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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 and are INCLUSIVE of GST where appropriate. June Scallion Ltd shareholders invested $ cash in the business.Purchased land and an existing retail store for $ of which $ is considered land cost. Paid $ by cheque no for the retail store and signed a mortgage payable for the balance. The retails store is depreciated over its useful life of yearsPaid Lynwood Ltd $ less a discount of $ with cheque noReceived cheque from M Biller for $ as part payment of his accountPurchased store furniture on credit terms from Corma Ltd for $ terms nPurchased inventory on credit terms from Tumult Ltd $; invoice date June, terms nPurchased a year fire insurance policy for $ cheque noSent cheque no to Tumult Ltd in full settlement of May invoicePurchased inventory for $ cheque noPaid Lynwood Ltd $ cheque no for balance owing on May accountReturned unsatisfactory goods to Tumult Ltd and received a credit note for $Sold inventory to M Biller on account, $; invoice no terms nO Mowen paid his account in full.Paid Tumult Ltd amount due for June invoice, cheque noCash sales for period to June were recorded today, $Sold inventory to O Mowen on account $; invoice no terms nPaid salaries for period to June totaling $ cheque noM Biller paid the balance of his May invoicePurchased inventory on credit terms, from Lynwood Ltd $; invoice date June, terms nSent cheque, no to Dyson Ltd in full settlement of the accountReceived account for $ from M Parson for items chargeable to office expenses, terms nReceived inventory returned by OMowen and issued a credit note for $Received a cheque from M Biller for invoice noReceived a cheque from O Mowen for balance due on invoice noPurchased inventory from Dyson Ltd for $ terms, nSold inventory worth $ on credit to J Rowls; invoice no terms nPaid $ for electricity expenses, cheque noPaid Lynwood Ltd for the invoice dated June, cheque noPurchased inventory on account from Amcor Ltd $ terms nCash sales from June to June were $Paid salaries for period June totaling $ cheque noPurchased office supplies for $ cheque noReceived account from C Bond for $ for delivery expenses for the month.Sold inventory on credit to O Mowen for $ invoice no terms nPurchased printer for use in the business office at a cost of $ using a shortterm 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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