Secu Telephone expense Office expenses 2,505 13,500 Discount allowed 8,450 SUBSIDIARY LEDGERS The individual balances of...

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Secu Telephone expense Office expenses 2,505 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 CUSTOMERI June Opening Balances Croft Ltd M. Biller O. Mowen TOTAL $2,970 14,850 2.920 25.740 Accounts Payable Subsidiary Ledger Design ibri (o 10 CREDITOR 1 June Opening Balances Tumult Ltd Lynwood Ltd Dyson Lid TOTAL $ 17,820 29,700 21.780 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 Lend 020 01 00 500 33 10,000 June 1 2 5 Scallion Lad 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. Paid Lynwood Lad $14,700 less a discount of $594 with cheque no. 99.1 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. Purchased inventory on credit terms from Tumult Ltd $4,400; invoice date 6 June, terms 2/10, n/60. $880. Purchased a 3-year fire insurance policy for $792, cheque no. 100. Sent cheque no. 101 to Tumult Eid in full settlement of May invoice Purchased inventory for $5.500, cheque no. 102. Paid Lynwood Ltd $15,000 cheque no. 103 for balance owing on May account. Returned unsatisfactory goods to Tumult Ltd and received a credit note for 6 ch 7 8 Secu Telephone expense Office expenses 2,505 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 CUSTOMERI June Opening Balances Croft Ltd M. Biller O. Mowen TOTAL $2,970 14,850 2.920 25.740 Accounts Payable Subsidiary Ledger Design ibri (o 10 CREDITOR 1 June Opening Balances Tumult Ltd Lynwood Ltd Dyson Lid TOTAL $ 17,820 29,700 21.780 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 Lend 020 01 00 500 33 10,000 June 1 2 5 Scallion Lad 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. Paid Lynwood Lad $14,700 less a discount of $594 with cheque no. 99.1 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. Purchased inventory on credit terms from Tumult Ltd $4,400; invoice date 6 June, terms 2/10, n/60. $880. Purchased a 3-year fire insurance policy for $792, cheque no. 100. Sent cheque no. 101 to Tumult Eid in full settlement of May invoice Purchased inventory for $5.500, cheque no. 102. Paid Lynwood Ltd $15,000 cheque no. 103 for balance owing on May account. Returned unsatisfactory goods to Tumult Ltd and received a credit note for 6 ch 7 8