Subject Code : AC101
Assignment Task:

Task:

 

Simmo Shops uses the perpetual inventory system and makes all credit sales on terms of 2/10, n/30.  During May, Simmo Shops completed these transactions (figures are GST inclusive unless stated otherwise):

 

May1     

Owner began Simmo Shops by contributing $10,000 cash.

2         Issued invoiceno. 290 for sale on credittoS. D. Cooper,$4 400.Simmo Shops' cost of this

inventorywas$2 780.

4                        

Soldinventoryforcash,$6 820(net cost,$3 640).

8                        

Collectedinterestrevenueof$240. (Ignore GST)

9       Issued invoice no. 291 for sale on

credit to Redlands Associates,$12 375 (net cost,$6600).

12       Received

$4 312 cash from S. D. Cooper in fullsettlement of her account receivable, netof the

discount,fromthesaleof2May.

15       Sold

inventoryon credittoP. E. Freetime,issuing invoiceno. 292for$1 485(net cost,$820).

17

       Issued credit memo to P. E. Freetime for $1 485 for defective goods returned by Freetime. Alsoaccountedforreceipt oftheinventoryatnet cost.

18       Issued invoiceno.293forcreditsaletoS. D. Cooper,$3 652(net cost,$1 940).

19       Received$12 127.50fromRedlands infullsettlementofitsaccountreceivablefrom9May.

24      

Sold suppliestoanemployeeforcashof$160,which wasSimmo Shops'cost. (ignore GST).

29       SoldgoodsoncredittoRedlandsAssociates,issuinginvoiceno.294for$3 630

(cost,$2000).

31       Receivedcashinfull,fromS. D. Cooperoncreditsaleof 18May.There

wasnodiscount.

 

Requirements:

  1. EnterthetransactionsinaSalesjournal,aCash Receiptsjournal,and a General journal or Sales Returns journal, asappropriate.

  2. Openfour-columngeneralledgeraccountsusingSimmo Shops’accountnumbersthatfollow.

Cash

111

Salesrevenue

411

Accountsreceivable

112

Salesdiscounts

412

Supplies

116

Salesreturnsandallowances

413

Prepaidinsurance

117

Interestrevenue

419

Inventory

118

Costofsales

511

Furniture

Accum. Dep Furniture

151

152

Salaryexpense

Electricityandgasexpense

531

541

Accountspayable

211

Depreciation Expense

551

Salaries Accrued /Payable

GST Clearing

Capital

214

240

301

Supplies expense

Insurance Expense

561

571

 

 

  1. Open these accounts in the subsidiary ledgers: Accounts receivable ledger-RedlandsAssociates,P. E. FreetimeandS. D. Cooper.

  2. PostdailytotheAccountsReceivableledger.On31

    Mayp

    osttothegeneralledger.

  3. Total each column of the special journals. Show that total debits equal total credits in each special journal.

  4. Balance the total of the customer account balances in the Accounts Receivable ledger against Accounts Receivable in the General ledger.

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  • Posted on : August 25th, 2019

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