The following information was taken from the books of ACDC Traders for April and May 2020. List
Question:
The following information was taken from the books of ACDC Traders for April and May 2020.
List of balances in the debtor's ledger of ACDC Traders as of 30 April 2020
The following information pertains to debtor C. Cauld (D2)
Sold goods to C. Cauld on credit for R15 900 (Inclusive of VAT) on the 5th of May 2020.
Issued Invoice no. F02. This transaction was taken into account in the journal totals above.
C. Cauld returned goods to the value of R3 400 (VAT inclusive) on the 8th of May 2020.
Issued credit note FCN21. This transaction was taken into account in the journal totals above.
Received a cheque in part payment of C. Cauld’s account for an amount of R25 780 on the 25th of May 2020. Receipt no. FR002 was issued. This transaction was taken into account in the journal totals above.
The cheque received from C. Cauld was returned by the bank marked refer to the drawer on 30th of May 2020. This transaction has not yet been recorded.
Required:
1.Prepare the individual account of C. Cauld in the debtor's ledger for May 2020 using the below format
The following information is available on 31 May 2020.
List of balances in the debtor's ledger of ACDC Traders as of 31 May 2020
2.Prepare the debtors list on 31 May 2020 and comment on whether it is complete
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen