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The following information was extracted from the books of Campland Pharmaceutical Distribution limited located at 15 Bell Road Kingston 5 for the period ending December 3l, 2022

Assets Liabilities

Debtors: White Pharmacy $37,500 Creditor: Lyn's Distributors Ltd $64,000

Gayle's Supplies Ltd $27,000 French Pharmacv $78,000

Ford Phamarcy $46,000 Bank Loan NCB (24 months) $270,000

Cash At Bank $300,000

Furniture 380,000

Cash Jn hand $110,000

During The month of January 2023, the following transactions took place.

January 3 Purchase the following on credit from: Lyn Distribution Ltd. 26 west Avenue Kingston 20 less 10% Trade discount on all items: 50 Cases of Panadol cough syrup @$30,000, 48 bottles of Vitamin C@ $3,500, 20 cases of Benjamin Rubin alcohol @ $24,300 and 30, boxes of Calcium Citrate@ $38,700.No GCT discharge on these items.

January 5 Sold the on credit to White Pharmacy: 15 Cases of Panadol cough syrup @ $33,000, 48 bottles of Vitamin C@$4,700, and 12 boxes of Calcium Citrate@$43,500 Less 10% Trade discount. Terms: 6/15/ n40 No GCT is charge on items sold.

January 6 sold goods and received Cheque for$ 3,800,000 and purchase goods paying By Cheque $1,540,000

January 8 Returned goods to Lyn Distribution Ltd: 7 bottles of Vitamin C, and 3 boxes of Calcium Citrate.

January 10 Received Cheque from White Pharmacy in the amount of$ 980,000 for Payment on account.

January 12 paid the following expenses: Rent $80,000 by cash and salaries $530,000 by Cheque

January 16 The following goods returned to us by White Pharmacy:3 Cases of Panadol cough syrup, 6 bottles of Vitamin C and 2 boxes of Calcium Citrate

January 27 Received rent from a tenant in cash $46,000

January 28 Purchase Motor Vehicle on credit from Toyota Jamaica Ltd valued $ 3,500, 000 for the distribution department.

January 29 Purchase the following from French Pharmacy, 15 oxford Road Spanish Town. 30 boxes eye drops @ $46,500, 18 case of Folic Acid@$ 70,400 and 20 boxes of New Strut baby Formulas @ 70,800

January 30 Paid the following suppliers on their account by Cheque: Lyn's Distributors Ltd $1,640, 000 and French Pharmaceutical Ltd $2,300,000

Required:

1. Post the opening entries to the business General Journal and asce1tain the opening capital for the business.
2. Post the entries to the relevant purchases and sales Journal for the period then transfer the entries to the appropriate ledger accounts.
3. Update the business General Ledger with the relevant Entries
4. Prepare the Accounts Receivables and Payables Schedule as at the end of the accounting period.
5. Prepare the relevant source Documents for transaction done on January 5, 6 and 8
6. The balance due Gayle's Supplies Ltd located at 10 Mark Avenue, May Pen Clarendon account, represent a credit sales transaction on November 10, 2022, with a credit period of 30 days. No payment has been received from this customer as at the end of this accounting period. Prepare a letter requesting payment from this customer for the outstanding balance due.