Jupiter Ltd uses multi-column cash receipts and cash payments journals, and maintains control accounts for accounts receivable

Question:

Jupiter Ltd uses multi-column cash receipts and cash payments journals, and maintains control accounts for accounts receivable and accounts payable, supported by subsidiary ledgers. Balances in the subsidiary ledgers at 1 June 2016 were as follows:

Milky Way Mars Constellation Accounts receivable 3000 14000 10000 Venus Mercury Sun Accounts payable 6000

During June 2016, the following amounts were received and paid:

June 2 3 8  10 15 16 29 30 Paid Venus $6000. Milky Way paid an amount owing of $1100, less $30 discount. Cash

Write up the cash receipts journal and the cash payments journal. Use separate columns for bank, discount allowed, accounts receivable, cash sales, discount received, accounts payable and (cash) purchases. Post from these journals to both the general ledger and the subsidiary ledgers and prepare schedules of accounts receivable and accounts payable as at 30 June 2016.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial Accounting An Integrated Approach

ISBN: 9780170349680

6th Edition

Authors: Ken Trotman, Michael Gibbins, Elizabeth Carson

Question Posted: