P6-4A. Please refer to problem P6-3A. The sales data listed there form the basis for much of this problem. The following cash was received by CIT during August, 2022: 2022 Aug. 3 W. Chan contributed $50,000 and deposited this in the CIT bank account JIW Enterprises paid invoice No. 2001, less the credit memo, taking discount 14 Advanced Technologies in Motion paid invoice No. 2003, taking discount. 18 Case-5 Electronics paid invoice Vo. 2002, taking their special discount 21 Manfred Communications dropped off a cheque in full payment of invoice Wo. 2004, less the credit memo, and making the discount. Although a day late, the discount was approved by : Chan. 25 Enterprises paid invoice Ao. 2005, taking discount. 26 Advanced Technologies in Motion paid invoice No. 2006, taking discount 31 WMJ Sales paud half of invoice Wo. 2007, taking the special cash discount on the amount pard. Check Figure Total of Schedule of Accounts Receivable 525.110.00 Check Figure Total of Schedule of Aocounts Receivable $25, 110.00 Required a. Enter the above transactions in the cash receipts journal. b. Record all transactions to the customers' accounts in the AR subsidiary ledger. c. Ensure that the cash receipts journal is completed d. Post all transactions to the relevant Gl. accounts at month end. See account numbers below e. Prepare a schedule of accounts receivable as of Aug. 31, and ensure that the total agrees with GL account number 1900. The company uses these additional GL account numbers Cash Owner's Equity, W. Chan 3000 P6-3A. Wilsoh Chan has just taken over a business started by his aunt in Sarnia, Ontario, and moved the company to Regina, Saskatchewan. The company is called Chan's Imported Technology (CIT for short) and has all new customers in the Regina region. CIT specializes in the sale of three types of advanced electronic devices: cell phones (CP), tablet computers (TC), and smart watches (SW). Wilson wants his bookkeeper to record all sales into the Sales account. CIT's normal terms are 2/10, n/20, but a couple of customers have been granted special terms of 3/15, n/45. Here are the sales and sales-related transactions for CIT during its first month of operations in August 2022. All inventory sold has a cost of goods sold amount equal to 75% of the sale (for example, if $4,000 of product was sold, the cost of goods sold for that sale would be $3,000). 2022 Aug Sold $4,000 (CP) and $5,500 (TC) to JIW Enterprises. Tavoice No. 2001. Normal terins. + Sola $3,200 (CP). $1 600 1C). and $2.000 (SW') to Case-5 Electronics Invoice No. 22 Special terms. Sol S2,900 (TC) and SI 200 ) to Ideanced Technologies in Slotion. Invoice No 2003. Normal terms. JIW Enterprises messaged that there was a minor problem with the screens of mof the cell phoncs they purchasexi on lugust 2. Wilson agreed to a creditullone of $150 and issued credit Ticmorandum Na 14 dated this date. Wilson did not take back the weiitory 10 Sold 3.000 CP. 54.750 (TO), und S1.700 (SW) to Manted Communications, Invoice V 2001. Nunud ternis Sold $1,400 CP), 53,500 (TO). and $550 (SW) to JIW Interprises, Im Vam ommas Sole 3930. GP SLDC), ud STO SW1o Ads Technoraes in Motion. Invoice Ne 2006. Normd omnis The pencinsiy mulonger Thar Nagtred Cnicatus turned torreth liat there wmunens en met uld other on suust | Mantra banda, en na DAMANSARA Draw > s DXN PEDO ENGINIAI WWWWWMS WEM the screens of two of the cell phones they purchased on August 2. Wilson agreed to a credit allowance of $150 and issued credit memorandum No. 101 dated this date. Wilson did not take back the inventory 10 Sold $3,000 $4,750 (TC), and $1,700 (SW) to Manfred Communications, Invoice No. 2004. Normal terms. 13 Sold $1,400 (CP), $3,500 (TC), and $850 (SW) to JIW Enterprises. Invoice No. 2005. Normal terms. Sold $930 (CP), $1,400 (TC), and $1,100 (SW) to Advanced Technologies in Motion. Invoice No. 2006. Normal terms. 20 The purchasing manager for Manfred Communications dropped by to mention that there was a memory flaw in one of the tablets sold to them on August 10. Manfred had already replaced the memory component with its own supply, and so an adjustment in price of $75 was agreed to. Issued credit memorandum No. 102 to Manfred Communications this date. No inventory was returned. Sold $4,200 CP), $3,800 (TC), and $1,300 (SV) to WMJ Sales. Invoice No. 2007. Special terms. Sold 56,200 (TC) to Case-5 Electronics. Invoice No. 2008. Special 22 Sold $2,550 (CP), S4, 00 (TC), and $1,780 (SW) to Manfred Communications. Invoice No. 2009. Normal terms. Sold S1,430 (CP), S2,800 (TC), and $1,300 (SWY) to \dvanced Technologies in Motion. Invoice \a. 2010. Varmal terms. Check Figure Total of Schedule of Accounts Receivable $69,165.00 Required a. Enter the above transactions in a sales journal and the general journal. b. Record all transactions to the customers' accounts in the accounts receivable subsidiary ledger. c. Prepare a schedule of accounts receivable as of August 31. Please note-if you are also required to complete probler 16-44 (see following), then you should prepare this schedule only once, after all cash receipts have been recorded. Here are the general ledger account numbers used by CIT: Accounts Receivable 1300 Sales 4100 Inventory 1500 Cost of Goods Sold 00 Sales Returns and Allowances 4.500 Sales Discounts 4550 P6-4A. Please refer to problem P6-3A. The sales data listed there form the basis for much of this problem. The following cash was received by CIT during August, 2022: 2022 Aug. 3 W. Chan contributed $50,000 and deposited this in the CIT bank account JIW Enterprises paid invoice No. 2001, less the credit memo, taking discount 14 Advanced Technologies in Motion paid invoice No. 2003, taking discount. 18 Case-5 Electronics paid invoice Vo. 2002, taking their special discount 21 Manfred Communications dropped off a cheque in full payment of invoice Wo. 2004, less the credit memo, and making the discount. Although a day late, the discount was approved by : Chan. 25 Enterprises paid invoice Ao. 2005, taking discount. 26 Advanced Technologies in Motion paid invoice No. 2006, taking discount 31 WMJ Sales paud half of invoice Wo. 2007, taking the special cash discount on the amount pard. Check Figure Total of Schedule of Accounts Receivable 525.110.00 Check Figure Total of Schedule of Aocounts Receivable $25, 110.00 Required a. Enter the above transactions in the cash receipts journal. b. Record all transactions to the customers' accounts in the AR subsidiary ledger. c. Ensure that the cash receipts journal is completed d. Post all transactions to the relevant Gl. accounts at month end. See account numbers below e. Prepare a schedule of accounts receivable as of Aug. 31, and ensure that the total agrees with GL account number 1900. The company uses these additional GL account numbers Cash Owner's Equity, W. Chan 3000 P6-3A. Wilsoh Chan has just taken over a business started by his aunt in Sarnia, Ontario, and moved the company to Regina, Saskatchewan. The company is called Chan's Imported Technology (CIT for short) and has all new customers in the Regina region. CIT specializes in the sale of three types of advanced electronic devices: cell phones (CP), tablet computers (TC), and smart watches (SW). Wilson wants his bookkeeper to record all sales into the Sales account. CIT's normal terms are 2/10, n/20, but a couple of customers have been granted special terms of 3/15, n/45. Here are the sales and sales-related transactions for CIT during its first month of operations in August 2022. All inventory sold has a cost of goods sold amount equal to 75% of the sale (for example, if $4,000 of product was sold, the cost of goods sold for that sale would be $3,000). 2022 Aug Sold $4,000 (CP) and $5,500 (TC) to JIW Enterprises. Tavoice No. 2001. Normal terins. + Sola $3,200 (CP). $1 600 1C). and $2.000 (SW') to Case-5 Electronics Invoice No. 22 Special terms. Sol S2,900 (TC) and SI 200 ) to Ideanced Technologies in Slotion. Invoice No 2003. Normal terms. JIW Enterprises messaged that there was a minor problem with the screens of mof the cell phoncs they purchasexi on lugust 2. Wilson agreed to a creditullone of $150 and issued credit Ticmorandum Na 14 dated this date. Wilson did not take back the weiitory 10 Sold 3.000 CP. 54.750 (TO), und S1.700 (SW) to Manted Communications, Invoice V 2001. Nunud ternis Sold $1,400 CP), 53,500 (TO). and $550 (SW) to JIW Interprises, Im Vam ommas Sole 3930. GP SLDC), ud STO SW1o Ads Technoraes in Motion. Invoice Ne 2006. Normd omnis The pencinsiy mulonger Thar Nagtred Cnicatus turned torreth liat there wmunens en met uld other on suust | Mantra banda, en na DAMANSARA Draw > s DXN PEDO ENGINIAI WWWWWMS WEM the screens of two of the cell phones they purchased on August 2. Wilson agreed to a credit allowance of $150 and issued credit memorandum No. 101 dated this date. Wilson did not take back the inventory 10 Sold $3,000 $4,750 (TC), and $1,700 (SW) to Manfred Communications, Invoice No. 2004. Normal terms. 13 Sold $1,400 (CP), $3,500 (TC), and $850 (SW) to JIW Enterprises. Invoice No. 2005. Normal terms. Sold $930 (CP), $1,400 (TC), and $1,100 (SW) to Advanced Technologies in Motion. Invoice No. 2006. Normal terms. 20 The purchasing manager for Manfred Communications dropped by to mention that there was a memory flaw in one of the tablets sold to them on August 10. Manfred had already replaced the memory component with its own supply, and so an adjustment in price of $75 was agreed to. Issued credit memorandum No. 102 to Manfred Communications this date. No inventory was returned. Sold $4,200 CP), $3,800 (TC), and $1,300 (SV) to WMJ Sales. Invoice No. 2007. Special terms. Sold 56,200 (TC) to Case-5 Electronics. Invoice No. 2008. Special 22 Sold $2,550 (CP), S4, 00 (TC), and $1,780 (SW) to Manfred Communications. Invoice No. 2009. Normal terms. Sold S1,430 (CP), S2,800 (TC), and $1,300 (SWY) to \dvanced Technologies in Motion. Invoice \a. 2010. Varmal terms. Check Figure Total of Schedule of Accounts Receivable $69,165.00 Required a. Enter the above transactions in a sales journal and the general journal. b. Record all transactions to the customers' accounts in the accounts receivable subsidiary ledger. c. Prepare a schedule of accounts receivable as of August 31. Please note-if you are also required to complete probler 16-44 (see following), then you should prepare this schedule only once, after all cash receipts have been recorded. Here are the general ledger account numbers used by CIT: Accounts Receivable 1300 Sales 4100 Inventory 1500 Cost of Goods Sold 00 Sales Returns and Allowances 4.500 Sales Discounts 4550