You have just been contracted by Bellas Bobs Hair Salon as their junior accountant/bookkeeper. Bella has been keeping the tax invoices, adjustment notes and receipts to manage and produce reports. Using the source documents on the following pages record correct entries and prepare the following:
i) Debt collection policy: Please use the template
Bellas Bobs Hair Salon has established its own Code of Practice in relation to debt collection policy, which satisfies the industry compliance requirements. The debt collection procedure by applying the Companys Credit Policy and procedures:
| Task 2f) Aging Analysis (5 Marks): | | | | | | | | |
| Account name | Account No. | Balance | Current | 30 Days | 60 Days | 90 Days and over |
| | | | | | | |
| | | | | | | |
| TOTAL | | | | | | |
Accounts over 30 days due Phone customer to enquire why account is still outstanding If no response within one week send collection letter 1 Accounts over 60 days due Send Collection letter 2 May stop delivery of goods to Customer Send Collection letter 3. If no response within one week forward details to Debt Collection agency and stop delivery of any goods to Customer Accounts over 90 days due Other required information: Customer Opening Balances Suzy's Supermodels 10/06/2018 Invoice 654 - $980 24/06/2018 Invoice 655 - $320 Golden Oldies Retirement Homes 05/07/2018 Invoice 325 - $700 Additional information: The business had more cash sales to be recorded in the cash receipts journal: Cash sales include GST. Cash sales Cash sales Cash sales 02/08/18 12/08/18 19/08/18 $650.00 $510.50 $430.00 Sales tax invoices (Credit sales): Bella's Bob 934 Peel Street Forester, NSW 2428 ABN: 99 777 959 633 Bill To: Suzy's Supermodels suzysmodels@optus.com 101 Tax Invoice Date Quantity 28 Product Wattle Shampoo Wattle Conditioner Normal Hair Spray Flexible Hair Spray Hair Wax Total Due GST Included Unit Price $ 33.00 $ 33.00 $ 16.50 $ 19.25 $ 33.00 25 20 20 12 07/08/2018 Total $ 924.00 $ 825.00 $ 330.00 $ 385.00 $ 396.00 $2,860.00 $ 260.00 Bella's Bob 934 Peel Street Forester, NSW 2428 ABN: 99 777 959 633 Bill To: Golden Oldies Retirement Homes golden @dodo.com Product Ladies Cut Mens Cut Permanent Colour Unit Price $ 33.00 $ 22.00 $ 77.00 Tax Invoice Date Quantity 12 8 10 102 12/08/2018 Total $ 396.00 $ 176.00 $ 770.00 Total Due GST Included $1,342.00 $ 122.00 Bella's Bob 934 Peel Street Forester, NSW 2428 ABN: 99 777 959 633 Bill To: Suzy's Supermodels suzysmodels@optus.com 103 Product Hairy Shampoo Hairy Conditioner Hairy Treatment Wattle Shampoo Wattle Conditioner Wattle Treatment Unit Price $ 22.00 $ 22.00 $ 49.50 $ 33.00 $ 33.00 $ 55.00 Tax Invoice Date Quantity 10 10 10 15/08/2018 Total $ 220.00 $ 220.00 $ 495.00 $1,155.00 $1,155.00 $ 825.00 35 35 15 Total Due GST Included $4,070.00 $ 370.00 Bella's Bob 934 Peel Street Forester, NSW 2428 ABN: 99 777 959 633 Bill To: Golden Oldies Retirement Homes golden @dodo.com Tax Invoice Date Quantity 10 Product Wattle Shampoo Wattle Conditioner Wattle Treatment Wattle highlights Unit Price 33.00 33.00 $ 55.00 $ 66.00 A A A A 10 104 19/08/2018 Total $ 330.00 $ 330.00 $ 550.00 $ 660.00 eeee 10 10 Total Due GST included $1,870.00 $170.00 Adjustment Notes: Bella's Bob 934 Peel Street Forester, NSW 2428 ABN: 99 777 959 633 Bill To: Suzy's Supermodels suzysmodels@optus.com Product Wattle Shampoo Hair Wax Unit Price $ 33.00 $ 33.00 Adjustment Note AN 101 Date 09/08/2018 Quantity Total 3 $99.00 2 $66.00 Total Due GST Included $165.00 $15.00 Receipts: RECEIPT OF ACCOUNT Suzy's Supermodels Total $ 980.00 Date: 04/08/2017 Invoice 654 Less Discount (GST Included) Invoice 655 Less Discount (GST Included) 24.50 320.00 8.00 TOTAL $ 1,267.50 RECEIPT OF ACCOUNT Golden Oldies Retirement Homes Date: 07/08/2018 Invoice 325 Total 500.00 $ TOTAL 500.00 Accounts over 30 days due Phone customer to enquire why account is still outstanding If no response within one week send collection letter 1 Accounts over 60 days due Send Collection letter 2 May stop delivery of goods to Customer Send Collection letter 3. If no response within one week forward details to Debt Collection agency and stop delivery of any goods to Customer Accounts over 90 days due Other required information: Customer Opening Balances Suzy's Supermodels 10/06/2018 Invoice 654 - $980 24/06/2018 Invoice 655 - $320 Golden Oldies Retirement Homes 05/07/2018 Invoice 325 - $700 Additional information: The business had more cash sales to be recorded in the cash receipts journal: Cash sales include GST. Cash sales Cash sales Cash sales 02/08/18 12/08/18 19/08/18 $650.00 $510.50 $430.00 Sales tax invoices (Credit sales): Bella's Bob 934 Peel Street Forester, NSW 2428 ABN: 99 777 959 633 Bill To: Suzy's Supermodels suzysmodels@optus.com 101 Tax Invoice Date Quantity 28 Product Wattle Shampoo Wattle Conditioner Normal Hair Spray Flexible Hair Spray Hair Wax Total Due GST Included Unit Price $ 33.00 $ 33.00 $ 16.50 $ 19.25 $ 33.00 25 20 20 12 07/08/2018 Total $ 924.00 $ 825.00 $ 330.00 $ 385.00 $ 396.00 $2,860.00 $ 260.00 Bella's Bob 934 Peel Street Forester, NSW 2428 ABN: 99 777 959 633 Bill To: Golden Oldies Retirement Homes golden @dodo.com Product Ladies Cut Mens Cut Permanent Colour Unit Price $ 33.00 $ 22.00 $ 77.00 Tax Invoice Date Quantity 12 8 10 102 12/08/2018 Total $ 396.00 $ 176.00 $ 770.00 Total Due GST Included $1,342.00 $ 122.00 Bella's Bob 934 Peel Street Forester, NSW 2428 ABN: 99 777 959 633 Bill To: Suzy's Supermodels suzysmodels@optus.com 103 Product Hairy Shampoo Hairy Conditioner Hairy Treatment Wattle Shampoo Wattle Conditioner Wattle Treatment Unit Price $ 22.00 $ 22.00 $ 49.50 $ 33.00 $ 33.00 $ 55.00 Tax Invoice Date Quantity 10 10 10 15/08/2018 Total $ 220.00 $ 220.00 $ 495.00 $1,155.00 $1,155.00 $ 825.00 35 35 15 Total Due GST Included $4,070.00 $ 370.00 Bella's Bob 934 Peel Street Forester, NSW 2428 ABN: 99 777 959 633 Bill To: Golden Oldies Retirement Homes golden @dodo.com Tax Invoice Date Quantity 10 Product Wattle Shampoo Wattle Conditioner Wattle Treatment Wattle highlights Unit Price 33.00 33.00 $ 55.00 $ 66.00 A A A A 10 104 19/08/2018 Total $ 330.00 $ 330.00 $ 550.00 $ 660.00 eeee 10 10 Total Due GST included $1,870.00 $170.00 Adjustment Notes: Bella's Bob 934 Peel Street Forester, NSW 2428 ABN: 99 777 959 633 Bill To: Suzy's Supermodels suzysmodels@optus.com Product Wattle Shampoo Hair Wax Unit Price $ 33.00 $ 33.00 Adjustment Note AN 101 Date 09/08/2018 Quantity Total 3 $99.00 2 $66.00 Total Due GST Included $165.00 $15.00 Receipts: RECEIPT OF ACCOUNT Suzy's Supermodels Total $ 980.00 Date: 04/08/2017 Invoice 654 Less Discount (GST Included) Invoice 655 Less Discount (GST Included) 24.50 320.00 8.00 TOTAL $ 1,267.50 RECEIPT OF ACCOUNT Golden Oldies Retirement Homes Date: 07/08/2018 Invoice 325 Total 500.00 $ TOTAL 500.00
