Can someone please help with c) Accounts Receivable Subsidiary Ledgers for Bella's Bob Hair Salon.
Task 2 Scenario: Bella's Bob Hair Salon provides hairdressing services to clients, as well as selling specialised hair products such as shampoos, hair treatments, styling products to both clients and the general public. You have just been contracted by Bella's Bobs Hair Salon as their junior accountant/bookkeeper. Bella has been keeping the tax invoices, adjustment notes and receipts to manage and produce reports. Using the source documents on the following pages record correct entries and prepare the following: a) Sales Distribution Journal b) Cash Receipts Journal c) Accounts Receivable subsidiary ledgers d) Accounts Receivable Control Account in the general ledger e) Listing/schedule of accounts receivable f) Aged analysis of accounts receivable g) List at least 4 key points how bad debts can be minimised by managing a well-documented debt recovery plan. h) List at least 2 points that are correct practice to identify, investigate and rectify if you receive incorrect invoice from your supplier. i) Debt collection policy Bella's Bobs Hair Salon has established its own Code of Practice in relation to debt collection policy, which satisfies the industry compliance requirements. The debt collection procedure by applying the Company's Credit Policy and procedures: Accounts over 30 days due Accounts over 60 days due Phone customer to enquire why account is still outstanding If no response within one week send collection letter 1 Send Collection letter 2 May stop delivery of goods to Customer Send Collection letter 3. If no response within one week forward details to Debt Collection agency and stop delivery of any goods to Customer Accounts over 90 days due Other required information: Customer Opening Balances Suzy's Supermodels 10/06/2018 Invoice 654 - $980 24/06/2018 Invoice 655 - $320 Golden Oldies Retirement Homes 05/07/2018 Invoice 325 - $700 Additional information: The business had more cash sales to be recorded in the cash receipts journal: Cash sales include GST. Cash sales 02/08/18 Cash sales 12/08/18 Cash sales 19/08/18 $650.00 $510.50 $430.00 Sales tax invoices (Credit sales): Bella's Bob 934 Peel Street Forester, NSW 2428 ABN: 99 777 959 633 Bill To: Suzy's Supermodels suzysmodels@optus.com Tax Invoice Date Quantity 28 Product Wattle Shampoo Wattle Conditioner Normal Hair Spray Flexible Hair Spray Hair Wax Total Due GST Included Unit Price $ 33.00 $ 33.00 $ 16.50 $ 19.25 $ 33.00 25 101 07/08/2018 Total $ 924.00 $ 825.00 $ 330.00 $385.00 $ 396.00 $2.860.00 $ 260.00 20 20 12 Bella's Bob 934 Peel Street Forester, NSW 2428 ABN: 99 777 959 633 Bill To: Golden Oldies Retirement Homes golden @dodo.com Product Ladies Cut Mens Cut Permanent Colour Unit Price $ 33.00 $ 22.00 $ 77.00 Tax Invoice Date Quantity 12 8 10 102 12/08/2018 Total $ 396.00 $ 176.00 $ 770.00 Total Due GST Included $1,342.00 $ 122.00 Bella's Bob 934 Peel Street Forester, NSW 2428 ABN: 99 777 959 633 Bill To: Suzy's Supermodels suzysmodels@optus.com Product Hairy Shampoo Hairy Conditioner Hairy Treatment Wattle Shampoo Wattle Conditioner Wattle Treatment Unit Price $ 22.00 $ 22.00 $ 49.50 $ 33.00 $ 33.00 $ 55.00 Tax Invoice Date Quantity 10 10 10 103 15/08/2018 Total $ 220.00 $ 220.00 $ 495.00 $1,155.00 $1,155.00 $ 825.00 35 35 15 Total Due GST Included $4,070.00 $ 370.00 Bella's Bob 934 Peel Street Forester, NSW 2428 ABN: 99 777 959 633 Bill To: Golden Oldies Retirement Homes golden @dodo.com Tax Invoice Date Product Wattle Shampoo Wattle Conditioner Wattle Treatment Wattle highlights Unit Price $ 33.00 $ 33.00 $ 55.00 $ 66.00 Quantity 10 10 10 10 104 19/08/2018 Total $ 330.00 $ 330,00 $ 550.00 $ 660.00 Total Due GST included $1,870.00 $170.00 Adjustment Notes: Bella's Bob 934 Peel Street Forester, NSW 2428 ABN: 99 777 959 633 Bill To: Suzy's Supermodels suzysmodels@optus.com Date Product Wattle Shampoo Hair Wax Unit Price $ 33.00 $ 33.00 Adjustment Note AN 101 09/08/2018 Quantity Total 3 $99.00 $66.00 Total Due GST Included $165.00 $15.00 Receipts: RECEIPT OF ACCOUNT Suzy's Supermodels Date: 04/08/2017 Invoice 654 Less Discount (GST Included) Invoice 655 Less Discount (GST Included) $ -$ $ Total 980.00 24.50 320.00 8.00 $ TOTAL $ 1,267.50 RECEIPT OF ACCOUNT Golden Oldies Retirement Homes Date: 07/08/2018 Invoice 325 Total 500.00 $ TOTAL $ 500.00 Task 2c) Accounts Receivable Subsidiary Ledger Account Name: Date (5 Marks) Debit No: Balance Particulars Credit Dr/cr Account Name: Date (4 Marks) Debit No: Balance Particulars Credit Dr/ar
