Chart of Accounts and Opening Balances 1 st November Account Number Account Name Debit Credit 110 Cash at Bank 18,835 120 Accounts receivable 16,140 121 Allowance for Doubtful Debts 646 130 Prepaid Insurance 140 Prepaid Rent 3000 150 Office Supplies 950 160 Inventory 19,000 180 Delivery Van 181 Accumulated Depreciation Delivery Van 200 Accounts Payable 16,995 220 Wages Payable 377 230 GST Clearing 1,045 250 Superannuation Payable 756 300 Capital 38,106 310 Drawings 350 Income Summary 410 Sales Revenue 412 Sales Discounts 415 Services Revenue 420 Interest Revenue 500 Cost of Sales 512 Bad debts expense 515 Bank Charges 521 Depreciation expense Delivery Van 530 Electricity and Gas Expense 540 Insurance Expense 560 Office Supplies Expense 565 Rent Expense 570 Superannuation expense 590 Wages Expense All account balances at 1 st November are normal in nature Subsidiary Ledgers Accounts Receivable Subsidiary Ledger As at 1 November Cayden's Coffee Club 4,000 H Proctor 12,140 16,140 Accounts Payable Subsidiary Ledger As at 1 November Arabica Pty Ltd 6,765 Crema Supplies Pty Ltd 10,230 16,995 Inventory on Hand As at 1 November Units on Hand Cost per Unit Total Espresso Sprint 40 320 12,800 Espresso Deluxe 10 620 6,200 $19,000 NOVEMBER TRANSACTIONS The transactions for Perfecto Coffee during November are listed below Note All amounts are GST inclusive where applicable Credit sales are made on credit terms of 2 10, n 30 Round all amounts to the nearest dollar Date Details 1 November 1 Purchased a delivery van for $33,000 from Holland Autos on credit Terms are n 60 Invoice number 15448 2 November 1 Paid insurance for 5 months in advance $2,200 chq 71 3 November 1 Paid Arabica Pty Ltd in full for outstanding account balance at 1 st November no discounts applicable chq 72 4 November 2 Sold 10 Espresso Sprint machines for cash $6,050 5 November 6 Purchased office supplies for cash $330 chq 73 6 November 9 Received amount owed by Cayden's Coffee Club for October invoices less the discount 7 November 9 Paid fortnightly wages of $1,760 chq 74 ($1,383 relates to November wages $377 relates to the wages accrued for October) 8 November 12 Received payment from H Proctor for part of the November balance $2,140 There was no discount allowed 9 November 14 Purchased 15 Espresso Deluxe coffee machines from Arabica Pty Ltd for $10,395 Terms 3 10, n 30, Inv 5430 10 November 15 Sold 17 Espresso Sprint machines to Cayden's Coffee Club for $10,285, Inv 4564 11 November 16 Invoiced Cayden's Coffee Club for Barista training, Inv 4565 for $3,300 12 November 16 The owner withdrew cash of $2,350 chq 75 13 November 20 Paid the 1 st November amount owing to Crema Supplies Pty Ltd with chq 76 No discounts were applicable 14 November 22 Paid electricity and gas bill, $390 chq 77 15 November 23 Paid fortnightly wages of $1,760 chq 78 16 November 23 Paid superannuation contributions owing from October of $756 chq 79 17 November 24 Received payment from Cayden's Coffee Club for invoice 4564, less the applicable discount 18 November 26 Sold to H Proctor, 10 Espresso Deluxe machines $9,350, inv 4566 19 November 26 Purchased 20 Espresso Sprints coffee machines from Crema Supplies Pty Ltd for $7084 Terms 2 10, n 30, inv 1389 20 November 30 Recorded bank charges of $40 and interest earned of $22 Instructions for Completion of Practice Set A Open all general ledger accounts by inserting the opening balances at 1 November as shown in the Chart of Accounts on page 3 For example, the balance of account 110 Cash at Bank is $18,835 debit Write Opening Balance in the Details column, and place $18,835 in the Debit balance column B Open all subsidiary ledger accounts for accounts receivable and accounts payable by inserting the opening balances as at 1 November as shown in the schedule of accounts receivable and accounts payable on page 4 Insert the opening inventory balances into the inventory cards Note For the general ledger, accounts receivable subsidiary ledger and accounts payable subsidiary ledgers, all accounts have normal balances C Record the transactions for November in the appropriate journals provided (narrations are not required) D Post daily to the accounts receivable and accounts payable subsidiary ledgers Post daily from the general journal All other amounts will be posted at the end of the month Note For posting reference purposes, use the journal page names and numbers For example, when posting from the sales journal the reference will be SJ9

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Chart of Accounts and Opening Balances 1 st November Account Number Account Name Debit Credit 110 Cash at Bank 18,835 120 Accounts receivable 16,140 121

Chart of Accounts and Opening Balances 1^stNovember

Account Number

Account Name

Debit

Credit

110

Cash at Bank

18,835

120

Accounts receivable

16,140

121

Allowance for Doubtful Debts

646

130

Prepaid Insurance

140

Prepaid Rent

3000

150

Office Supplies

950

160

Inventory

19,000

180

Delivery Van

181

Accumulated Depreciation - Delivery Van

200

Accounts Payable

16,995

220

Wages Payable

377

230

GST Clearing

1,045

250

Superannuation Payable

756

300

Capital

38,106

310

Drawings

350

Income Summary

410

Sales Revenue

412

Sales Discounts

415

Services Revenue

420

Interest Revenue

500

Cost of Sales

512

Bad debts expense

515

Bank Charges

521

Depreciation expense - Delivery Van

530

Electricity and Gas Expense

540

Insurance Expense

560

Office Supplies Expense

565

Rent Expense

570

Superannuation expense

590

Wages Expense

All account balances at 1^stNovember are normal in nature.

Subsidiary Ledgers

Accounts Receivable Subsidiary Ledger

As at 1 November

Cayden's Coffee Club

4,000

H. Proctor

12,140

16,140

Accounts Payable Subsidiary Ledger

As at 1 November

Arabica Pty Ltd

6,765

Crema Supplies Pty Ltd

10,230

16,995

Inventory on Hand

As at 1 November

Units on Hand

Cost per Unit

Total

Espresso Sprint

320

12,800

Espresso Deluxe

620

6,200

$19,000

NOVEMBER TRANSACTIONS

The transactions for Perfecto Coffee during November are listed below.

Note:All amounts are GST-inclusive where applicable.

Credit sales are made on credit terms of 2/10, n/30

Round all amounts to the nearest dollar.

Date

Details

November 1

Purchased a delivery van for $33,000 from Holland Autos on credit. Terms are n/60. Invoice number 15448.

November 1

Paid insurance for 5 months in advance - $2,200 - chq 71.

November 1

Paid Arabica Pty Ltd in full for outstanding account balance at 1^stNovember - no discounts applicable - chq 72.

November 2

Sold 10 Espresso Sprint machines for cash - $6,050.

November 6

Purchased office supplies for cash - $330- chq 73.

November 9

Received amount owed by Cayden's Coffee Club for October invoices less the discount.

November 9

Paid fortnightly wages of $1,760 - chq 74.

($1,383 relates to November wages; $377 relates to the wages accrued for October)

November 12

Received payment from H. Proctor for part of the November balance - $2,140. There was no discount allowed.

November 14

Purchased 15 Espresso Deluxe coffee machines from Arabica Pty Ltd for $10,395. Terms 3/10, n/30, Inv. 5430.

10.

November 15

Sold 17 Espresso Sprint machines to Cayden's Coffee Club for $10,285, Inv. 4564.

11.

November 16

Invoiced Cayden's Coffee Club for Barista training, Inv. 4565 for $3,300.

12.

November 16

The owner withdrew cash of $2,350 - chq 75.

13.

November 20

Paid the 1^stNovember amount owing to Crema Supplies Pty Ltd with chq 76. No discounts were applicable.

14.

November 22

Paid electricity and gas bill, $390 - chq 77.

15.

November 23

Paid fortnightly wages of $1,760 - chq 78.

16.

November 23

Paid superannuation contributions owing from October of $756 - chq 79.

17.

November 24

Received payment from Cayden's Coffee Club for invoice 4564, less the applicable discount.

18.

November 26

Sold to H. Proctor, 10 Espresso Deluxe machines - $9,350, inv. 4566.

19.

November 26

Purchased 20 Espresso Sprints coffee machines from Crema Supplies Pty Ltd for $7084. Terms 2/10, n/30, inv. 1389.

20.

November 30

Recorded bank charges of $40 and interest earned of $22.

Instructions for Completion of Practice Set

A.Open all general ledger accounts by inserting the opening balances at 1 November as shown in the Chart of Accounts on page 3. For example, the balance of account 110 - Cash at Bank is $18,835 debit. Write "Opening Balance" in the "Details" column, and place $18,835 in the "Debit" balance column.

B.Open all subsidiary ledger accounts for accounts receivable and accounts payable by inserting the opening balances as at 1 November as shown in the schedule of accounts receivable and accounts payable on page 4. Insert the opening inventory balances into the inventory cards.

Note:For the general ledger, accounts receivable subsidiary ledger and accounts payable subsidiary ledgers, all accounts have normal balances

C.Record the transactions for November in the appropriate journals provided (narrations are not required).

D.Post daily to the accounts receivable and accounts payable subsidiary ledgers.

Post daily from the general journal. All other amounts will be posted at the end of the month.

Note:For posting reference purposes, use the journal page names and numbers. For example, when posting from the sales journal the reference will be "SJ9".