Refer to the details and data presented in problem 7.5, and assume further that Galluzo Ltd and its suppliers are registered for the GST. The following additional accounts are in the general ledger and appear in the trial balance — 2-2300 GST Receivable and 1-1300 GST Payable. Assume both accounts had a zero opening balance.

Required

A. Record the June transactions in the appropriate journals. Make all postings to the appropriate general ledger accounts and to the accounts receivable subsidiary ledgers.

B. Reconcile the subsidiary ledger with the Accounts Receivable Control account in the general ledger.

Data from problem 7.5:

Galluzo Ltd uses a sales journal, a cash receipts journal, a general journal and an accounts receivable subsidiary ledger within a periodic inventory system. The terms of all credit sales are 2/10, n/30. Where necessary, round amounts to the nearest dollar.

The accounts receivable subsidiary ledger balances on 31 May 2016 were:

A. Guthrie C. Haigh E. Katsambit G. Lintvelt I. Dowden K. Coldwell		$   — 3 980 750 3 316 3 184   1 990
		$13 220

The trial balance as at 1 June included, among others, the following accounts:

Account no.				Account title	Account balance
	1-1100 1-1150 1-1200 1-1300 2-2200 4-4100 4-4150 4-4200 4-4300 4-4400 5-5200			Cash at Bank Marketable Securities Accounts Receivable Control Bills Receivable Bills Payable Sales Sales Returns and Allowances Dividend Revenue Interest Revenue Gain on Sale of Marketable Securities Discount Allowed	$17950 30485 13 220 — 2400 207030 2 572 1 005 905 280 1930

The following transactions during June were recorded in the sales, cash receipts or general journals (ignore GST):

June

2 4 7 10 12 14 17 20 21 24 25 26 30

Sold inventory on credit to A. Guthrie, $1930, invoice 671. Issued an adjustment note to K. Coldwell for defective goods sold on credit during April for $180. Received a cheque from E. Katsambit for payment of a May purchase, $750. Sold inventory on credit to G. Lintvelt, $270, invoice 672. Sold inventory on credit to C. Haigh, $430, invoice 673. Received payment in full from K. Coldwell. Received payment from A. Guthrie for invoice 671. Borrowed $20000 cash from the bank for 3 months at 10%. Issued a bill payable in favour of the bank to cover the loan. Sold inventory for cash, $295. Sold marketable securities that had been held as a short-term investment for $12 000 cash. The securities were originally purchased for $12 000. Received a 60-day promissory note (bill receivable) from G. Lintvelt in settlement of his account receivable balance. Received a cheque from C. Haigh for $4410, for payment on his account. Sold inventory on credit to E. Katsambit, $540, invoice 674. Received payment from E. Katsambit for invoice 674.