Scallion Ltd uses subsidiary ledgers for Accounts Receivable and Accounts Payable only. The company is registered for GST at the rate of 10% and is required to pay GST on its purchases and to collect GST when making sales. The company uses a GST paid account for GST on purchases and a GST collected account for GST on sales (for manual records). UNADJUSTED TRIAL BALANCE The unadjusted trial balance as at 1 June 2020 is presented below: ACCOUNT NAME 1 June Opening Balances Cash $ 70,785 Accounts Receivable 25,740 Allowance for doubtful debts 2,645 Inventory 32,400 Office Supplies 1,800 Prepaid General Insurance 3,600 GST Paid 6,300 Equipment 13,500 Machinery 65,000 Truck 46,100 Land 350,000 Accounts Payable 69,300 GST Collected 15,795 Share Capital 340,000 Discount received 13,200 Repairs and maintenance 7,400 Purchases 486,200 Purchases returns & allowances 7,040 Salaries expense 83,600 Sales 789,800 Sales returns & allowances 8,800 Electricity expense 12,100 Telephone expense 2,505 Office expenses 13,500 Discount allowed 8,450 SUBSIDIARY LEDGERS The individual balances of Accounts receivable and Accounts payable as at 1 June 2020 are shown below. Amounts include GST. Accounts Receivable Subsidiary Ledger CUSTOMER 1 June Opening Balances Croft Ltd $ 2,970 M. Biller 14,850 O. Mowen 7,920 TOTAL 25,740 Accounts Payable Subsidiary Ledger CREDITOR 1 June Opening Balances Tumult Ltd $ 17,820 Lynwood Ltd 29,700 Dyson Ltd 21,780 TOTAL 69,300 ACCOUNTING PROCEDURES Transactions are recorded by the accountant on a daily basis in the appropriate journal. Transactions are posted daily from the General Journal and the Cash Receipts and Cash Payments Journal to the Accounts receivable and Accounts payable subsidiary ledgers. Totals of the special journals are posted to the appropriate accounts at the end of the month. Note: Amounts are to be recorded as the exact amounts in the journals and ledgers but are to be rounded to the nearest dollar when preparing financial statements. TRANSACTIONS The following transactions occurred during June 2020 and are INCLUSIVE of GST where appropriate. 2020 June 1 Scallion Ltd shareholders invested $60,000 cash in the business. Purchased land and an existing retail store for $110,000 of which $77,000 is considered land cost. Paid $33,000 by cheque no. 98 for the retail store and signed a mortgage payable for the balance. The retails store is depreciated over its useful life of 10 years. 2 Paid Lynwood Ltd $14,700 less a discount of $594 with cheque no. 99. Received cheque from M. Biller for $10,000 as part payment of his account Purchased store furniture on credit terms from Corma Ltd for $7,480, terms n/60. 5 Purchased inventory on credit terms from Tumult Ltd $4,400; invoice date 6 June, terms 2/10, n/60. 6 Purchased a 3-year fire insurance policy for $792, cheque no. 100. 7 Sent cheque no. 101 to Tumult Ltd in full settlement of May invoice 8 Purchased inventory for $5,500, cheque no. 102. Paid Lynwood Ltd $15,000 cheque no. 103 for balance owing on May account. 9 Returned unsatisfactory goods to Tumult Ltd and received a credit note for $880. 13 Sold inventory to M. Biller on account, $9,020; invoice no. 210, terms 1/10, n/30. 15 O. Mowen paid his account in full. Paid Tumult Ltd amount due for June 6 invoice, cheque no.104. Cash sales for period to 15 June were recorded today, $3,740. 16 Sold inventory to O. Mowen on account $5,170; invoice no. 211, terms 1/10, n/30. Paid salaries for period to 15 June totaling $2,650, cheque no. 105. 17 M. Biller paid the balance of his May invoice. 20 Purchased inventory on credit terms, from Lynwood Ltd, $5,390; invoice date 20 June, terms 1/10, n/30. Sent cheque, no. 106 to Dyson Ltd in full settlement of the account. 22 Received account for $143 from M. Parson for items chargeable to office expenses, terms n/30. 23 Received inventory returned by O.Mowen and issued a credit note for $2,200. Received a cheque from M. Biller for invoice no. 210. 26 Received a cheque from O. Mowen for balance due on invoice no. 211 Purchased inventory from Dyson Ltd for $35,750, terms, 1/20, n/30. 29 Sold inventory worth $15,400 on credit to J. Rowls; invoice no. 212, terms 1/10, n/30. Paid $220 for electricity expenses, cheque no. 107. Paid Lynwood Ltd for the invoice dated 20 June, cheque no. 108. 30 Purchased inventory on account from Amcor Ltd $26,400, terms 2/10, n/30. Cash sales from 16 June to 30 June were $2,145. Paid salaries for period 16-30 June totaling $2,850, cheque no. 109. Purchased office supplies for $330, cheque no. 110. Received account from C. Bond for $110 for delivery expenses for the month. Sold inventory on credit to O. Mowen for $17,600, invoice no. 213, terms 1/10, n/30. Purchased printer for use in the business office at a cost of $825 using a short-term loan. Required a) Record the transactions in the special journals in the following order: sales journal, purchases journal, cash receipts, cash payments and general journal. You will need to use the general journal for more adjusting entries coming up, so make sure you leave room. The business uses sales and purchases journals for inventory transactions on credit only. Returns are processed through the general journal. (Remember that special journals replace the general journal, so transactions will be recorded in a special journal or the general journal but not both). b) Prepare the accounts receivable control account as it would appear in the general ledger at the end of the reporting period, together with the related subsidiary ledger. Provide the accounts payable control account as per the general ledger at the end of the financial year and the subsidiary ledger. Prepare general journal entries to record the following information. 1. Office supplies on hand at 30 June total $900 2. The one-year general insurance policy expires on 31 October 2020 3. Equipment has a useful life of 4 years with no residual value. Store furniture and printer have useful life of 5 years with no residual value. Scallion Ltd uses straight-line depreciation for these assets. (Round all depreciation amounts upwards to nearest whole $). 4. Commission revenue of $39 600 has accrued during June 5. Inventory at 30 June is $28 800

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