below are the sales and cash receipts journals for Clover Hill for its first operations. Uusice. nce; check control with subsidiary: LO9, 11, 13, 14 ver Hill for its first month of Sales journal Accounts receivable D ref. Sales Cr Date Feb. 3 Cost of sales Dr Inventory Cr Account debited D. Adams P. Babcock D. Chambers K. Dawson 5445 6435 12 26 8250 9750 12 000 9000 39 000 7920 5940 25740 CR1 Date Feb. 1 Account credited J. Hill, capital Other accounts Post ref. Sales Cr Cr Cr Cost of sales Dr Inventory Cr Cash receipts journal Discount Accounts Cash allowed receivable Dr Dr 45000 9750 8167 83 8250 225 9750 9750 72 892 18000 45000 9 750 6435 13 18 26 D. Adams Inventory P. Babcock 225 83 9750 45225 6435 Feb. 6 In addition, the following transactions have not been journalised for February 2019. Purchased inventory on account from S. Healy for $6000, terms 1/7, n/30. Purchased inventory on account from L. Held for $45 000, terms 1/10, n/30. Paid cash of $1500 for purchase of supplies. Paid $5940 to S. Healy in payment of $6000 invoice, less 1% discount. Purchased equipment for $12000 cash. Purchased inventory on account from R. Landly $3600, terms 2/7. n/30. Paid $44550 to L. Held in payment of $45000 invoice, less 1% discount. Withdrew cash of $1650 from business for personal use. Purchased inventory on account from J. Able for $9750, terms 1/7, n/30. Paid $3600 to R. Landly in payment of $3600 invoice. 20 21 28 410 Financial accounting: Reporting, analysis and decision making Required (a) Open the following accounts in the general ledger. 101 112 120 126 157 158 201 301 Cash Accounts receivable Inventory Supplies Equipment Accumulated depreciation-equipment Accounts payable J. Hill, capital 306 401 405 505 614 631 711 J. Hill, drawings Sales Discount received Cost of sales Discount allowed Supplies expense Depreciation expense (b) Journalise the transactions that have not been journalised in a one-column purchases journal and the cash payments journal (see figure 6.22). (c) Post to the accounts receivable and accounts payable subsidiary ledgers. Follow the sequence of transactions as shown in the problem. d) Post the individual entries and totals to the general ledger. e) Prepare a trial balance as at 28 February 2019. (1) Determine that the subsidiary ledgers agree with the control accounts in the general B The following adjustments at the end of February are necessary: 1. A count of supplies indicates that $450 is still on hand. 2. Depreciation on equipment for February is $300. Prepare the adjusting entries and then post the adjusting entries to the gen Prepare an adjusted trial balance as at 28 February 2019. Journalise transactions in cash receipts journal; post to control account and subsidie ntrol accounts in the general ledger. usting entries to the general ledger. PSA6.9 Journalise ch) Prepare an adj account and subsidiary ledger. LO9, 10, 13, 14 Lacquer Nail Supplies chart of accounts includes the following selected accounts 201 Accounts payable 101 Cash