Tymonns Traders Ltd uses sales and purchases journals in its accounting system. The following transactions occurred during
Question:
Tymonns Traders Ltd uses sales and purchases journals in its accounting system. The following transactions occurred during April 2019.
Required
(a) Complete the requirements below, assuming the business is not registered for GST.
i. Establish all necessary general ledger accounts, accounts receivable subsidiary ledger accounts, and accounts payable subsidiary ledger accounts. Use the following account numbers: Accounts Receivable, 1200; Accounts Payable, 2200; Sales, 4100; Purchases, 5100.
ii. Enter the transactions for April in the appropriate special journals.
iii. Post the data from the journals to the general ledger and subsidiary accounts.
iv. Prepare a schedule of the accounts receivable subsidiary ledger and the accounts payable subsidiary ledger as at 30 April to prove that their totals reconcile with the balances of the control accounts.
Step by Step Answer:
Accounting
ISBN: 9780730363224
10th Edition
Authors: John Hoggett, John Medlin, Keryn Chalmers, Beattie Claire, Hellmann Andreas, Maxfield Jodie