Please use below photos by excel to do the General Journal and Ledger. Information Concerning the Business:
Question:
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Please use below photos by excel to do the General Journal and Ledger.
Information Concerning the Business:
Penny White is a sole trader who operates Penny's Patchworks, a wholesale business selling old fashioned patchwork quilts to retail bedding and linen shops in Tasmania, and on the internet.Penny operates her business from a small, rented warehouse in Hobart.Penny's Patchworks is not registered for GST (you can therefore Ignore GSTwhen recording transactions). She employs a casual worker for four days a week.Penny's bookkeeper has just retired and she asks you if you can help her to record the transactions for June.As you are studying accounting, she also asks you to finish off the books for the year and prepare some financial statements for her.She is thinking of expanding and needs the statements to apply for a bank loan. The bookkeeper has been keeping the records manually but Penny is keen for you to use Excel to complete the various records each month.
Other Information:
Penny sells two products, the Country Garden Quilt and the Crazy Patchwork Quilt.
She uses a perpetual inventory system and the First-in, First-out method to assign costs to Cost of Goods Sold.
Prepayments (prepaid expenses or unearned revenue) are treated as an Asset or Liability when paid.
Assume transactions are on credit unless it is stated otherwise.
All transactions are recorded on the day they occur.
For convenience, round all figures to the nearest dollar.
Below you will find the schedules of balances from the subsidiary ledgers, the Bank Reconciliation Statement and the Trial Balance from the end of May 2019.These are followed by the transactions for the month of June, which you are to record, and the June Bank Statement received by Penny from her bank.
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