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UNADJUSTED TRIAL BALANCE The unadjusted trial balance as at 1 June 2 0 2 3 is presented below: ACCOUNT NAME 1 June Opening Balances Cash
UNADJUSTED TRIAL BALANCE The unadjusted trial balance as at June is presented below: ACCOUNT NAME June Opening Balances Cash $ Accounts Receivable Allowance for doubtful debts Inventory Office Supplies Prepaid General Insurance GST Paid Equipment Machinery Truck Land Accounts Payable GST Collected Share Capital Discount received Repairs and maintenance Purchases Purchases returns & allowances Salaries expense Sales Sales returns & allowances Electricity expense Telephone expense Office expenses Discount allowed SUBSIDIARY LEDGERS The individual balances of Accounts receivable and Accounts payable as at June are shown below. Amounts include GST Accounts Receivable Subsidiary Ledger CUSTOMER June Opening Balances Croft Ltd $ M Biller O Mowen TOTAL Accounts Payable Subsidiary Ledger CREDITOR June Opening Balances Tumult Ltd $ Lynwood Ltd Dyson Ltd TOTAL 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 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 years. Paid Lynwood Ltd $ less a discount of $ with cheque no Received cheque from M Biller for $ as part payment of his account Purchased store furniture on credit terms from Corma Ltd for $ terms n Purchased inventory on credit terms from Tumult Ltd $; invoice date June, terms n Purchased a year fire insurance policy for $ cheque no Sent cheque no to Tumult Ltd in full settlement of May invoice Purchased inventory for $ cheque no Paid Lynwood Ltd $ cheque no for balance owing on May account. Returned unsatisfactory goods to Tumult Ltd and received a credit note for $ Sold inventory to M Biller on account, $; invoice no terms n O Mowen paid his account in full. Paid Tumult Ltd amount due for June invoice, cheque no Cash sales for period to June were recorded today, $ Sold inventory to O Mowen on account $; invoice no terms n Paid salaries for period to June totaling $ cheque no M Biller paid the balance of his May invoice. Purchased inventory on credit terms, from Lynwood Ltd $; invoice date June, terms n Sent cheque, no to Dyson Ltd in full settlement of the account. Received account for $ from M Parson for items chargeable to office expenses, terms n Received inventory returned by OMowen and issued a credit note for $ Received a cheque from M Biller for invoice no Received a cheque from O Mowen for balance due on invoice no Purchased inventory from Dyson Ltd for $ terms, n Sold inventory worth $ on credit to J Rowls; invoice no terms n Paid $ for electricity expenses, cheque no Paid Lynwood Ltd for the invoice dated June, cheque no Purchased inventory on account from Amcor Ltd $ terms n Cash sales from June to June were $ Paid salaries for period June totaling $ cheque no Purchased office supplies for $ cheque no Received account from C Bond for $ for delivery expenses for the month. Sold inventory on credit to O Mowen for $ invoice no terms n Purchased 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 gener
UNADJUSTED TRIAL BALANCE
The unadjusted trial balance as at June is presented below:
ACCOUNT NAME June Opening Balances
Cash $
Accounts Receivable
Allowance for doubtful debts
Inventory
Office Supplies
Prepaid General Insurance
GST Paid
Equipment
Machinery
Truck
Land
Accounts Payable
GST Collected
Share Capital
Discount received
Repairs and maintenance
Purchases
Purchases returns & allowances
Salaries expense
Sales
Sales returns & allowances
Electricity expense
Telephone expense
Office expenses
Discount allowed
SUBSIDIARY LEDGERS
The individual balances of Accounts receivable and Accounts payable as at June are shown below. Amounts include GST
Accounts Receivable Subsidiary Ledger
CUSTOMER June Opening Balances
Croft Ltd $
M Biller
O Mowen
TOTAL
Accounts Payable Subsidiary Ledger
CREDITOR June Opening Balances
Tumult Ltd $
Lynwood Ltd
Dyson Ltd
TOTAL
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 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 years.
Paid Lynwood Ltd $ less a discount of $ with cheque no
Received cheque from M Biller for $ as part payment of his account
Purchased store furniture on credit terms from Corma Ltd for $ terms n
Purchased inventory on credit terms from Tumult Ltd $; invoice date June, terms n
Purchased a year fire insurance policy for $ cheque no
Sent cheque no to Tumult Ltd in full settlement of May invoice
Purchased inventory for $ cheque no
Paid Lynwood Ltd $ cheque no for balance owing on May account.
Returned unsatisfactory goods to Tumult Ltd and received a credit note for $
Sold inventory to M Biller on account, $; invoice no terms n
O Mowen paid his account in full.
Paid Tumult Ltd amount due for June invoice, cheque no
Cash sales for period to June were recorded today, $
Sold inventory to O Mowen on account $; invoice no terms n
Paid salaries for period to June totaling $ cheque no
M Biller paid the balance of his May invoice.
Purchased inventory on credit terms, from Lynwood Ltd $; invoice date June, terms n
Sent cheque, no to Dyson Ltd in full settlement of the account.
Received account for $ from M Parson for items chargeable to office expenses, terms n
Received inventory returned by OMowen and issued a credit note for $
Received a cheque from M Biller for invoice no
Received a cheque from O Mowen for balance due on invoice no
Purchased inventory from Dyson Ltd for $ terms, n
Sold inventory worth $ on credit to J Rowls; invoice no terms n
Paid $ for electricity expenses, cheque no
Paid Lynwood Ltd for the invoice dated June, cheque no
Purchased inventory on account from Amcor Ltd $ terms n
Cash sales from June to June were $
Paid salaries for period June totaling $ cheque no
Purchased office supplies for $ cheque no
Received account from C Bond for $ for delivery expenses for the month.
Sold inventory on credit to O Mowen for $ invoice no terms n
Purchased 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 gener
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