show Accounts Receivable Subsidiary Ledger CUSTOMERI June Opening Balances Croft Ltd M. Biller JO. Mowen TOTAL $ 2,970 14,850 7.920 25.740 Accounts Payable Subsidiary Ledger CREDITOR 1 June Opening Balances Tumult Ltd Lynwood Ltd Dyson Ltd 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 June 1 81 2 5 6 7 8 9 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. 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. Purchased inventory on credit terms from Tumult Ltd $4,400; invoice date 6 June, terms 2/10, n/60. Purchased a 3-year fire insurance policy for $792, cheque no. 100. Sent cheque no. 101 to Tumult Ltd 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 $880. tps://moodleprod.murdoch.edu.au/phuninfile php/25161 ictions dock 110 523 t 30 33.