Please do instruction 1,2 and 3 based in the transactions of week 1 to 5 and using the other information available.
Schedule of Accounts Reccivable As at 31 May 2024 Note: Darkwood Flooring Pty Lid offers all customers Credit Terms 2/10, n30, unless othenwise stant Business transactions are recorded for Darkwood Flooring Pty Ud on a dally basis in one of these five journals in the accounts: Additionally, the company maintains a general ledger to record postings from the Journals. Subsidiary Ledgers are used to record the separate detalls of Accounts Recelvable and Accounts Payable. Transactions are posted Immediately to the relevant ledger account if they are entered into the general journal, the "other" column of the Cash Receipts Journal or Cash Payments Journal, or if they affect any of the Accounts Recelvable or Accounts Payable subsidlary ledger accounts. A part from these transactions, totals of the speclal journals are taken at the end of the month and then posted to the appropriate accounts. The company uses a periodic Inventory system. In practice, the company would be required to collect and pay Coods and Services Tax (CST) on its Sales and Purchases. However, for the purposes of this exercise, CST has been excluded.] Please Note: All amounts in this practice set can be rounded off to the nearest dollar. 0 (2023) Darkwood Flooring (Accounting Practict Set - Problem) (1).pdt C.Users/Admin/OneDrive/Desktop/(2023)\%20Darkwood\%20Flooring\%20(Accounting\%20Practice\%205et\%20.\%20P... Q. A) Q Draw Q | T I Ask Bing Al \begin{tabular}{|l|l|l|} \hline 601 & Wages Expense-Sales Staff & 4,840,605 \\ \hline 602 & Depreciation Expense-Showroom Fittings & \\ \hline 603 & Depreciation Expense-Machinery & \\ \hline 604 & Office Expense & \\ \hline 605 & Rent Expense & \\ \hline 606 & Insurance Expense & \\ \hline 607 & Advertising Expense & \\ \hline 608 & Interest Expense & 219,240 \\ \hline 609 & Utilities expense & \\ \hline \end{tabular} TRANSACTIONS For June 2024 INSTRUCTIONS 1) Enter the transactions for Weeks 15 into the appropriate Joumal for the month of June 2024. Next, post all the Joumal transactions to the ledger accounts as specified in the "Account System Information" section of the introduction. 2) Total all Special Joumal columns and post to the appropriate ledger account at the end of the month. 3) Prepare the unadjusted Trial Balance as at 30 June 2024 on the Worksheet provided. Schedule of Accounts Payable INIRODUCHON The objective of this Accounting practice set is to provide students with an insight into the process of recording transactions, completing adjusting and closing entries, and preparing financial statements for a retail business. Company Backgtound Darkwood Flooring Piy Lid has been in business in Coldstream, Victoria since July, 2018. The company was started by Willain Davidson and operates a large warehouse / showroom which sells a variety of dark wood umber products and englneered tiles for both commerclal and residential flooring. The business selis on both creditt and cash terms to customers who are predominantly small flooring retailers in the areas surrounding the large Yarra Valley district. The company's Share Capital consists of 2,835,000 Ordinary Shares, that were orlginally issued at $2 each and which are owned by varlous members of the Davidson Family. Overall, the financial performance of the company has been solid and the financlal position is considered to be sound with outstanding debt at a manageable level. Accouriting System Information \& Proceduns The company has a financial year end of 30 June and prepares adjusting entrles at the end of the financial year. To ensure efficiency of its accounting procedures. the company uses Journals to maintain its accounting records. Four Speclal Journals and one Ceneral Joumal are used in the business. They are as follows: 1. Sales Journal (SJ): to record all sales of Inventory on Credit 2. Purchases Journal (PJ): to record all Purchases of Inventory on Credit 3. Cash Recelpts Joumal (CR): to record all Cash Recelpts 4. Cash Payments Journal (CPJ): to record all Cash Payments 5. Ceneral Journal (GJ): torecord all transactlons other than the above. Business transactions are recorded for Darkwood Flooring Pty Lid on a dally basis in one of these flve joumals in the accounts. Additionally. the company maintains a general led ger to record posungs from the journals. Subsidlary Ledgers are used to record the separate details of Accounis Recelvable and Accounts Payable. Transactons are posted immediately to the relevant ledger account if they are entened into the general journal, the otter column of the Cash Receipts Journal or Cash Pavments fourmal or if thev affect any of the Accounts Recelvable or Accounts Pavable subsldiary ledeer 0 Eooking Y Drany Ask Bing Al ... +10 of 46/2 iD \begin{tabular}{|l|l|l|} \hline & \\ \hline June 15 & Pald office staff salaries of $367,290. Cheque 1213 was issued for payment. \\ \hline \end{tabular} Cheque $214 was Issied to pay sales staff wages, $311,850. June 16 \begin{tabular}{|l|} \hline \\ \hline June 17 \\ \hline \end{tabular} Purchased Inventory from Shectrooke Flooring Supplies for 5481,950 . The involce was dated 16 June. Credit terms are 2/10, nd90 Credit terms are 2/10,n/90. Sold Inventory to Montrose Timber Flooring for $621,810 on involce *937. ssued cheque $215 to pay for deltivery freight costs of $47,250. The company Issued cheque 216 to pay the amount stlll owing to Yering Tiling Supplies Total Cash Sales for the week were $125.055. B) (2023) Darbwood Hooring (Acceuneting Practice Set - Preblem) (1) pdt Draw Q - B12 of 45 P 10 Week 5 UNADJUSTED TRIAL BALANCE AND CHART OF ACCOUNTS As at 31 May 2024 D (2023) Darkwood Flooring (Accounting Practice Set - Problem) (1) pet Draw | (T) I Ask Bing Al ... +10 of 45/10 Weck 2 \begin{tabular}{|l|} \hline \\ \hline \\ \hline June 9 \\ \hline \end{tabular} June 10 June 11 June 12 June 14 Montrose Timber Flooring paid \$136.710 toward the amount it owes us. Made a purchase from Yering Tiling Supplies for $292,950 for inventory. Terns are 1/10, w/45 and date of invoice was 10 June. The firm issued cheque $212 for the purchase of Orfice Supplles amounting to $27,720 Kinglake Oak Floors purchased inventory of $343,980. Invoice $936 was issued. Some of the Kitchen tiles purchased on 10 June from Yering Tiling Supplies were chipped and damaged. We returned the inventory in exchange for a Credir Note of $94,500. Total Cash Sales for the week were $131.670. 27. (2023) Darkwood flooring (Accounting Practice Set - Problem) (1)pdf ing.com 0 Express VPN 0 Amazoncom-Onfi. Q LastPass password. O Amazoncom-Onli... O Bookingcom 0 YouTube 9 Maps Q (2023) Darlowood flooring (Actounting Practice Set- Problen) (1).pot Draw - 2 Ask Bing AI ... Qo2u) Darboresd Flooring (Accounting Practice Set + Prebiem) (II) pet Draw Ask Bing At ... Week 4 June 23 June 24 June 25 June 27 June 28 Montrose Timber Flooring returned $117,810 of inventory purchased on 17 June. Issued a Credit Note for the transaction. Issued Cheque $217 for $63,000 to pay for the annual gift the company donates to the Our Barth Environment Fund. The gift is to be recorded as a Sundry Expense in the accounts. Purchased inventory from Yering Tiling Supplies, worth $469,350. The terms were 1/10, n/45. Date of the invoice was 25 June. Received the total amount owing from Montrose Timber Flooring and gave them a discount. Total Cash Sales for the week were $196,560. Schedule of Accounts Reccivable As at 31 May 2024 Note: Darkwood Flooring Pty Lid offers all customers Credit Terms 2/10, n30, unless othenwise stant Business transactions are recorded for Darkwood Flooring Pty Ud on a dally basis in one of these five journals in the accounts: Additionally, the company maintains a general ledger to record postings from the Journals. Subsidiary Ledgers are used to record the separate detalls of Accounts Recelvable and Accounts Payable. Transactions are posted Immediately to the relevant ledger account if they are entered into the general journal, the "other" column of the Cash Receipts Journal or Cash Payments Journal, or if they affect any of the Accounts Recelvable or Accounts Payable subsidlary ledger accounts. A part from these transactions, totals of the speclal journals are taken at the end of the month and then posted to the appropriate accounts. The company uses a periodic Inventory system. In practice, the company would be required to collect and pay Coods and Services Tax (CST) on its Sales and Purchases. However, for the purposes of this exercise, CST has been excluded.] Please Note: All amounts in this practice set can be rounded off to the nearest dollar. 0 (2023) Darkwood Flooring (Accounting Practict Set - Problem) (1).pdt C.Users/Admin/OneDrive/Desktop/(2023)\%20Darkwood\%20Flooring\%20(Accounting\%20Practice\%205et\%20.\%20P... Q. A) Q Draw Q | T I Ask Bing Al \begin{tabular}{|l|l|l|} \hline 601 & Wages Expense-Sales Staff & 4,840,605 \\ \hline 602 & Depreciation Expense-Showroom Fittings & \\ \hline 603 & Depreciation Expense-Machinery & \\ \hline 604 & Office Expense & \\ \hline 605 & Rent Expense & \\ \hline 606 & Insurance Expense & \\ \hline 607 & Advertising Expense & \\ \hline 608 & Interest Expense & 219,240 \\ \hline 609 & Utilities expense & \\ \hline \end{tabular} TRANSACTIONS For June 2024 INSTRUCTIONS 1) Enter the transactions for Weeks 15 into the appropriate Joumal for the month of June 2024. Next, post all the Joumal transactions to the ledger accounts as specified in the "Account System Information" section of the introduction. 2) Total all Special Joumal columns and post to the appropriate ledger account at the end of the month. 3) Prepare the unadjusted Trial Balance as at 30 June 2024 on the Worksheet provided. Schedule of Accounts Payable INIRODUCHON The objective of this Accounting practice set is to provide students with an insight into the process of recording transactions, completing adjusting and closing entries, and preparing financial statements for a retail business. Company Backgtound Darkwood Flooring Piy Lid has been in business in Coldstream, Victoria since July, 2018. The company was started by Willain Davidson and operates a large warehouse / showroom which sells a variety of dark wood umber products and englneered tiles for both commerclal and residential flooring. The business selis on both creditt and cash terms to customers who are predominantly small flooring retailers in the areas surrounding the large Yarra Valley district. The company's Share Capital consists of 2,835,000 Ordinary Shares, that were orlginally issued at $2 each and which are owned by varlous members of the Davidson Family. Overall, the financial performance of the company has been solid and the financlal position is considered to be sound with outstanding debt at a manageable level. Accouriting System Information \& Proceduns The company has a financial year end of 30 June and prepares adjusting entrles at the end of the financial year. To ensure efficiency of its accounting procedures. the company uses Journals to maintain its accounting records. Four Speclal Journals and one Ceneral Joumal are used in the business. They are as follows: 1. Sales Journal (SJ): to record all sales of Inventory on Credit 2. Purchases Journal (PJ): to record all Purchases of Inventory on Credit 3. Cash Recelpts Joumal (CR): to record all Cash Recelpts 4. Cash Payments Journal (CPJ): to record all Cash Payments 5. Ceneral Journal (GJ): torecord all transactlons other than the above. Business transactions are recorded for Darkwood Flooring Pty Lid on a dally basis in one of these flve joumals in the accounts. Additionally. the company maintains a general led ger to record posungs from the journals. Subsidlary Ledgers are used to record the separate details of Accounis Recelvable and Accounts Payable. Transactons are posted immediately to the relevant ledger account if they are entened into the general journal, the otter column of the Cash Receipts Journal or Cash Pavments fourmal or if thev affect any of the Accounts Recelvable or Accounts Pavable subsldiary ledeer 0 Eooking Y Drany Ask Bing Al ... +10 of 46/2 iD \begin{tabular}{|l|l|l|} \hline & \\ \hline June 15 & Pald office staff salaries of $367,290. Cheque 1213 was issued for payment. \\ \hline \end{tabular} Cheque $214 was Issied to pay sales staff wages, $311,850. June 16 \begin{tabular}{|l|} \hline \\ \hline June 17 \\ \hline \end{tabular} Purchased Inventory from Shectrooke Flooring Supplies for 5481,950 . The involce was dated 16 June. Credit terms are 2/10, nd90 Credit terms are 2/10,n/90. Sold Inventory to Montrose Timber Flooring for $621,810 on involce *937. ssued cheque $215 to pay for deltivery freight costs of $47,250. The company Issued cheque 216 to pay the amount stlll owing to Yering Tiling Supplies Total Cash Sales for the week were $125.055. B) (2023) Darbwood Hooring (Acceuneting Practice Set - Preblem) (1) pdt Draw Q - B12 of 45 P 10 Week 5 UNADJUSTED TRIAL BALANCE AND CHART OF ACCOUNTS As at 31 May 2024 D (2023) Darkwood Flooring (Accounting Practice Set - Problem) (1) pet Draw | (T) I Ask Bing Al ... +10 of 45/10 Weck 2 \begin{tabular}{|l|} \hline \\ \hline \\ \hline June 9 \\ \hline \end{tabular} June 10 June 11 June 12 June 14 Montrose Timber Flooring paid \$136.710 toward the amount it owes us. Made a purchase from Yering Tiling Supplies for $292,950 for inventory. Terns are 1/10, w/45 and date of invoice was 10 June. The firm issued cheque $212 for the purchase of Orfice Supplles amounting to $27,720 Kinglake Oak Floors purchased inventory of $343,980. Invoice $936 was issued. Some of the Kitchen tiles purchased on 10 June from Yering Tiling Supplies were chipped and damaged. We returned the inventory in exchange for a Credir Note of $94,500. Total Cash Sales for the week were $131.670. 27. (2023) Darkwood flooring (Accounting Practice Set - Problem) (1)pdf ing.com 0 Express VPN 0 Amazoncom-Onfi. Q LastPass password. O Amazoncom-Onli... O Bookingcom 0 YouTube 9 Maps Q (2023) Darlowood flooring (Actounting Practice Set- Problen) (1).pot Draw - 2 Ask Bing AI ... Qo2u) Darboresd Flooring (Accounting Practice Set + Prebiem) (II) pet Draw Ask Bing At ... Week 4 June 23 June 24 June 25 June 27 June 28 Montrose Timber Flooring returned $117,810 of inventory purchased on 17 June. Issued a Credit Note for the transaction. Issued Cheque $217 for $63,000 to pay for the annual gift the company donates to the Our Barth Environment Fund. The gift is to be recorded as a Sundry Expense in the accounts. Purchased inventory from Yering Tiling Supplies, worth $469,350. The terms were 1/10, n/45. Date of the invoice was 25 June. Received the total amount owing from Montrose Timber Flooring and gave them a discount. Total Cash Sales for the week were $196,560
