Introductory Financial Accounting Individual Assignnent 2 Question 1 Ready-Set-Go. Ltd distributes suitcases to retail stores. At the end of November, Ready-Ser Go's inventory consisted of suitcases costing $1,200. During the month of December, the following merchandising transactions occurred PURCHASE INVOICE Form 1 Trunk Manufacturers 27 Peachtree Drive, Atlanta, GA 30303 Date: 1December 2018 Sold To: Ready-Set-Go, Ltd 2248 Sunrise Towers Invoice No: 7134 Minot, ND 58701 Terms: 2/10, n/30 Quiy Descripton Unit Cost Amount 42000 24" Suitcase 420.00 28 Suitcase 600.00 1,200.00 1,620.00 Total stomer C SALES INVOICE Form 2 READY-SET-GO, LTD. 2248 Sunrise Towers, Minot, ND 58701 Sold To: Satchel World Date: 3 December 2018 58 Edgewater Lane Minot, ND 58701 Luoice No: 5231 Terms: 1/10, n30 Unit Cost Quannity Amount 2 28 Suitcase T,100.00 2,200.00 2200.00 Total $1,400.00 Cost of Merchandize Sold Thank you for your business Form 3 Ready-Set-Go, Ltd Interoffice Memo Date: 9 December 2018 Toc Bookikeeper LSsue Check Nmber 4413 to Tnnk Manufacturers in payment of Invoice Number 7134 dated December 1 Satchel World 58 Edgewater Lane Minot, ND 58701 Form 4 Check No. Date: 14 December 2018 Pay to the order of Ready-Set-Go. Ltd Dollars Queensland Bank Invoice Number 5231 dated 3 December 2018 Acct Dept Copy SALES INVOICE READY-SET-GO. LTD Form 5 2248 Sunrise Towers, Minot, ND 58701 17 December 2018 Sold To: Lady GoGo Date: 101 Lakeside Mal Minot Loice No: 5232 ND58701 Terns: 1/10, n30 Quanairy Amount Unit Cost 700.00 Irem 26 Suitcase 2 1,400.00 1 20 Suitcase 400.00 400.00 Total 1.800.00 Cost of Merchandize Sold $1.230.00 Thank you for your business Form 6 PURCHASE INVOICE Holiday Manufacturers 148 Roosevelt Parkway Minot, ND 58701 Sold To: Ready-Set-Go, Ltd Date: 18 December 2018 2248 Sunrise Towers Invoice No: 5890 Minot, ND 58701 Terms: 1/10, n/30 Quiy Description Unit Cost Amomt 20 Suitcase 300.00 300.00 4 24" Suitcase 400.00 1,600.00 Total 1,900.00 Transportation $125 paid by customer on delivery (CASHONLY PAID Customer Copy Form 7 CREDIT MEMO Holiday Manufacturers 148 Roosevelt Parkway Minot, ND E8701 20 December 2018 Sold To: Ready-Set-Go, Ltd. Date: 2248 Sunrise Towers Minot, ND 58701 Invoice No: CM5890 Terms: 1/10, n/30 Description Quantity Unit Cost Amount 300.00 300.00 20" Suitcase 300.00 Total nstomer C CREDIT MEMO READY-SET-GO, LTD 2248 Sunrise Towers, Minot, ND 58701 Form 8 Sold To: Lady GoGo Date: 21 December 2018 101 Lakeside Mal Minot Invoice No: CM5232 ND58701 Terms: 1/10, n30 Unit Cost Amount Quannity Item 20 Suitcase 40000 400.00 1 Total 40000 Cost of Merchandize Sold $200.00 Thank you for your business Lady GoGo Form 101 Lakeside Mal Minot Chedk No. 0549 ND58701 Date: 22 December 2018 Pay to the order of Ready-Set-Go. Ltd Swww Dollars Acct Dept Copy Queensland Bank Invoice Number 5232 dated 17December 201 less credit memo Form 10 Ready-Set-Go, Ltd Interoffice Memo To Bookikeeper Issue Check Number 4414 to Holiday Mamfacturers in payment of Invoice Nummber 5890 dated December 18, less credit mmemo. Date: 26 December 2018 Form 11 SALES INVOICE READY-SET-GO, LTD 2248 Sunrise Towers, Minot, ND 58701 Sold To: Vagabond Travel Date: 27 December 2018 3976 Technology Mall Minot, ND 58701 Luoice No: 5233 Terms: 1/10, n30 Quaniry Item Unit Cost Amount 1,000.00 2,000.00 26 Suitcase 400.00 20 Suitcase 400.00 2400.00 Total Cost of Merchandize Sold $1350.00 Thank you for your business CREDIT MEMO Form 12 READY-SET-GO, LTD 2248 Sumrise Towers, Minot, ND 58701 Sold To: Vagabond Travel Date: 31 December 2018 3976 Technology Mal Minot, ND 58701 No: CM5233 Terms: 1/10, n/30 Unit Cost Quantity Item Amount 20 Suitcase 400.00 400.00 Total 400.00 Cost of Merchandize Sold S150.00 Thank you for your business Ready-Set-Go's chat of accounts includes the following: Cash Accounts Receivable, Inventory Accounts Payable, Sales Revenue, Sales Retums and Allowances, Sales Discounts, Cost of Goods Sold, Purchase discount taken, Transportation-in and Delivery Expense. Instructions Journalize the transactions for the month of December for Ready-Set-Go, Ltd. using a perpetual inventory system. Sales and purchases are recorded using gross invoice price Question 2 Rinta Ltd's accountant is preparing the bank reconciliation at 31December 2018. The book balance was same as bank balance for 30 November The December bank statement showed the following checks and deposits Bank Statement Checks Deposits Date Number Amount Date Amount $1,640.70 12-4 3475 12-1 $2,530.20 12-8 1,300.00 3476 12-4 1,211.60 2,365.10 12-10 3477 2,130.00 12-8 12-15 3479 3,080.00 12-16 2,672.70 12-27 3480 600.00 12-21 2,945.00 3482 12-30 475.50 12-26 2,567.30 12-29 3483 1,140.00 12-29 2,836.00 1025.00 $18,152.90 12-31 3485 540.80 12-30 Total $10,907.00 Total The cash records per books for December showed the followings Cash Payments Journal Date Number Amount Date Number Amount $1,640.70 475.50 12-1 3475 12-20 3482 12-22 12-2 3476 1,300.00 3483 1,140.00 3477 3484 12-2 2,130.00 12-23 798.00 12-24 12-4 3478 621.30 3485 450.80 12-8 3479 3,080.00 12-30 3486 1,889.50 720.10 12-10 3480 600.00 12-30 3487 12-17 3481 807.40 12-31 3488 1,050.00 Total $16,703.30 Cash Receipts Journal Date Amount $2,530.20 12-1 12-3 1,211.60 12-7 2,365.10 12-15 2,672.70 12-20 2,954.00 12-25 2,567.30 12-28 2,836.00 12-30 1,025.00 12-31 1190.40 Total $19,352.30 The bank statement contained two memoranda 1A credit of $3.645 for the collection of a$3,500 note for Rintala plus interest of $160 and less a collection fee of $15. Rinta has not accrued any interest on the note. 2. A debit of $572.80 for an NSF check written by D. Chagnon a customer. At December 31, the check had not been redeposited in the bank At December 31, the cash balance per books was $12,485.20, and the cash balance per the bank statement was $20.154.30. The bans did not make any erors, but two errors were made by Rinta Instructions (a) Prepare a bank reconciliation at December 31 (b) Prepare the adjusting entries based on the reconciliation (Hint The corection of any erors pertaining to recording checks should be made to Accounts Payable The correction of any errors relating to recording cash receipts should be made to Accounts Receivable)