Required: Using the company information for Hadhad Wholesalers (see below), complete the following: 1. Use the appropriate journal to record the business transactions for June: sales journal, cash receipts journal, purchases journal, cash payments journal or a general journal. Hadhad Wholesalers records sales returns and allowances in the general journal. AND if required, immediately post transactions to the Accounts Receivable and Accounts Payable Sub-ledger. 2. At the end of the month, total each column of the special journals. AND show that total debits equal total credits for the following journals: cash receipts, purchases, cash payments and general. 3. Post the month end totals that you calculated in step 2 to the General Ledger. (Tip: The journal entries in the general journal are posted individually - not the total.) 4. Demonstrate (show) that the Accounts Receivable Sub-ledger agrees with (matches) the Accounts Receivable control account in the General Ledger. You can prepare the reconciliation beside the accounts in the Accounts Receivable Sub-Ledger. 5. Demonstrate (show that the Accounts Payable Sub-ledger agrees with (matches) the Accounts Payable control account in the General Ledger. You can prepare the reconciliation beside the accounts in the Accounts Payablee Sub-Ledger. 6. Using the blank space provided below, answer the following questions: a. Examining the Sales Revenue Account # 410: i. What Sales Revenue would be reported for the month of June? $ ii. Using only the general ledger account: was it primarily cash or credit sales? And how can you tell? b. Examining the Inventory Account #130: b. Examining the Inventory Account # 130: 31 i. What Inventory Balance would appear on the June 30th Balance Sheet? S ii. Do you think we should buy more? Why? C. In your own words explain how special journals and sub-ledgers are different and how they are connected to each other. d. e. In your own words what connection does this assignment have with your study of Receivables in FAP2? Based on what you experienced share your thoughts about recording business transactions with special journals and sub-ledgers. The following is a few suggestions on what you could say: I didn't know I was surprised by_ and caught it because This made me I made a mistake by realize I found this difficult because because I think using special journals is more I learned that Note this is not a fill in the blank exercise, these are examples to help you reflect on your experience. Hadhad Wholesalers Company Information The chart of accounts of Hadhad Wholesalers includes the following selected accounts, along with their account numbers: Cash 110 Owner's Withdrawals 320 Accounts Receivable 120 Sales Revenue 410 Notes Receivable 125 Sales Discounts 420 Inventory 130 Sales Returns and Allowances 430 Supplies 140 Cost of Goods Sold 505 Building 170 Salaries Expense 510 Accounts Payable 210 Supplies Used 512 Mortgage Payable 220 Utilities Expense 515 Owner's Equity 310 Telephone Expense 525 All credit sales are on the company's standard terms of 2/10, n/30. The transactions that occurred in June were as follows: June 1 Sold inventory on credit to Manley Inc., $5,700. Hadhad's cost of these goods was $3,420. Cash sales of inventory for the week totaled $9,510 (cost, $5,706). 3 6 Purchased inventory on account from A.M. Thornton, $46,000. Terms were 2/10 n/30. 10 As a favour to a competitor, sold supplies at cost, $4,300, receiving cash. 10 Sold inventory on account to Sloan Forge Ltd., $14,416 (cost, $8,650). 11 Cash sales of inventory for the week were $8,424 (cost $6,120). 11 Received cash from Manley Inc. in full settlement of its account receivable from June 1. 430 con 1-43.36AL bl- of nie 4A 9:39 PM IN LEU 515 Owner's Equity 310 Otities Expense Telephone Expense 525 All credit sales are on the company's standard terms of 2/10, n/30. The transactions that occurred in June were as follows: June 1 Sold inventory on credit to Manley Inc., $5,700. Hadhad's cost of these goods was $3,420. 3 Cash sales of inventory for the week totaled $9,510 (cost, $5,706). 6 Purchased inventory on account from A.M. Thornton, $46,000. Terms were 2/10 n/30. 10 As a favour to a competitor, sold supplies at cost, $4,300, receiving cash. 10 Sold inventory on account to Sloan Forge Ltd., $14,416 (cost, $8,650). 11 Cash sales of inventory for the week were $8,424 (cost $6,120). 11 Received cash from Manley Inc. in full settlement of its account receivable from June 1. 14 Sold inventory on credit to the partnership of Blinn & Browne, $20,600 (cost, $12,360). Issued cheque no 235 to pay A.M. Thornton, $45,080. 15 16 Sold inventory on account to Sloan Forge Ltd., $2,526 (cost, $1,800). 18 Cash sales of inventory for the week were $3,960 (cost $2,760). 18 Purchased supplies for cash, $4,367, issuing cheque no. 236 to pay Supplies R Us. Purchased inventory on credit terms of net 30 from Burgess Distributing Ltd. $12,282. 22 23 Received cash from Blinn & Browne for its account receivable from June 14, 24 Sold inventory on account to Olsen Inc., $6,080 (cost, $4,200). 25 Cash sales of inventory for the week were $15,096 (cost $9,840). 28 Collected $10,500 on a note receivable. 29 Sold inventory on account to new customer, R.O. Bankston Inc., $2,968 (cost, $1,780). Received goods sold on June 24 to Olsen Inc. for $160. The wrong items were shipped. The cost of the 30 goods was $100. 31 The month end count of supplies resulted in $5,000 being on hand. A 17 16 19 20 21 Account: Cash Date Debet June Account: Accounts Receivable. Dats Account: Notes Receivable Date La June Account: Inventory Credit NLRT Debi Owot Credit Acct No. 1 Balance 4,95421 Acct No. 12 Balance 300.00 Acct No. 1 200.00 Acet No. 11 De Account: Mortgage Payable Date RNL Ret Debt June Account: Owner's Equity Date IRNL Ref ane Account: Owner's Withdrawls Date ANLA Debt pute Account: Sales Revenue Dir net b Crede CHAM Crede Dude Acct No. Balance 25,000.00 Acct No. Balance 11052.00 Acct No. Bulance 256.00 Acct No. 4 Balance Account: Salary Expesnes De Jane Account: Supplies Expense Date NER Get Account: Utilities Expense bate Celt Account: Telephone Expense Beh Tel Nef Debit Cat Ce Dede Cute Acc No. 51 00000 Acet No. 5 Balance 22,78 Acct No. 51 Balance Act No. Account: Inventory Ople Account: Supplies Date Account: Building Date a IBNL Bet. Debit Debit Deb Credit Acct No. 11 Balans 5.00 Acct No. 140 Balance Acct No. Batane 245,000.00 Account: Sales Revenue Date Ret June Account: Seles Discounts Date Ref. Debat Crede June SERI Account: Sales Returns & Allowances Acct No. 430 Date AL Ret De CHE Balance 55.00 une Del DWM Acct No. 4 Balance 250.700.00 Acet No. 42 Monte Account: Telephone Expense Cute AN Detal ne DH Acct No. S fulance Wis A B E D JRNL Ref. Debit June 1 Account: Accounts Payable Date JRNL Ref. Debit June C Date Credit Credit Balance 265,000.00 Acct No. Balance 10,256.00 H JRNL Ref. Debit June Account: Cost of Goods Sold Date JRNL Ref. Debit June Date Credit Credit N Balance 580.00 Acct No. 505 Balance 139,260.00 O