Schedules of accounts Now that all adjusting entries have been posted to the general ledger, you are asked to prepare the schedule of accounts receivable and the schedule of accounts payable as at June 30, 2018. The purpose of preparing the schedule of accounts receivable is to verify that the sum of the customer balances recorded in the accounts receivable subsidiary ledger is equal to the balance of the Accounts Receivable control account in the general ledger. Similarly, the purpose of the schedule of accounts payable is to confirm that the sum of the supplier balances recorded in the accounts payable subsidiary ledger is equal to the balance of the Accounts Payable control account in the general ledger. Instructions for schedules of accounts Using the subsidiary ledgers and the general ledger 1) Create a schedule of accounts receivable as at the end of June. 2) Create a schedule of accounts payable as at the end of June. Remember to enter all answers to the nearest whole dollar. 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(Q-900.schedulesOfAccounts) Vinyl Revival Schedule of Accounts Receivable June 30, 2018 Account No. Name Balance ($) 110-1 ARC - Mel O'Dius 110-2 ARC - D-Funkt Records 110-3 ARC - KB Lo-Fi 110-4 ARC - Carrie O'Key 110-5 ARC - Dan Serr 110-6 ARC - Dan Soul Total Vinyl Revival Schedule of Accounts Payable June 30, 2018 Account No. Name Terms Balance ($) 210-1 APC - Pony OMC records 210-2 APC Black label 210-3 APC Toadstool records 210-4 APC - Mac records 210-5 APC - Shadow records 210-6 APC Promiscuous records 2/10, n/30 1/15, n/30 net 30 2/10, n/30 net 30 net 30 Total SUBSIDIARY LEDGERS POST ADJUSTING Account: ARC - Mel O'Dius Account No. 110-1 Date May 31 Balance Jun13 Repayment Jun 30 Adjusted Balance Description Ref. Debit Credit Balance 3,919 DR CRJ 3,919 Account: ARC - D-Funkt Records Account No. 110-2 Date May 31 Balance Jun 30 Adjusted Balance Description Ref. Debit Credit Balance 2,075 DR 2,075 DR Account: ARC - KB Lo-Fi Account No. 110-3 Date May 31 Balance Jun 4Credit sale Jun 12 Sales return Jun 18 Repayment Jun 30 Adjusted Balance Description Ref. Debit Credit Balance SJ GJ CRJ 3,081 DR 5,336 DR 2,596 DR 2,255 2,740 2,596 Account: ARC - Carrie O'Key Account No. 110-4 Date May 31 Balance Jun29Repayment Jun 30 Adjusted Balance Description Ref. Debit Credit Balance 2,507 DR CRJ 2,507 Account: ARC - Dan Serr Account No. 110-5 Date May 31 Balance Jun 18 Credit sale Jun 30 Adjusted Balance Description Ref. Debit Credit Balance SJ 500 500 DR 500 DR Account: ARC - Dan Soul Account No. 110-6 Date May 31 Balance Jun 14 Credit sale Jun16Repayment Jun 23 Credit sale Jun 30 Not-Sufficient-Funds (NSF) check Jun 30 Adjusted Balance Description Ref. Debit Credit Balance SJ CRJ SJ GJ 660 DR 60 DR 3,120 DR 3,720 DR 3,720 DR 660 600 3,060 600 Account: APC - Pony OMC records Account No. 210-1 Date May 31 Balance Jun 6Credit purchase Jun 26Repayment Jun 30 Adjusted Balance Description Ref. Debit Credit Balance 2,732 CR 5,932 CR PJ 3,200 CPJ 5,932 Account: APC - Black label Account No. 210-2 Date May 31 Balance Jun3Repayment Jun 30 Adjusted Balance Description Ref. Debit Credit Balance 1,700 CR CPJ 1,700 Account: APC - Toadstool records Account No. 210-3 Date May 31 Balance Jun3 Credit purchase Jun 19 Purchase return Jun24Repayment Jun 30 Adjusted Balance Description Ref. Debit Credit Balance PJ GJ CPJ 4,110 CR 4,435 CR 3,108 CR 325 1,327 3,108 Account: APC - Mac records Account No. 210-4 Date Description Ref. Debit Credit Balance May 31 Balance Jun6Repayment Jun29 Credit purchase Jun 30 Adjusted Balance 2,944 CR CPJ 2,944 PJ 340 340 CR 340 CR Account: APC - Shadow records Account No. 210-5 Date May 31 Balance Jun9Repayment Jun 30 Adjusted Balance Description Ref. Debit Credit Balance 3,669 CR CPJ 3,669 Account: APC - Promiscuous records Account No. 210-6 Date May 31 Balance Jun 30 Adjusted Balance Description Ref. Debit Credit Balance GENERAL LEDGER POST ADJUSTING Account: Cash Account No. 100 Date May 31 Balance Jun 30Total from cash receipts journal Jun 30Total from cash payments journal Jun 30 Interest received from the bank Jun 30Not-Sufficient-Funds (NSF) check Jun 30 Bank service charge Jun 30 Adjusted Balance Description Debit Credit Balance 18,481 DR 122,638 DR 86,164 DR 86,320 DR 85,720 DR 85,714 DR 85,714 DR CRJ 104,157 CPJ GJ GJ GJ 36,474 156 600 Account: Short-term Investments Account No. 102 Date May 31 Balance Jun30 Adjusted Balance Description Ref Debit Credit Balance 21,000 DR 21,000 DR Account: ARC - Accounts Receivable Control Account No. 110 Date May 31 Balance Jun 12 Sales return from KB Lo-Fi un 3Total from sales journal Jun 30Total from cash receipts journal Jun 30Not-Sufficient-Funds (NSF) check Jun 30 Adjusted Balance Description Ref Debit Credit Balance GJ SJ CRJ GJ 11,582 DR 8,842 DR 15,317 DR 5,695 DR 6,295 DR 6,295 DR 2,740 6,475 9,622 600 Account: Interest Receivable Account No. 112 Date May 31 Balance Jun 30 Accrued interest revenue Jun | 301 Adjusted Balance Description Ref Debit Credit Balance GJ 105 105 DR 105 DR Account: Merchandise Inventory Account No. 120 Date May 31 Balance Jun | 301 Adjusted Balance Description Ref Debit Credit Balance 81,696 DR 81,696 DR Account: Office Supplies Account No. 130 Date May 31 Balance Jun 30 Supplies used Jun 30 Adjusted Balance Description Ref Debit Credit Balance 5,416 DR 2,870 DR 2,870 DR GJ 2.546 Account: Prepaid Rent Account No. 140 Date May 31 Balance Jun30 Rent expired Jun | 301 Adjusted Balance Description Ref Debit Credit Balance 6,000 DR 3,000 DR 3,000 DR GJ 3,000 Account: Prepaid Advertising Account No. 141 Date May 31 Balance Jun 30 Benefits consumed Jun | 301 Adjusted Balance Description Ref Debit Credit Balance 12,000 DR 8,000 DR 8,000 DR GJ 4,000 Account: Prepaid Insurance Account No. 142 Date May 31 Balance Jun 30 Insurance expired Jun 30 Adjusted Balance Description Ref Debit Credit Balance 3,250 DR 2,600 DR 2,600 DR GJ 650 Account: Office Furniture Account No. 150 Date May 31 Balance Jun 30 Adjusted Balance Description Ref Debit Credit Balance 10,000 DR 10,000 DR Account: Accum Depn: Office Furniture Account No. 151 Date May 31 Balance Jun30Depreciation - one month Jun30 Adjusted Balance Description Ref. Debit Credit Balance 2,850 CR 3,000 CR 3,000 CR 150 Account: Office Equipment Account No. 160 Date Description Ref. Debit Credit Balance 31 Balance 43,000 DR Jun30 Adjusted Balance 43,000 DR Account: Accum Depn: Office Equipment Account No. 161 Date May 31 Balance Jun30Depreciation - one month Jun30 Adjusted Balance Description Ref. Debit Credit Balance 24,306 CR 24,653 CR 24,653 CR 347 Account: APC - Accounts Payable Control Account No. 210 Date Description Debit Credit Balance 31 Balance Jun 19 Purchase return to Toadstool records Jun 30Total from purchases journal Jun 30Total from cash payments journal Jun 30 Adjusted Balance 15,155 CR 13,828 CR 17,693 CPR 340 CR 340 CR 1,327 3,865 CPJ 17,353 Account: Wages Payable Account No. 220 Date May 31 Balance Jun 30 Accrued wages expense Jun30 Adjusted Balance Description Ref. Debit Credit Balance 1,480 1,480 CR 1,480 CR Account: Electricity Payable Account No. 221 Date May 31 Balance Jun30 Accrued electricity expense Jun30 Adjusted Balance Description Ref. Debit Credit Balance 846 846 CR 846 CR Account: Water Payable Account No. 222 Date May 31 Balance Jun30 Accrued water expense Jun30 Adjusted Balance Description Ref Debit Credit Balance GJ 211 211 CR 211 CR Account: Interest Payable Account No. 225 Date May 31 Balance Jun30Accrued interest expense Jun30 Adjusted Balance Description Ref Debit Credit Balance GJ 255 255 CR 255 CR Account: Bank Loan Payable Account No. 250 Date May 31 Balance Jun1 Loan from MRMC Bank Jun30 Adjusted Balance Description Ref Debit Credit Balance CRJ 51,000 51,000 CR 51,000 CR Account: Common Stock Account No. 300 Date May 31 Balan Jun30 Adjusted Balance Description ce Ref Debit Credit Balance 80,000 CR 80,000 CR Account: Retained Earnings Account No. 301 Date May 31 Balance Jun30 Adjusted Balance Description Ref Debit Credit Balance 90,114 CR 90,114 CR Account: Income Summary Account No. 310 Date May 31 Balance Jun30 Adjusted Balance Description Ref Debit Credit Balance Account: Sales Revenue Account No. 400 Date May 31 Balance Jun 30Total from sales journal Jun 30Total from cash receipts journal Jun 30 Adjusted Balance Description Ref Debit Credit Balance SJ 6,475 6,475 CR 50,206 CR 50,206 CR CRJ 43,731 Account: Sales Returns and Allowances Account No. 401 Date May 31 Balance Jun 12 Sales return from KB Lo-Fi Jun | 301 Adjusted Balance Description Ref. Debit Credit Balance GJ 2,740 2,740 DR 2,740 DR Account: Sales Discounts Account No. 402 Date May 31 Balance Jun 30Total from cash receipts journal Jun 30 Adjusted Balance Description Ref. Debit Credit Balance CRJ 196 196 DR 196 DR Account: Interest Revenue Account No. 403 Date May 31 Balance Jun 30 Interest received from the bank Jun 30 Accrued interest revenue Jun | 30 Adjusted Balance Description Ref. Debit Credit Balance GJ 156 156 CR 261 CR 261 CR GJ 105 Account: Purchases Account No. 500 Date May 31 Balance Jun 30 Total from purchases journal Jun 30Total from cash payments journal Jun 30 Adjusted Balance Description Ref. Debit Credit Balance PJ 3,865 3,865 DR 5,545 DR 5,545 DR CPJ 1,680 Account: Purchase Returns and Allowances Account No. 501 Date May 31 Balance Jun 19 Purchase return to Toadstool records Jun | 30 Adjusted Balance Description Ref Debit Credit Balance GJ 1,327 1,327 CR 1,327 CR Account: Purchase Discounts Account No. 502 Date May 31 Balance Jun30Total from cash payments journal Jun 30 Adjusted Balance Description Ref Debit Credit Balance CPJ 76 76 CR 76 CR Account: Advertising Expense Account No. 511 Date May 31 Balance Jun 30 Benefits consumed Jun 30 Adjusted Balance Description Ref Debit Credit Balance GJ 4,000 4,000 DR 4,000 DR Account: Wages Expense Account No. 516 Date May 31 Balance Jun 15 Paid staff wages Jun 29 Paid staff wages Jun 30 Accrued wages expense Jun 30 Adjusted Balance Description Ref Debit Credit Balance CPJ CPJ GJ 5,587 5.330 1,480 5,587 DR 10,917 DR 12,397 DR 12,397 DR Account: Rent Expense Account No. 540 Date May 31 Balance Jun 30 Rent expired Jun 30 Adjusted Balance Description Ref Debit Credit Balance GJ 3,000 3,000 DR 3,000 DR Account: Electricity Expense Account No. 541 Date May 31 Balance Jun 30Accrued electricity expense Jun 30 Adjusted Balance Description Ref. Debit Credit Balance GJ 846 846 DR 846 DR Account: Water Expense Account No. 542 Date May 31 Balance Jun 30 Accrued water expense Jun 30 Adjusted Balance Description Ref. Debit Credit Balance 211 211 DR 211 DR Account: Insurance Expense Account No. 543 Date May 31 Balance Jun 30 Insurance expired Jun 30 Adjusted Balance Description Debit Credit Balance GJ 650 650 DR 650 DR Account: Office Supplies Expense Account No. 544 Date May 31 Balance Jun 30 Supplies used Jun 30 Adjusted Balance Description Ref. Debit Credit Balance GJ 2,546 2,546 DR 2,546 DR Account: Salary Expense Account No. 545 Date May 31 Balance Jun 30 Paid salary Jun 30 Adjusted Balance Description Ref Debit Credit Balance CPJ 6,600 6,600 DR 6,600 DR Account: Depn Expense: Office Furniture Account No. 560 Date May 31 Balance Jun30Depreciation - one month Jun 30 Adjusted Balance Description Debit Credit Balance GJ 150 150 DR 150 DR Account: Depn Expense: Office Equipment Account No. 561 Date May 31 Balance Jun30Depreciation - one month Jun | 301 Adjusted Balance Description Ref Debit Credit Balance GJ 347 347 DR 347 DR Account: Interest Expense Account No. 571 Date May 31 Balance Jun30Accrued interest expense Jun | 301 Adjusted Balance Description Ref Debit Credit Balance GJ 255 255 DR 255 DR Account: Admin. Expense Bank Charges Account No. 572 Date May 31 Balance Jun30 Bank service charge Jun | 301 Adjusted Balance Description Ref Debit Credit Balance GJ 6 DR 6 DR