The schedule of accounts receivable, schedule of accounts payable and trial balance for Let it Snow are
Question:
The schedule of accounts receivable, schedule of accounts payable and trial balance for Let it Snow are shown below.
Schedule of Accounts Receivable | ||||
Customer | Invoice No. | Terms | Date of Invoice | Amount Due |
Mountain Lake Resort | 3347 | N30 | 15/05/20XX | $ 2,160.00 |
Snow Ski Holidays | 3339 | N30 | 3/05/20XX | 1,320.00 |
Snow Ski Tours | 3352 | N30 | 29/05/20XX | 2,280.00 |
$ 5,760.00 |
Schedule of Accounts Payable | ||||
Supplier | Invoice No. | Terms | Date of Invoice | Amount Due |
Jordan, Mitchell | 1753 | N7 | 31/05/20XX | $ 960.00 |
Skicentral NZ Wholesalers | 13467 | N30 | 30/04/20XX | 2,400.00 |
The South Face | 9412 | N30 | 8/05/20XX | 2,464.00 |
$ 5,824.00 |
Let it Snow | |||||
Account Number | Account | Debit | Credit | ||
100 | Bank Account | $ | 14,632.20 | ||
105 | Petty Cash | 200.00 | |||
110 | Accounts Receivable | 5,760.00 | |||
120 | Prepaid Insurance | 381.25 | |||
130 | Prepaid Rates and Taxes | 164.75 | |||
140 | GST Paid (Outlays) | 1,905.75 | |||
160 | Buildings and Improvements (Cost) | 350,000.00 | |||
161 | Accumulated Depreciation – Bldgs and Improvements | $ | 43,750.00 | ||
170 | Hire Equipment (Cost) | 108,000.00 | |||
171 | Accumulated Depreciation – Hire Equipment | 67,500.00 | |||
180 | Motor Vehicles (Cost) | 29,900.00 | |||
181 | Accumulated Depreciation – Motor Vehicles | 8,970.00 | |||
190 | Store Equipment (Cost) | 14,700.00 | |||
191 | Accumulated Depreciation – Store Equipment | 6,615.00 | |||
200 | Accounts Payable | 5,824.00 | |||
210 | GST Collected | 5,745.90 | |||
220 | PAYG Withholding Payable | 1,120.00 | |||
230 | Superannuation Payable | 432.00 | |||
280 | Bank Loan | 220,000.00 | |||
310 | Capital | 151,156.00 | |||
315 | Drawings | 36,000.00 | |||
400 | Hire Service Income | 122,880.00 | |||
410 | Lesson Income | 25,530.00 | |||
420 | Discounts Received | 392.10 | |||
430 | Freight Collected | 85.00 | |||
600 | Advertising | 2,150.00 | |||
605 | Bank Charges | 112.40 | |||
610 | Cleaning | 800.00 | |||
615 | Depreciation | 35,323.00 | |||
625 | Electricity | 3,480.50 | |||
630 | Freight Expense | 962.35 | |||
635 | Insurance | 4,193.75 | |||
640 | Interest Expense | 14,002.80 | |||
645 | Motor Vehicle Expenses | 2,530.00 | |||
650 | Office Supplies | 118.80 | |||
655 | Printing and Postage | 109.10 | |||
660 | Rates and Taxes | 1,812.25 | |||
665 | Repairs and Maintenance | 675.00 | |||
670 | Ski Instruction Charges | 13,710.00 | |||
675 | Staff Amenities | 234.70 | |||
680 | Superannuation | 1,404.00 | |||
685 | Telephone | 1,137.40 | |||
690 | Wages and Salaries | 15,600.00 | |||
$ | 660,000.00 | $ | 660,000.00 |
Use the Trial Balance as at 31 May 20XX to enter the opening balances in the general ledger accounts. Note, use "Balance" as the cross reference when posting the balances to the general ledger accounts.
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina