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Posted on Aug 01, 2024

I was hoping that someone could help with these questions. I have attached the template as well! thank you! the questions are : 1)Record the

I was hoping that someone could help with these questions. I have attached the template as well! thank you!

the questions are :

1)Record the Individual accounts receivable and accounts payable subsidiary ledgers to identify and make record of entries according to type and source of receipt.

2)Extract a list of balances from the accounts receivable and accounts payable subsidiary ledgers to identity outstanding payables and receivables.

3)Prepare Accounts Receivable Control Account and Accounts Payable Control Account to reflect these statements.

4)What amount of cheque G Accounting is required to draw and sign to make payment to Fame Supplies if G Accounting pays Fame Supplies in full on 31/10/2018?

5)Prepare journal to record receipt of all outstanding amounts from Middle Inc. on 31/10/2018.

6)Prepare the journal to record payment. image text in transcribed

image text in transcribed

image text in transcribed thank you everyone

You are an accounts receivable/payable clerk of G Accounting Pty Ltd. G Accounting purchased an existing business called Perfect Pty Ltd on 1 October 2018. The accounts receivable and accounts payable balances at that time were: Details Accounts Receivable Control 20,000 20,000 Account Accounts receivable Top Supplies 9,000 Middle Inc 6,000 Medium Ltd 5,000 Accounts Payable Control Account Accounts payable Fame Supplies 5,000 Fine Wholesale 4,000 Prompt Services 6,000 15,000 15,000 The following journals for Perfect Pty Ltd contain the transactions for October 2018: Sales Distribution Journal SDJ1 Date Inv/ Particulars Sales Accounts Receivable GST Collected/ Payable CN No 10 Oct 18 25 Middle Inc 3,300 3,000 300 13 Oct 26 Top Supplies 1,980 1,800 180 16 Oct 27 Medium Ltd 2,200 2,000 200 17 Oct CN 5 (176) (160) (16) 21 Oct 28 Top Supplies Top Supplies Middle Inc 1,540 1,400 140 24 Oct CN 6 (220) (20) (200) 7,840 (Cr) 8,624 (Dr) 784 (Cr) Purchases Distribution Journal PDJ1 Date Inv/CN No Particulars Inventory Accounts Payable GST Paid/Receivable 2 Oct 18 311 Fame Supplies 2,200 2,000 200 4 Oct 700 Fine Wholesale 1,100 1,000 100 6 Oct Fine Wholesale (110) (100) (10) CN 352 16 Oct 250 Prompt Services 1,760 1.600 160 18 Oct CN 211 Fame Supplies (220) (200) (20) 25 Oct 667 Prompt Services 1,320 1,200 120 6,050 (Cr) 5,500 (Dr) 550 (Dr) Cash Payments Journal CPJ1 Date Particulars Bank Inventory Wages Electricity Cha No Accounts Payable Discount Received GST Paid/ Receivable 2,400 2,000 (120) 3 Oct 18 910 5 Oct 911 11 Oct 912 13 Oct 913 21 Oct 914 Wages 2,400 Fame Supplies 1,868 Electricity 550 Purchases 1,100 Prompt Services 3,000 (12) 50 500 1,000 100 3,000 8,918 5,000 (120) 1,000 2,400 500 138 Cash Receipts Journal CRJ1 Date Cha Particulars Bank Sales Accounts Receivable Discount Allowed GST Collected Payable 2 Oct 18 109 Sales 4,400 4,000 400 4 Oct 110 Top Supplies ,780 4,000 (200 8 Oct 111 Sales 1,320 1,200 120 12 Oct 112 Sales 1,760 1,600 160 21 Oct 113 Medium Ltd 986 1000 (40) 12,216 5,000 (240) 6,800 656 TASK 4: Answer Sheet Accounts Receivable Subsidiary Ledger Account Name: Date Particulars Debit Credit Balance Dr/Cr Account Name: Date Particulars Debit Credit Balance |Dr/ar Account Name: Date Particulars Debit Credit Balance |br/ar Assessment 2: I ask 4a (8.5 marks) Accounts Payable Subsidiary Ledger Account Name: Date Particulars Debit Credit Balance Dr/Cr Account Name: Date Particulars Debit Credit Balance Dr/Cr Account Name: Date Particulars Debit Credit Balance Dr/Cr TASK 4: Answer Sheet Listing of Accounts Receivable Customer Amount Total TASK 4: Answer Sheet Listing of Accounts Payable Customer Amount Total General Ledger Accounts Receivable Control Account Accounts Payable Control Account Part d (1 mark) What amount of cheque G Accounting is required to draw and sign to make payment to Fame Supplies if Todd pays Fame supplies in full on 31/10/2018? Parte (3 marks) G Accounting received all outstanding amounts from Middle Inc. on 31/10/2018. Prepare the appropriate journal entry. Date Particulars Debit Credit Partf (3 marks) G Accounting made all the outstanding payment to Prompt Services on 31/10/2018. Prepare the appropriate journal entry. Date Particulars Debit Credit You are an accounts receivable/payable clerk of G Accounting Pty Ltd. G Accounting purchased an existing business called Perfect Pty Ltd on 1 October 2018. The accounts receivable and accounts payable balances at that time were: Details Accounts Receivable Control 20,000 20,000 Account Accounts receivable Top Supplies 9,000 Middle Inc 6,000 Medium Ltd 5,000 Accounts Payable Control Account Accounts payable Fame Supplies 5,000 Fine Wholesale 4,000 Prompt Services 6,000 15,000 15,000 The following journals for Perfect Pty Ltd contain the transactions for October 2018: Sales Distribution Journal SDJ1 Date Inv/ Particulars Sales Accounts Receivable GST Collected/ Payable CN No 10 Oct 18 25 Middle Inc 3,300 3,000 300 13 Oct 26 Top Supplies 1,980 1,800 180 16 Oct 27 Medium Ltd 2,200 2,000 200 17 Oct CN 5 (176) (160) (16) 21 Oct 28 Top Supplies Top Supplies Middle Inc 1,540 1,400 140 24 Oct CN 6 (220) (20) (200) 7,840 (Cr) 8,624 (Dr) 784 (Cr) Purchases Distribution Journal PDJ1 Date Inv/CN No Particulars Inventory Accounts Payable GST Paid/Receivable 2 Oct 18 311 Fame Supplies 2,200 2,000 200 4 Oct 700 Fine Wholesale 1,100 1,000 100 6 Oct Fine Wholesale (110) (100) (10) CN 352 16 Oct 250 Prompt Services 1,760 1.600 160 18 Oct CN 211 Fame Supplies (220) (200) (20) 25 Oct 667 Prompt Services 1,320 1,200 120 6,050 (Cr) 5,500 (Dr) 550 (Dr) Cash Payments Journal CPJ1 Date Particulars Bank Inventory Wages Electricity Cha No Accounts Payable Discount Received GST Paid/ Receivable 2,400 2,000 (120) 3 Oct 18 910 5 Oct 911 11 Oct 912 13 Oct 913 21 Oct 914 Wages 2,400 Fame Supplies 1,868 Electricity 550 Purchases 1,100 Prompt Services 3,000 (12) 50 500 1,000 100 3,000 8,918 5,000 (120) 1,000 2,400 500 138 Cash Receipts Journal CRJ1 Date Cha Particulars Bank Sales Accounts Receivable Discount Allowed GST Collected Payable 2 Oct 18 109 Sales 4,400 4,000 400 4 Oct 110 Top Supplies ,780 4,000 (200 8 Oct 111 Sales 1,320 1,200 120 12 Oct 112 Sales 1,760 1,600 160 21 Oct 113 Medium Ltd 986 1000 (40) 12,216 5,000 (240) 6,800 656 TASK 4: Answer Sheet Accounts Receivable Subsidiary Ledger Account Name: Date Particulars Debit Credit Balance Dr/Cr Account Name: Date Particulars Debit Credit Balance |Dr/ar Account Name: Date Particulars Debit Credit Balance |br/ar Assessment 2: I ask 4a (8.5 marks) Accounts Payable Subsidiary Ledger Account Name: Date Particulars Debit Credit Balance Dr/Cr Account Name: Date Particulars Debit Credit Balance Dr/Cr Account Name: Date Particulars Debit Credit Balance Dr/Cr TASK 4: Answer Sheet Listing of Accounts Receivable Customer Amount Total TASK 4: Answer Sheet Listing of Accounts Payable Customer Amount Total General Ledger Accounts Receivable Control Account Accounts Payable Control Account Part d (1 mark) What amount of cheque G Accounting is required to draw and sign to make payment to Fame Supplies if Todd pays Fame supplies in full on 31/10/2018? Parte (3 marks) G Accounting received all outstanding amounts from Middle Inc. on 31/10/2018. Prepare the appropriate journal entry. Date Particulars Debit Credit Partf (3 marks) G Accounting made all the outstanding payment to Prompt Services on 31/10/2018. Prepare the appropriate journal entry. Date Particulars Debit Credit