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The following transactions occurred during June 2 0 2 3 and are INCLUSIVE of GST where appropriate. 2 0 2 3 June 1 Scallion Ltd

The following transactions occurred during June 2023 and are INCLUSIVE of GST where appropriate. 2023June 1Scallion 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.2Paid 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 accountPurchased store furniture on credit terms from Corma Ltd for $7,480, terms n/60.5Purchased inventory on credit terms from Tumult Ltd $4,400; invoice date 6 June, terms 2/10, n/60.6Purchased a 3-year fire insurance policy for $792, cheque no.100.7Sent cheque no.101 to Tumult Ltd in full settlement of May invoice8Purchased inventory for $5,500, cheque no.102.Paid Lynwood Ltd $15,000 cheque no.103 for balance owing on May account.9Returned unsatisfactory goods to Tumult Ltd and received a credit note for $880.13Sold inventory to M. Biller on account, $9,020; invoice no.210, terms 1/10, n/30.15O. 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, $3,740.16Sold 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.105.17M. Biller paid the balance of his May invoice.20Purchased 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.22Received account for $143 from M. Parson for items chargeable to office expenses, terms n/30.23Received inventory returned by O.Mowen and issued a credit note for $2,200.Received a cheque from M. Biller for invoice no.210.26Received a cheque from O. Mowen for balance due on invoice no.211Purchased inventory from Dyson Ltd for $35,750, terms, 1/20, n/30.29Sold 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.108.30Purchased 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.

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