James Schroeder uses sales, purchases, cash receipts, cash payments and general journals along with subsidiary ledgers for accounts receivable and accounts payable in the accounts of his business. The business has adopted the perpetual inventory system. The post-closing trial balance as at 31May 2017 and the subsidiary ledger schedules follow. Ignore GST.

Post-closing Trial Balance

as at 31 May 2017

	Debit			Credit
Cash at bank Accounts receivable control Inventory Equipment Accumulated depreciation – equipment Accounts payable control J. Schroeder, Capital		$15 120 7 560 12 600 25 200			$  2 520 10 080 47 880
		$60 480			$60 480

Schedule of Accounts Receivable as at 31 May 2017
	Slatter Ltd         Thorne Ltd B. Walker		$2 270   3 530 1 760
			$7 560

Schedule of Accounts Payable as at 31 May 2017
	Abdul-Ahad Ltd P. Bengasi Cavallaro Ltd		$2 520   3 530   4 030
			$10 080

The following transactions took place during June 2017:

June

1 2 3 4 6 9 10 11 12 14 16 18 19 22 23 26 28 30

Received a cheque from B. Walker for payment on account, $1760. Sold inventory to Cheng Ltd on credit, invoice 534, $2270, terms 2/10, n/30. The inventory sold had cost $1260. Paid rent for June, $1890, internet transfer to Property Management Ltd. Paid Abdul-Ahad Ltd for goods purchased previously, $2520, by interbank transfer. Purchased inventory on credit from J. Dabrowski, $2650, invoice 776, terms 2/10, n/30. Received payment from Cheng Ltd for full settlement of invoice 534. Received a credit note from J. Dabrowski for inventory returned, $120. Paid J. Dabowski the amount due on invoice 776 by issuing cheque no. 235. Paid sales commissions, $5170 by interbank transfer. Received a cheque from Thorne Ltd in part payment of the account, $1760. Issued cheque no. 236 for new office equipment, $7560. Cash sales, $1410. Cost of the goods sold was $980. Sold inventory on credit to B. Walker, $2400, invoice 535, terms 2/10, n/30. Cost of the inventory sold amounted to $1400. Sold inventory on credit to Grifoni Ltd, $1130, invoice 536, terms 2/10, n/30. Cost of sales, $890. Paid Cavallaro Ltd for goods purchased in May, $4030 by interbank transfer. Cash sales, $1575. Cost of the goods sold amounted to $1040. Issued cheque no. 237 to cover sundry expenses, $690. Received an interbank credit from Slatter Ltd, $2270, for payment on account. Received a cheque from Grifoni Ltd for payment of account.

Required

A. Enter the transactions in the appropriate journals.

B. Make all necessary postings for the month to both the general and subsidiary ledgers.

C. Prepare schedules of accounts receivable and accounts payable as at 30 June 2017.

D. Prepare the trial balance as at 30 June 2017.