Now that all adjusting entries have been posted to the general ledger, you are asked to...

  

 

 

 

 

 

 

 

 

 

 

 

 

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Now that all adjusting entries have been posted to the general ledger, you are asked to prepare the schedule of accounts receivable and the schedule of accounts payable as at June 30, 2018. The purpose of preparing the schedule of accounts receivable is to verify that the sum of the customer balances recorded in the accounts receivable subsidiary ledger is equal to the balance of the Accounts Receivable control account in the general ledger. Similarly, the purpose of the schedule of accounts payable is to confirm that the sum of the supplier balances recorded in the accounts payable subsidiary ledger is equal to the balance of the Accounts Payable control account in the general ledger. Instructions for schedules of accounts Using the subsidiary ledgers and the general ledgert: 1) Create a schedule of accounts receivable as at the end of June. 2) Create a schedule of accounts payable as at the end of June. Remember to enter all answers to the nearest whole dollar. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. (Q=900.schedulesOfAccounts) Vinyl Revival Schedule of Accounts Receivable June 30, 2018 Account No. Name Balance ($) 110-1 ARC - Mel O'Dius 110-2 ARC - D-Funkt Records 110-3 ARC - KB Lo-Fi 110-4 ARC - Carrie O'Key 110-5 ARC - Dan Serr 110-6 ARC - Dan Soul Total Vinyl Revival Schedule of Accounts Payable June 30, 2018 Account No. Name Terms Balance ($) 210-1 APC - Pony OMC records 2/10, n/30 210-2 APC - Black label 1/15, n/30 210-3 APC - Toadstool records net 30 210-4 APC - Mac records 2/10, n/30 210-5 PC Shadow records net 30 210-6 APC - Promiscuous records net 30 Total SUBSIDIARY LEDGERS POST ADJUSTING Account: ARC Mel O'Dius Account No. 110-1 Date Description Ref. Debit Credit Balance May 31 Balance 3,919 DR Jun 13 Repayment CRJ 3,919 Jun 30 Adjusted Balance Account: ARC - D-Funkt Records Account No. 110-2 Date Description Ref. Debit Credit Balance May 31 Balance 2,075 DR Jun 30 Adjusted Balance 2,075 DR Account: ARC - KB Lo-Fi Account No. 110-3 Date Description Ref. Debit Credit Balance May 31 Balance 3,081 DR Jun 4 Credit sale SJ 2,255 5,336 DR Jun 12 Sales return GJ 2,740 2,596 DR Jun 18 Repayment CRJ 2,596 Jun 30 Adjusted Balance Account: ARC Carrie O'Key Account No. 110-4 Date Description Ref. Debit Credit Balance May 31 Balance 2,507 DR Jun 29 Repayment CRJ 2,507 Jun 30 Adjusted Balance Account: ARC - Dan Serr Account No. 110-5 Date Description Ref. Debit Credit Balance May 31 Balance Jun 18 Credit sale SJ 500 500 DR Jun 30 Adjusted Balance 500 DR Account: ARC - Dan Soul Account No. 110-6 Date Description Ref. Debit Credit Balance May 31 Balance Jun 14 Credit sale SJ 660 660 DR Jun 16 Repayment CRJ 600 60 DR Jun 23 Credit sale SJ 3,060 3,120 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 3,720 DR Jun 30 Adjusted Balance 3,720 DR Account: APC - Pony OMC records Account No. 210-1 Date Description Ref. Debit Credit Balance Мay 31 Balance 2,732 CR Jun 6 Credit purchase PJ 3,200 5,932 CR Jun 26 Repayment CPJ 5,932 Jun 30 Adjusted Balance Account: APC - Black label Account No. 210-2 Date Description Ref. Debit Credit Balance May 31 Balance 1,700 CR Jun 3 Repayment CPJ 1,700 Jun 30 Adjusted Balance Account: APC - Toadstool records Account No. 210-3 Date Description Ref. Debit Credit Balance Мay 31 Balance 4,110 CR Jun 3 Credit purchase PJ 325 4,435 CR Jun 19 Purchase return GJ 1,327 3,108 CR Jun 24 Repayment CPJ 3,108 Jun 30 Adjusted Balance Account: APC - Mac records Account No. 210-4 Date Description Ref. Debit Credit Balance May 31 Balance 2,944 CR 6 Repayment 29 Credit purchase Jun CPJ 2,944 Jun PJ 340 340 CR Jun 30 Adjusted Balance 340 CR Account: APC - Shadow records Account No. 210-5 Date Description Ref. Debit Credit Balance May 31 Balance 3,669 CR Jun 9 Repayment CPJ 3,669 Jun 30 Adjusted Balance Account: APC - Promiscuous records Account No. 210-6 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Adjusted Balance GENERAL LEDGER POST ADJUSTING Account: Cash Account No. 100 Date Description Ref. Debit Credit Balance May 31 Balance 18,481 DR Jun 30 Total from cash receipts journal CRJ 104,157 122,638 DR Jun 30 Total from cash payments journal CPJ 36,474 86,164 DR Jun 30 Interest received from the bank GJ 156 86,320 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 85,720 DR Jun 30 Bank service charge GJ 6 85,714 DR Jun 30 Adjusted Balance 85,714 DR Account: Short-term Investments Account No. 102 Date Description Ref. Debit Credit Balance May 31 Balance 21,000 DR Jun 30 Adjusted Balance 21,000 DR Account: ARC - Accounts Receivable Control Account No. 110 Date Description Ref. Debit Credit Balance May 31 Balance 11,582 DR Jun 12 Sales return from KB Lo-Fi GJ 2,740 8,842 DR Jun 30 Total from sales journal SJ 6,475 15,317 DR Jun 30 Total from cash receipts journal CRJ 9,622 5,695 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 6,295 DR Jun 30 Adjusted Balance 6,295 DR Account: Interest Receivable Account No. 112 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest revenue GJ 105 105 DR Jun 30 Adjusted Balance 105 DR Account: Merchandise Inventory Account No. 120 Date Description Ref. Debit Credit Balance May 31 Balance 81,696 DR Jun 30 Adjusted Balance 81,696 DR Account: Office Supplies Account No. 130 Date Description Ref. Debit Credit Balance May 31 Balance 5,416 DR Jun 30 Supplies used GJ 2,546 2,870 DR Jun 30 Adjusted Balance 2,870 DR Account: Prepaid Rent Account No. 140 Date Description Ref. Debit Credit Balance May 31 Balance 6,000 DR Jun 30 Rent expired GJ 3,000 3,000 DR Jun 30 Adjusted Balance 3,000 DR Account: Prepaid Advertising Account No. 141 Date Description Ref. Debit Credit Balance May 31 Balance 12,000 DR Jun 30 Benefits consumed GJ 4,000 8,000 DR Jun 30 Adjusted Balance 8,000 DR Account: Prepaid Insurance Account No. 142 Date Description Ref. Debit Credit Balance May 31 Balance 3,250 DR Jun 30 Insurance expired GJ 650 2,600 DR Jun 30 Adjusted Balance 2,600 DR Account: Office Furniture Account No. 150 Date Description Ref. Debit Credit Balance May 31 Balance 10,000 DR Jun 30 Adjusted Balance 10,000 DR Account: Accum Depn: Office Furniture Account No. 151 Date Description Ref. Debit Credit Balance May 31 Balance 2,850 CR Jun 30 Depreciation - one month GJ 150 3,000 CR Jun 30 Adjusted Balance 3,000 CR Account: Office Equipment Account No. 160 Date Description Ref. Debit Credit Balance May 31 Balance 43.000 DR Jun 30 Adjusted Balance 43,000 DR Account: Accum Depn: Office Equipment Account No. 161 Date Description Ref. Debit Credit Balance May 31 Balance 24,306 CR Jun 30 Depreciation one month GJ 347 24,653 CR Jun 30 Adjusted Balance 24,653 CR Account: APC - Accounts Payable Control Account No. 210 Date Description Ref. Debit Credit Balance May 31 Balance 15,155 CR Jun 19 Purchase return to Toadstool records GJ 1,327 13,828 CR Jun 30 Total from purchases journal PJ 3,865 17,693 CR Jun 30 Total from cash payments journal CPJ 17,353 340 CR Jun 30 Adjusted Balance 340 CR Account: Wages Payable Account No. 220 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued wages expense GJ 1,480 1,480 CR Jun 30 Adjusted Balance 1,480 CR Account: Electricity Payable Account No. 221 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued electricity expense GJ 846 846 CR Jun 30 Adjusted Balance 846 CR Account: Water Payable Account No. 222 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued water expense GJ 211 211 CR Jun 30 Adjusted Balance 211 CR Account: Interest Payable Account No. 225 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest expense GJ 255 255 CR Jun 30 Adjusted Balance 255 CR Account: Bank Loan Payable Account No. 250 Date Description Ref. Debit Credit Balance May 31 Balance Jun 1 Loan from MRMC Bank CR 51,000 51,000 CR Jun 30 Adjusted Balance 51,000 CR Account: Common Stock Account No. 300 Date Description Ref. Debit Credit Balance 31 Balance 30 Adjusted Balance May 80,000 CR Jun 80,000 CR Account: Retained Earnings Account No. 301 Date Description Ref. Debit Credit Balance May 31 Balance 90,114 CR Jun 30 Adjusted Balance 90,114 CR Account: Income Summary Account No. 310 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Adjusted Balance Account: Sales Revenue Account No. 400 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from sales journal SJ 6,475 6,475 CR Jun 30 Total from cash receipts journal CRJ 43,731 50,206 CR Jun 30 Adjusted Balance 50,206 CR Account: Sales Returns and Allowances Account No. 401 Date Description Ref. Debit Credit Balance May 31 Balance Jun 12 Sales return from KB Lo-Fi GJ 2,740 2,740 DR Jun 30 Adjusted Balance 2,740 DR Account: Sales Discounts Account No. 402 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from cash receipts journal CRJ 196 196 DR Jun 30 Adjusted Balance 196 DR Account: Interest Revenue Account No. 403 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Interest received from the bank GJ 156 156 CR Jun 30 |Accrued interest revenue GJ 105 261 CR Jun 30 Adjusted Balance 261 CR Account: Purchases Account No. 500 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from purchases journal PJ 3,865 3,865 DR 30 Total from cash payments journal 1,680 Jun CPJ 5,545 DR Jun 30 Adjusted Balance 5,545 DR Account: Purchase Returns and Allowances Account No. 501 Date Description Ref. Debit Credit Balance May 31 Balance Jun 19 Purchase return to Toadstool records GJ 1,327 1,327 CR Jun 30 Adjusted Balance 1,327 CR Account: Purchase Discounts Account No. 502 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from cash payments journal CPJ 76 76 CR Jun 30 Adjusted Balance 76 CR Account: Advertising Expense Account No. 511 Date Description Ref. Debit Credit Balance 31 Balance 30 Benefits consumed May Jun GJ 4,000 4,000 DR Jun 30 Adjusted Balance 4,000 DR Account: Wages Expense Account No. 516 Date Description Ref. Debit Credit Balance May 31 Balance 15 Paid staff wages 29 Paid staff wages Jun CPJ 5,587 5,587 DR Jun CPJ 5,330 10,917 DR Jun 30 Accrued wages expense GJ 1,480 12,397 DR Jun 30 Adjusted Balance 12,397 DR Account: Rent Expense Account No. 540 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Rent expired GJ 3,000 3,000 DR Jun 30 Adjusted Balance 3,000 DR Account: Electricity Expense Account No. 541 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued electricity expense GJ 846 846 DR Jun 30 Adjusted Balance 846 DR Account: Water Expense Account No. 542 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued water expense GJ 211 211 DR Jun 30 Adjusted Balance 211 DR Account: Insurance Expense Account No. 543 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Insurance expired GJ 650 650 DR Jun 30 Adjusted Balance 650 DR Account: Office Supplies Expense Account No. 544 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Supplies used GJ 2,546 2.546 DR Jun 30 Adjusted Balance 2,546 DR Account: Salary Expense Account No. 545 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Paid salary CPJ 6,600 6,600 DR Jun 30 Adjusted Balance 6,600 DR Account: Depn Expense: Office Furniture Account No. 560 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Depreciation - one month GJ 150 150 DR Jun 30 Adjusted Balance 150 DR Account: Depn Expense: Office Equipment Account No. 561 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Depreciation - one month GJ 347 347 DR Jun 30 Adjusted Balance 347 DR Account: Interest Expense Account No. 571 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest expense GJ 255 255 DR Jun 30 Adjusted Balance 255 DR Account: Admin. Expense - Bank Charges Account No. 572 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Bank service charge GJ 6. 6 DR Jun 30 Adjusted Balance 6 DR Now that all adjusting entries have been posted to the general ledger, you are asked to prepare the schedule of accounts receivable and the schedule of accounts payable as at June 30, 2018. The purpose of preparing the schedule of accounts receivable is to verify that the sum of the customer balances recorded in the accounts receivable subsidiary ledger is equal to the balance of the Accounts Receivable control account in the general ledger. Similarly, the purpose of the schedule of accounts payable is to confirm that the sum of the supplier balances recorded in the accounts payable subsidiary ledger is equal to the balance of the Accounts Payable control account in the general ledger. Instructions for schedules of accounts Using the subsidiary ledgers and the general ledgert: 1) Create a schedule of accounts receivable as at the end of June. 2) Create a schedule of accounts payable as at the end of June. Remember to enter all answers to the nearest whole dollar. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. (Q=900.schedulesOfAccounts) Vinyl Revival Schedule of Accounts Receivable June 30, 2018 Account No. Name Balance ($) 110-1 ARC - Mel O'Dius 110-2 ARC - D-Funkt Records 110-3 ARC - KB Lo-Fi 110-4 ARC - Carrie O'Key 110-5 ARC - Dan Serr 110-6 ARC - Dan Soul Total Vinyl Revival Schedule of Accounts Payable June 30, 2018 Account No. Name Terms Balance ($) 210-1 APC - Pony OMC records 2/10, n/30 210-2 APC - Black label 1/15, n/30 210-3 APC - Toadstool records net 30 210-4 APC - Mac records 2/10, n/30 210-5 PC Shadow records net 30 210-6 APC - Promiscuous records net 30 Total SUBSIDIARY LEDGERS POST ADJUSTING Account: ARC Mel O'Dius Account No. 110-1 Date Description Ref. Debit Credit Balance May 31 Balance 3,919 DR Jun 13 Repayment CRJ 3,919 Jun 30 Adjusted Balance Account: ARC - D-Funkt Records Account No. 110-2 Date Description Ref. Debit Credit Balance May 31 Balance 2,075 DR Jun 30 Adjusted Balance 2,075 DR Account: ARC - KB Lo-Fi Account No. 110-3 Date Description Ref. Debit Credit Balance May 31 Balance 3,081 DR Jun 4 Credit sale SJ 2,255 5,336 DR Jun 12 Sales return GJ 2,740 2,596 DR Jun 18 Repayment CRJ 2,596 Jun 30 Adjusted Balance Account: ARC Carrie O'Key Account No. 110-4 Date Description Ref. Debit Credit Balance May 31 Balance 2,507 DR Jun 29 Repayment CRJ 2,507 Jun 30 Adjusted Balance Account: ARC - Dan Serr Account No. 110-5 Date Description Ref. Debit Credit Balance May 31 Balance Jun 18 Credit sale SJ 500 500 DR Jun 30 Adjusted Balance 500 DR Account: ARC - Dan Soul Account No. 110-6 Date Description Ref. Debit Credit Balance May 31 Balance Jun 14 Credit sale SJ 660 660 DR Jun 16 Repayment CRJ 600 60 DR Jun 23 Credit sale SJ 3,060 3,120 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 3,720 DR Jun 30 Adjusted Balance 3,720 DR Account: APC - Pony OMC records Account No. 210-1 Date Description Ref. Debit Credit Balance Мay 31 Balance 2,732 CR Jun 6 Credit purchase PJ 3,200 5,932 CR Jun 26 Repayment CPJ 5,932 Jun 30 Adjusted Balance Account: APC - Black label Account No. 210-2 Date Description Ref. Debit Credit Balance May 31 Balance 1,700 CR Jun 3 Repayment CPJ 1,700 Jun 30 Adjusted Balance Account: APC - Toadstool records Account No. 210-3 Date Description Ref. Debit Credit Balance Мay 31 Balance 4,110 CR Jun 3 Credit purchase PJ 325 4,435 CR Jun 19 Purchase return GJ 1,327 3,108 CR Jun 24 Repayment CPJ 3,108 Jun 30 Adjusted Balance Account: APC - Mac records Account No. 210-4 Date Description Ref. Debit Credit Balance May 31 Balance 2,944 CR 6 Repayment 29 Credit purchase Jun CPJ 2,944 Jun PJ 340 340 CR Jun 30 Adjusted Balance 340 CR Account: APC - Shadow records Account No. 210-5 Date Description Ref. Debit Credit Balance May 31 Balance 3,669 CR Jun 9 Repayment CPJ 3,669 Jun 30 Adjusted Balance Account: APC - Promiscuous records Account No. 210-6 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Adjusted Balance GENERAL LEDGER POST ADJUSTING Account: Cash Account No. 100 Date Description Ref. Debit Credit Balance May 31 Balance 18,481 DR Jun 30 Total from cash receipts journal CRJ 104,157 122,638 DR Jun 30 Total from cash payments journal CPJ 36,474 86,164 DR Jun 30 Interest received from the bank GJ 156 86,320 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 85,720 DR Jun 30 Bank service charge GJ 6 85,714 DR Jun 30 Adjusted Balance 85,714 DR Account: Short-term Investments Account No. 102 Date Description Ref. Debit Credit Balance May 31 Balance 21,000 DR Jun 30 Adjusted Balance 21,000 DR Account: ARC - Accounts Receivable Control Account No. 110 Date Description Ref. Debit Credit Balance May 31 Balance 11,582 DR Jun 12 Sales return from KB Lo-Fi GJ 2,740 8,842 DR Jun 30 Total from sales journal SJ 6,475 15,317 DR Jun 30 Total from cash receipts journal CRJ 9,622 5,695 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 6,295 DR Jun 30 Adjusted Balance 6,295 DR Account: Interest Receivable Account No. 112 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest revenue GJ 105 105 DR Jun 30 Adjusted Balance 105 DR Account: Merchandise Inventory Account No. 120 Date Description Ref. Debit Credit Balance May 31 Balance 81,696 DR Jun 30 Adjusted Balance 81,696 DR Account: Office Supplies Account No. 130 Date Description Ref. Debit Credit Balance May 31 Balance 5,416 DR Jun 30 Supplies used GJ 2,546 2,870 DR Jun 30 Adjusted Balance 2,870 DR Account: Prepaid Rent Account No. 140 Date Description Ref. Debit Credit Balance May 31 Balance 6,000 DR Jun 30 Rent expired GJ 3,000 3,000 DR Jun 30 Adjusted Balance 3,000 DR Account: Prepaid Advertising Account No. 141 Date Description Ref. Debit Credit Balance May 31 Balance 12,000 DR Jun 30 Benefits consumed GJ 4,000 8,000 DR Jun 30 Adjusted Balance 8,000 DR Account: Prepaid Insurance Account No. 142 Date Description Ref. Debit Credit Balance May 31 Balance 3,250 DR Jun 30 Insurance expired GJ 650 2,600 DR Jun 30 Adjusted Balance 2,600 DR Account: Office Furniture Account No. 150 Date Description Ref. Debit Credit Balance May 31 Balance 10,000 DR Jun 30 Adjusted Balance 10,000 DR Account: Accum Depn: Office Furniture Account No. 151 Date Description Ref. Debit Credit Balance May 31 Balance 2,850 CR Jun 30 Depreciation - one month GJ 150 3,000 CR Jun 30 Adjusted Balance 3,000 CR Account: Office Equipment Account No. 160 Date Description Ref. Debit Credit Balance May 31 Balance 43.000 DR Jun 30 Adjusted Balance 43,000 DR Account: Accum Depn: Office Equipment Account No. 161 Date Description Ref. Debit Credit Balance May 31 Balance 24,306 CR Jun 30 Depreciation one month GJ 347 24,653 CR Jun 30 Adjusted Balance 24,653 CR Account: APC - Accounts Payable Control Account No. 210 Date Description Ref. Debit Credit Balance May 31 Balance 15,155 CR Jun 19 Purchase return to Toadstool records GJ 1,327 13,828 CR Jun 30 Total from purchases journal PJ 3,865 17,693 CR Jun 30 Total from cash payments journal CPJ 17,353 340 CR Jun 30 Adjusted Balance 340 CR Account: Wages Payable Account No. 220 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued wages expense GJ 1,480 1,480 CR Jun 30 Adjusted Balance 1,480 CR Account: Electricity Payable Account No. 221 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued electricity expense GJ 846 846 CR Jun 30 Adjusted Balance 846 CR Account: Water Payable Account No. 222 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued water expense GJ 211 211 CR Jun 30 Adjusted Balance 211 CR Account: Interest Payable Account No. 225 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest expense GJ 255 255 CR Jun 30 Adjusted Balance 255 CR Account: Bank Loan Payable Account No. 250 Date Description Ref. Debit Credit Balance May 31 Balance Jun 1 Loan from MRMC Bank CR 51,000 51,000 CR Jun 30 Adjusted Balance 51,000 CR Account: Common Stock Account No. 300 Date Description Ref. Debit Credit Balance 31 Balance 30 Adjusted Balance May 80,000 CR Jun 80,000 CR Account: Retained Earnings Account No. 301 Date Description Ref. Debit Credit Balance May 31 Balance 90,114 CR Jun 30 Adjusted Balance 90,114 CR Account: Income Summary Account No. 310 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Adjusted Balance Account: Sales Revenue Account No. 400 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from sales journal SJ 6,475 6,475 CR Jun 30 Total from cash receipts journal CRJ 43,731 50,206 CR Jun 30 Adjusted Balance 50,206 CR Account: Sales Returns and Allowances Account No. 401 Date Description Ref. Debit Credit Balance May 31 Balance Jun 12 Sales return from KB Lo-Fi GJ 2,740 2,740 DR Jun 30 Adjusted Balance 2,740 DR Account: Sales Discounts Account No. 402 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from cash receipts journal CRJ 196 196 DR Jun 30 Adjusted Balance 196 DR Account: Interest Revenue Account No. 403 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Interest received from the bank GJ 156 156 CR Jun 30 |Accrued interest revenue GJ 105 261 CR Jun 30 Adjusted Balance 261 CR Account: Purchases Account No. 500 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from purchases journal PJ 3,865 3,865 DR 30 Total from cash payments journal 1,680 Jun CPJ 5,545 DR Jun 30 Adjusted Balance 5,545 DR Account: Purchase Returns and Allowances Account No. 501 Date Description Ref. Debit Credit Balance May 31 Balance Jun 19 Purchase return to Toadstool records GJ 1,327 1,327 CR Jun 30 Adjusted Balance 1,327 CR Account: Purchase Discounts Account No. 502 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from cash payments journal CPJ 76 76 CR Jun 30 Adjusted Balance 76 CR Account: Advertising Expense Account No. 511 Date Description Ref. Debit Credit Balance 31 Balance 30 Benefits consumed May Jun GJ 4,000 4,000 DR Jun 30 Adjusted Balance 4,000 DR Account: Wages Expense Account No. 516 Date Description Ref. Debit Credit Balance May 31 Balance 15 Paid staff wages 29 Paid staff wages Jun CPJ 5,587 5,587 DR Jun CPJ 5,330 10,917 DR Jun 30 Accrued wages expense GJ 1,480 12,397 DR Jun 30 Adjusted Balance 12,397 DR Account: Rent Expense Account No. 540 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Rent expired GJ 3,000 3,000 DR Jun 30 Adjusted Balance 3,000 DR Account: Electricity Expense Account No. 541 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued electricity expense GJ 846 846 DR Jun 30 Adjusted Balance 846 DR Account: Water Expense Account No. 542 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued water expense GJ 211 211 DR Jun 30 Adjusted Balance 211 DR Account: Insurance Expense Account No. 543 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Insurance expired GJ 650 650 DR Jun 30 Adjusted Balance 650 DR Account: Office Supplies Expense Account No. 544 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Supplies used GJ 2,546 2.546 DR Jun 30 Adjusted Balance 2,546 DR Account: Salary Expense Account No. 545 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Paid salary CPJ 6,600 6,600 DR Jun 30 Adjusted Balance 6,600 DR Account: Depn Expense: Office Furniture Account No. 560 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Depreciation - one month GJ 150 150 DR Jun 30 Adjusted Balance 150 DR Account: Depn Expense: Office Equipment Account No. 561 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Depreciation - one month GJ 347 347 DR Jun 30 Adjusted Balance 347 DR Account: Interest Expense Account No. 571 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest expense GJ 255 255 DR Jun 30 Adjusted Balance 255 DR Account: Admin. Expense - Bank Charges Account No. 572 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Bank service charge GJ 6. 6 DR Jun 30 Adjusted Balance 6 DR Now that all adjusting entries have been posted to the general ledger, you are asked to prepare the schedule of accounts receivable and the schedule of accounts payable as at June 30, 2018. The purpose of preparing the schedule of accounts receivable is to verify that the sum of the customer balances recorded in the accounts receivable subsidiary ledger is equal to the balance of the Accounts Receivable control account in the general ledger. Similarly, the purpose of the schedule of accounts payable is to confirm that the sum of the supplier balances recorded in the accounts payable subsidiary ledger is equal to the balance of the Accounts Payable control account in the general ledger. Instructions for schedules of accounts Using the subsidiary ledgers and the general ledgert: 1) Create a schedule of accounts receivable as at the end of June. 2) Create a schedule of accounts payable as at the end of June. Remember to enter all answers to the nearest whole dollar. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page on in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. (Q=900.schedulesOfAccounts) Vinyl Revival Schedule of Accounts Receivable June 30, 2018 Account No. Name Balance ($) 110-1 ARC - Mel O'Dius 110-2 ARC - D-Funkt Records 110-3 ARC - KB Lo-Fi 110-4 ARC - Carrie O'Key 110-5 ARC - Dan Serr 110-6 ARC - Dan Soul Total Vinyl Revival Schedule of Accounts Payable June 30, 2018 Account No. Name Terms Balance ($) 210-1 APC - Pony OMC records 2/10, n/30 210-2 APC - Black label 1/15, n/30 210-3 APC - Toadstool records net 30 210-4 APC - Mac records 2/10, n/30 210-5 PC Shadow records net 30 210-6 APC - Promiscuous records net 30 Total SUBSIDIARY LEDGERS POST ADJUSTING Account: ARC Mel O'Dius Account No. 110-1 Date Description Ref. Debit Credit Balance May 31 Balance 3,919 DR Jun 13 Repayment CRJ 3,919 Jun 30 Adjusted Balance Account: ARC - D-Funkt Records Account No. 110-2 Date Description Ref. Debit Credit Balance May 31 Balance 2,075 DR Jun 30 Adjusted Balance 2,075 DR Account: ARC - KB Lo-Fi Account No. 110-3 Date Description Ref. Debit Credit Balance May 31 Balance 3,081 DR Jun 4 Credit sale SJ 2,255 5,336 DR Jun 12 Sales return GJ 2,740 2,596 DR Jun 18 Repayment CRJ 2,596 Jun 30 Adjusted Balance Account: ARC Carrie O'Key Account No. 110-4 Date Description Ref. Debit Credit Balance May 31 Balance 2,507 DR Jun 29 Repayment CRJ 2,507 Jun 30 Adjusted Balance Account: ARC - Dan Serr Account No. 110-5 Date Description Ref. Debit Credit Balance May 31 Balance Jun 18 Credit sale SJ 500 500 DR Jun 30 Adjusted Balance 500 DR Account: ARC - Dan Soul Account No. 110-6 Date Description Ref. Debit Credit Balance May 31 Balance Jun 14 Credit sale SJ 660 660 DR Jun 16 Repayment CRJ 600 60 DR Jun 23 Credit sale SJ 3,060 3,120 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 3,720 DR Jun 30 Adjusted Balance 3,720 DR Account: APC - Pony OMC records Account No. 210-1 Date Description Ref. Debit Credit Balance Мay 31 Balance 2,732 CR Jun 6 Credit purchase PJ 3,200 5,932 CR Jun 26 Repayment CPJ 5,932 Jun 30 Adjusted Balance Account: APC - Black label Account No. 210-2 Date Description Ref. Debit Credit Balance May 31 Balance 1,700 CR Jun 3 Repayment CPJ 1,700 Jun 30 Adjusted Balance Account: APC - Toadstool records Account No. 210-3 Date Description Ref. Debit Credit Balance Мay 31 Balance 4,110 CR Jun 3 Credit purchase PJ 325 4,435 CR Jun 19 Purchase return GJ 1,327 3,108 CR Jun 24 Repayment CPJ 3,108 Jun 30 Adjusted Balance Account: APC - Mac records Account No. 210-4 Date Description Ref. Debit Credit Balance May 31 Balance 2,944 CR 6 Repayment 29 Credit purchase Jun CPJ 2,944 Jun PJ 340 340 CR Jun 30 Adjusted Balance 340 CR Account: APC - Shadow records Account No. 210-5 Date Description Ref. Debit Credit Balance May 31 Balance 3,669 CR Jun 9 Repayment CPJ 3,669 Jun 30 Adjusted Balance Account: APC - Promiscuous records Account No. 210-6 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Adjusted Balance GENERAL LEDGER POST ADJUSTING Account: Cash Account No. 100 Date Description Ref. Debit Credit Balance May 31 Balance 18,481 DR Jun 30 Total from cash receipts journal CRJ 104,157 122,638 DR Jun 30 Total from cash payments journal CPJ 36,474 86,164 DR Jun 30 Interest received from the bank GJ 156 86,320 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 85,720 DR Jun 30 Bank service charge GJ 6 85,714 DR Jun 30 Adjusted Balance 85,714 DR Account: Short-term Investments Account No. 102 Date Description Ref. Debit Credit Balance May 31 Balance 21,000 DR Jun 30 Adjusted Balance 21,000 DR Account: ARC - Accounts Receivable Control Account No. 110 Date Description Ref. Debit Credit Balance May 31 Balance 11,582 DR Jun 12 Sales return from KB Lo-Fi GJ 2,740 8,842 DR Jun 30 Total from sales journal SJ 6,475 15,317 DR Jun 30 Total from cash receipts journal CRJ 9,622 5,695 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 6,295 DR Jun 30 Adjusted Balance 6,295 DR Account: Interest Receivable Account No. 112 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest revenue GJ 105 105 DR Jun 30 Adjusted Balance 105 DR Account: Merchandise Inventory Account No. 120 Date Description Ref. Debit Credit Balance May 31 Balance 81,696 DR Jun 30 Adjusted Balance 81,696 DR Account: Office Supplies Account No. 130 Date Description Ref. Debit Credit Balance May 31 Balance 5,416 DR Jun 30 Supplies used GJ 2,546 2,870 DR Jun 30 Adjusted Balance 2,870 DR Account: Prepaid Rent Account No. 140 Date Description Ref. Debit Credit Balance May 31 Balance 6,000 DR Jun 30 Rent expired GJ 3,000 3,000 DR Jun 30 Adjusted Balance 3,000 DR Account: Prepaid Advertising Account No. 141 Date Description Ref. Debit Credit Balance May 31 Balance 12,000 DR Jun 30 Benefits consumed GJ 4,000 8,000 DR Jun 30 Adjusted Balance 8,000 DR Account: Prepaid Insurance Account No. 142 Date Description Ref. Debit Credit Balance May 31 Balance 3,250 DR Jun 30 Insurance expired GJ 650 2,600 DR Jun 30 Adjusted Balance 2,600 DR Account: Office Furniture Account No. 150 Date Description Ref. Debit Credit Balance May 31 Balance 10,000 DR Jun 30 Adjusted Balance 10,000 DR Account: Accum Depn: Office Furniture Account No. 151 Date Description Ref. Debit Credit Balance May 31 Balance 2,850 CR Jun 30 Depreciation - one month GJ 150 3,000 CR Jun 30 Adjusted Balance 3,000 CR Account: Office Equipment Account No. 160 Date Description Ref. Debit Credit Balance May 31 Balance 43.000 DR Jun 30 Adjusted Balance 43,000 DR Account: Accum Depn: Office Equipment Account No. 161 Date Description Ref. Debit Credit Balance May 31 Balance 24,306 CR Jun 30 Depreciation one month GJ 347 24,653 CR Jun 30 Adjusted Balance 24,653 CR Account: APC - Accounts Payable Control Account No. 210 Date Description Ref. Debit Credit Balance May 31 Balance 15,155 CR Jun 19 Purchase return to Toadstool records GJ 1,327 13,828 CR Jun 30 Total from purchases journal PJ 3,865 17,693 CR Jun 30 Total from cash payments journal CPJ 17,353 340 CR Jun 30 Adjusted Balance 340 CR Account: Wages Payable Account No. 220 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 | Accrued wages expense GJ 1,480 1,480 CR Jun 30 Adjusted Balance 1,480 CR Account: Electricity Payable Account No. 221 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued electricity expense GJ 846 846 CR Jun 30 Adjusted Balance 846 CR Account: Water Payable Account No. 222 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued water expense GJ 211 211 CR Jun 30 Adjusted Balance 211 CR Account: Interest Payable Account No. 225 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest expense GJ 255 255 CR Jun 30 Adjusted Balance 255 CR Account: Bank Loan Payable Account No. 250 Date Description Ref. Debit Credit Balance May 31 Balance Jun 1 Loan from MRMC Bank CR 51,000 51,000 CR Jun 30 Adjusted Balance 51,000 CR Account: Common Stock Account No. 300 Date Description Ref. Debit Credit Balance 31 Balance 30 Adjusted Balance May 80,000 CR Jun 80,000 CR Account: Retained Earnings Account No. 301 Date Description Ref. Debit Credit Balance May 31 Balance 90,114 CR Jun 30 Adjusted Balance 90,114 CR Account: Income Summary Account No. 310 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Adjusted Balance Account: Sales Revenue Account No. 400 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from sales journal SJ 6,475 6,475 CR Jun 30 Total from cash receipts journal CRJ 43,731 50,206 CR Jun 30 Adjusted Balance 50,206 CR Account: Sales Returns and Allowances Account No. 401 Date Description Ref. Debit Credit Balance May 31 Balance Jun 12 Sales return from KB Lo-Fi GJ 2,740 2,740 DR Jun 30 Adjusted Balance 2,740 DR Account: Sales Discounts Account No. 402 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from cash receipts journal CRJ 196 196 DR Jun 30 Adjusted Balance 196 DR Account: Interest Revenue Account No. 403 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Interest received from the bank GJ 156 156 CR Jun 30 |Accrued interest revenue GJ 105 261 CR Jun 30 Adjusted Balance 261 CR Account: Purchases Account No. 500 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from purchases journal PJ 3,865 3,865 DR 30 Total from cash payments journal 1,680 Jun CPJ 5,545 DR Jun 30 Adjusted Balance 5,545 DR Account: Purchase Returns and Allowances Account No. 501 Date Description Ref. Debit Credit Balance May 31 Balance Jun 19 Purchase return to Toadstool records GJ 1,327 1,327 CR Jun 30 Adjusted Balance 1,327 CR Account: Purchase Discounts Account No. 502 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from cash payments journal CPJ 76 76 CR Jun 30 Adjusted Balance 76 CR Account: Advertising Expense Account No. 511 Date Description Ref. Debit Credit Balance 31 Balance 30 Benefits consumed May Jun GJ 4,000 4,000 DR Jun 30 Adjusted Balance 4,000 DR Account: Wages Expense Account No. 516 Date Description Ref. Debit Credit Balance May 31 Balance 15 Paid staff wages 29 Paid staff wages Jun CPJ 5,587 5,587 DR Jun CPJ 5,330 10,917 DR Jun 30 Accrued wages expense GJ 1,480 12,397 DR Jun 30 Adjusted Balance 12,397 DR Account: Rent Expense Account No. 540 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Rent expired GJ 3,000 3,000 DR Jun 30 Adjusted Balance 3,000 DR Account: Electricity Expense Account No. 541 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued electricity expense GJ 846 846 DR Jun 30 Adjusted Balance 846 DR Account: Water Expense Account No. 542 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued water expense GJ 211 211 DR Jun 30 Adjusted Balance 211 DR Account: Insurance Expense Account No. 543 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Insurance expired GJ 650 650 DR Jun 30 Adjusted Balance 650 DR Account: Office Supplies Expense Account No. 544 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Supplies used GJ 2,546 2.546 DR Jun 30 Adjusted Balance 2,546 DR Account: Salary Expense Account No. 545 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Paid salary CPJ 6,600 6,600 DR Jun 30 Adjusted Balance 6,600 DR Account: Depn Expense: Office Furniture Account No. 560 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Depreciation - one month GJ 150 150 DR Jun 30 Adjusted Balance 150 DR Account: Depn Expense: Office Equipment Account No. 561 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Depreciation - one month GJ 347 347 DR Jun 30 Adjusted Balance 347 DR Account: Interest Expense Account No. 571 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest expense GJ 255 255 DR Jun 30 Adjusted Balance 255 DR Account: Admin. Expense - Bank Charges Account No. 572 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Bank service charge GJ 6. 6 DR Jun 30 Adjusted Balance 6 DR Now that all adjusting entries have been posted to the general ledger, you are asked to prepare the schedule of accounts receivable and the schedule of accounts payable as at June 30, 2018. The purpose of preparing the schedule of accounts receivable is to verify that the sum of the customer balances recorded in the accounts receivable subsidiary ledger is equal to the balance of the Accounts Receivable control account in the general ledger. Similarly, the purpose of the schedule of accounts payable is to confirm that the sum of the supplier balances recorded in the accounts payable subsidiary ledger is equal to the balance of the Accounts Payable control account in the general ledger. Instructions for schedules of accounts Using the subsidiary ledgers and the general ledgert: 1) Create a schedule of accounts receivable as at the end of June. 2) Create a schedule of accounts payable as at the end of June. Remember to enter all answers to the nearest whole dollar. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. (Q=900.schedulesOfAccounts) Vinyl Revival Schedule of Accounts Receivable June 30, 2018 Account No. Name Balance ($) 110-1 ARC - Mel O'Dius 110-2 ARC - D-Funkt Records 110-3 ARC - KB Lo-Fi 110-4 ARC - Carrie O'Key 110-5 ARC - Dan Serr 110-6 ARC - Dan Soul Total Vinyl Revival Schedule of Accounts Payable June 30, 2018 Account No. Name Terms Balance ($) 210-1 APC - Pony OMC records 2/10, n/30 210-2 APC - Black label 1/15, n/30 210-3 APC - Toadstool records net 30 210-4 APC - Mac records 2/10, n/30 210-5 PC Shadow records net 30 210-6 APC - Promiscuous records net 30 Total SUBSIDIARY LEDGERS POST ADJUSTING Account: ARC Mel O'Dius Account No. 110-1 Date Description Ref. Debit Credit Balance May 31 Balance 3,919 DR Jun 13 Repayment CRJ 3,919 Jun 30 Adjusted Balance Account: ARC - D-Funkt Records Account No. 110-2 Date Description Ref. Debit Credit Balance May 31 Balance 2,075 DR Jun 30 Adjusted Balance 2,075 DR Account: ARC - KB Lo-Fi Account No. 110-3 Date Description Ref. Debit Credit Balance May 31 Balance 3,081 DR Jun 4 Credit sale SJ 2,255 5,336 DR Jun 12 Sales return GJ 2,740 2,596 DR Jun 18 Repayment CRJ 2,596 Jun 30 Adjusted Balance Account: ARC Carrie O'Key Account No. 110-4 Date Description Ref. Debit Credit Balance May 31 Balance 2,507 DR Jun 29 Repayment CRJ 2,507 Jun 30 Adjusted Balance Account: ARC - Dan Serr Account No. 110-5 Date Description Ref. Debit Credit Balance May 31 Balance Jun 18 Credit sale SJ 500 500 DR Jun 30 Adjusted Balance 500 DR Account: ARC - Dan Soul Account No. 110-6 Date Description Ref. Debit Credit Balance May 31 Balance Jun 14 Credit sale SJ 660 660 DR Jun 16 Repayment CRJ 600 60 DR Jun 23 Credit sale SJ 3,060 3,120 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 3,720 DR Jun 30 Adjusted Balance 3,720 DR Account: APC - Pony OMC records Account No. 210-1 Date Description Ref. Debit Credit Balance Мay 31 Balance 2,732 CR Jun 6 Credit purchase PJ 3,200 5,932 CR Jun 26 Repayment CPJ 5,932 Jun 30 Adjusted Balance Account: APC - Black label Account No. 210-2 Date Description Ref. Debit Credit Balance May 31 Balance 1,700 CR Jun 3 Repayment CPJ 1,700 Jun 30 Adjusted Balance Account: APC - Toadstool records Account No. 210-3 Date Description Ref. Debit Credit Balance Мay 31 Balance 4,110 CR Jun 3 Credit purchase PJ 325 4,435 CR Jun 19 Purchase return GJ 1,327 3,108 CR Jun 24 Repayment CPJ 3,108 Jun 30 Adjusted Balance Account: APC - Mac records Account No. 210-4 Date Description Ref. Debit Credit Balance May 31 Balance 2,944 CR 6 Repayment 29 Credit purchase Jun CPJ 2,944 Jun PJ 340 340 CR Jun 30 Adjusted Balance 340 CR Account: APC - Shadow records Account No. 210-5 Date Description Ref. Debit Credit Balance May 31 Balance 3,669 CR Jun 9 Repayment CPJ 3,669 Jun 30 Adjusted Balance Account: APC - Promiscuous records Account No. 210-6 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Adjusted Balance GENERAL LEDGER POST ADJUSTING Account: Cash Account No. 100 Date Description Ref. Debit Credit Balance May 31 Balance 18,481 DR Jun 30 Total from cash receipts journal CRJ 104,157 122,638 DR Jun 30 Total from cash payments journal CPJ 36,474 86,164 DR Jun 30 Interest received from the bank GJ 156 86,320 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 85,720 DR Jun 30 Bank service charge GJ 6 85,714 DR Jun 30 Adjusted Balance 85,714 DR Account: Short-term Investments Account No. 102 Date Description Ref. Debit Credit Balance May 31 Balance 21,000 DR Jun 30 Adjusted Balance 21,000 DR Account: ARC - Accounts Receivable Control Account No. 110 Date Description Ref. Debit Credit Balance May 31 Balance 11,582 DR Jun 12 Sales return from KB Lo-Fi GJ 2,740 8,842 DR Jun 30 Total from sales journal SJ 6,475 15,317 DR Jun 30 Total from cash receipts journal CRJ 9,622 5,695 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 6,295 DR Jun 30 Adjusted Balance 6,295 DR Account: Interest Receivable Account No. 112 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest revenue GJ 105 105 DR Jun 30 Adjusted Balance 105 DR Account: Merchandise Inventory Account No. 120 Date Description Ref. Debit Credit Balance May 31 Balance 81,696 DR Jun 30 Adjusted Balance 81,696 DR Account: Office Supplies Account No. 130 Date Description Ref. Debit Credit Balance May 31 Balance 5,416 DR Jun 30 Supplies used GJ 2,546 2,870 DR Jun 30 Adjusted Balance 2,870 DR Account: Prepaid Rent Account No. 140 Date Description Ref. Debit Credit Balance May 31 Balance 6,000 DR Jun 30 Rent expired GJ 3,000 3,000 DR Jun 30 Adjusted Balance 3,000 DR Account: Prepaid Advertising Account No. 141 Date Description Ref. Debit Credit Balance May 31 Balance 12,000 DR Jun 30 Benefits consumed GJ 4,000 8,000 DR Jun 30 Adjusted Balance 8,000 DR Account: Prepaid Insurance Account No. 142 Date Description Ref. Debit Credit Balance May 31 Balance 3,250 DR Jun 30 Insurance expired GJ 650 2,600 DR Jun 30 Adjusted Balance 2,600 DR Account: Office Furniture Account No. 150 Date Description Ref. Debit Credit Balance May 31 Balance 10,000 DR Jun 30 Adjusted Balance 10,000 DR Account: Accum Depn: Office Furniture Account No. 151 Date Description Ref. Debit Credit Balance May 31 Balance 2,850 CR Jun 30 Depreciation - one month GJ 150 3,000 CR Jun 30 Adjusted Balance 3,000 CR Account: Office Equipment Account No. 160 Date Description Ref. Debit Credit Balance May 31 Balance 43.000 DR Jun 30 Adjusted Balance 43,000 DR Account: Accum Depn: Office Equipment Account No. 161 Date Description Ref. Debit Credit Balance May 31 Balance 24,306 CR Jun 30 Depreciation one month GJ 347 24,653 CR Jun 30 Adjusted Balance 24,653 CR Account: APC - Accounts Payable Control Account No. 210 Date Description Ref. Debit Credit Balance May 31 Balance 15,155 CR Jun 19 Purchase return to Toadstool records GJ 1,327 13,828 CR Jun 30 Total from purchases journal PJ 3,865 17,693 CR Jun 30 Total from cash payments journal CPJ 17,353 340 CR Jun 30 Adjusted Balance 340 CR Account: Wages Payable Account No. 220 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued wages expense GJ 1,480 1,480 CR Jun 30 Adjusted Balance 1,480 CR Account: Electricity Payable Account No. 221 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued electricity expense GJ 846 846 CR Jun 30 Adjusted Balance 846 CR Account: Water Payable Account No. 222 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued water expense GJ 211 211 CR Jun 30 Adjusted Balance 211 CR Account: Interest Payable Account No. 225 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest expense GJ 255 255 CR Jun 30 Adjusted Balance 255 CR Account: Bank Loan Payable Account No. 250 Date Description Ref. Debit Credit Balance May 31 Balance Jun 1 Loan from MRMC Bank CR 51,000 51,000 CR Jun 30 Adjusted Balance 51,000 CR Account: Common Stock Account No. 300 Date Description Ref. Debit Credit Balance 31 Balance 30 Adjusted Balance May 80,000 CR Jun 80,000 CR Account: Retained Earnings Account No. 301 Date Description Ref. Debit Credit Balance May 31 Balance 90,114 CR Jun 30 Adjusted Balance 90,114 CR Account: Income Summary Account No. 310 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Adjusted Balance Account: Sales Revenue Account No. 400 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from sales journal SJ 6,475 6,475 CR Jun 30 Total from cash receipts journal CRJ 43,731 50,206 CR Jun 30 Adjusted Balance 50,206 CR Account: Sales Returns and Allowances Account No. 401 Date Description Ref. Debit Credit Balance May 31 Balance Jun 12 Sales return from KB Lo-Fi GJ 2,740 2,740 DR Jun 30 Adjusted Balance 2,740 DR Account: Sales Discounts Account No. 402 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from cash receipts journal CRJ 196 196 DR Jun 30 Adjusted Balance 196 DR Account: Interest Revenue Account No. 403 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Interest received from the bank GJ 156 156 CR Jun 30 |Accrued interest revenue GJ 105 261 CR Jun 30 Adjusted Balance 261 CR Account: Purchases Account No. 500 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from purchases journal PJ 3,865 3,865 DR 30 Total from cash payments journal 1,680 Jun CPJ 5,545 DR Jun 30 Adjusted Balance 5,545 DR Account: Purchase Returns and Allowances Account No. 501 Date Description Ref. Debit Credit Balance May 31 Balance Jun 19 Purchase return to Toadstool records GJ 1,327 1,327 CR Jun 30 Adjusted Balance 1,327 CR Account: Purchase Discounts Account No. 502 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from cash payments journal CPJ 76 76 CR Jun 30 Adjusted Balance 76 CR Account: Advertising Expense Account No. 511 Date Description Ref. Debit Credit Balance 31 Balance 30 Benefits consumed May Jun GJ 4,000 4,000 DR Jun 30 Adjusted Balance 4,000 DR Account: Wages Expense Account No. 516 Date Description Ref. Debit Credit Balance May 31 Balance 15 Paid staff wages 29 Paid staff wages Jun CPJ 5,587 5,587 DR Jun CPJ 5,330 10,917 DR Jun 30 Accrued wages expense GJ 1,480 12,397 DR Jun 30 Adjusted Balance 12,397 DR Account: Rent Expense Account No. 540 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Rent expired GJ 3,000 3,000 DR Jun 30 Adjusted Balance 3,000 DR Account: Electricity Expense Account No. 541 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued electricity expense GJ 846 846 DR Jun 30 Adjusted Balance 846 DR Account: Water Expense Account No. 542 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued water expense GJ 211 211 DR Jun 30 Adjusted Balance 211 DR Account: Insurance Expense Account No. 543 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Insurance expired GJ 650 650 DR Jun 30 Adjusted Balance 650 DR Account: Office Supplies Expense Account No. 544 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Supplies used GJ 2,546 2.546 DR Jun 30 Adjusted Balance 2,546 DR Account: Salary Expense Account No. 545 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Paid salary CPJ 6.600 6,600 DR Jun 30 Adjusted Balance 6,600 DR Account: Depn Expense: Office Furniture Account No. 560 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Depreciation - one month GJ 150 150 DR Jun 30 Adjusted Balance 150 DR Account: Depn Expense: Office Equipment Account No. 561 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Depreciation - one month GJ 347 347 DR Jun 30 Adjusted Balance 347 DR Account: Interest Expense Account No. 571 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest expense GJ 255 255 DR Jun 30 Adjusted Balance 255 DR Account: Admin. Expense - Bank Charges Account No. 572 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Bank service charge GJ 6. 6 DR Jun 30 Adjusted Balance 6 DR Now that all adjusting entries have been posted to the general ledger, you are asked to prepare the schedule of accounts receivable and the schedule of accounts payable as at June 30, 2018. The purpose of preparing the schedule of accounts receivable is to verify that the sum of the customer balances recorded in the accounts receivable subsidiary ledger is equal to the balance of the Accounts Receivable control account in the general ledger. Similarly, the purpose of the schedule of accounts payable is to confirm that the sum of the supplier balances recorded in the accounts payable subsidiary ledger is equal to the balance of the Accounts Payable control account in the general ledger. Instructions for schedules of accounts Using the subsidiary ledgers and the general ledgert: 1) Create a schedule of accounts receivable as at the end of June. 2) Create a schedule of accounts payable as at the end of June. Remember to enter all answers to the nearest whole dollar. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. (Q=900.schedulesOfAccounts) Vinyl Revival Schedule of Accounts Receivable June 30, 2018 Account No. Name Balance ($) 110-1 ARC - Mel O'Dius 110-2 ARC - D-Funkt Records 110-3 ARC - KB Lo-Fi 110-4 ARC - Carrie O'Key 110-5 ARC - Dan Serr 110-6 ARC - Dan Soul Total Vinyl Revival Schedule of Accounts Payable June 30, 2018 Account No. Name Terms Balance ($) 210-1 APC - Pony OMC records 2/10, n/30 210-2 APC - Black label 1/15, n/30 210-3 APC - Toadstool records net 30 210-4 APC - Mac records 2/10, n/30 210-5 PC Shadow records net 30 210-6 APC - Promiscuous records net 30 Total SUBSIDIARY LEDGERS POST ADJUSTING Account: ARC Mel O'Dius Account No. 110-1 Date Description Ref. Debit Credit Balance May 31 Balance 3,919 DR Jun 13 Repayment CRJ 3,919 Jun 30 Adjusted Balance Account: ARC - D-Funkt Records Account No. 110-2 Date Description Ref. Debit Credit Balance May 31 Balance 2,075 DR Jun 30 Adjusted Balance 2,075 DR Account: ARC - KB Lo-Fi Account No. 110-3 Date Description Ref. Debit Credit Balance May 31 Balance 3,081 DR Jun 4 Credit sale SJ 2,255 5,336 DR Jun 12 Sales return GJ 2,740 2,596 DR Jun 18 Repayment CRJ 2,596 Jun 30 Adjusted Balance Account: ARC Carrie O'Key Account No. 110-4 Date Description Ref. Debit Credit Balance May 31 Balance 2,507 DR Jun 29 Repayment CRJ 2,507 Jun 30 Adjusted Balance Account: ARC - Dan Serr Account No. 110-5 Date Description Ref. Debit Credit Balance May 31 Balance Jun 18 Credit sale SJ 500 500 DR Jun 30 Adjusted Balance 500 DR Account: ARC - Dan Soul Account No. 110-6 Date Description Ref. Debit Credit Balance May 31 Balance Jun 14 Credit sale SJ 660 660 DR Jun 16 Repayment CRJ 600 60 DR Jun 23 Credit sale SJ 3,060 3,120 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 3,720 DR Jun 30 Adjusted Balance 3,720 DR Account: APC - Pony OMC records Account No. 210-1 Date Description Ref. Debit Credit Balance May 31 Balance 2,732 CR Jun 6 Credit purchase PJ 3,200 5,932 CR Jun 26 Repayment CPJ 5,932 Jun 30 Adjusted Balance Account: APC - Black label Account No. 210-2 Date Description Ref. Debit Credit Balance May 31 Balance 1,700 CR Jun 3 Repayment CPJ 1,700 Jun 30 Adjusted Balance Account: APC - Toadstool records Account No. 210-3 Date Description Ref. Debit Credit Balance Мay 31 Balance 4,110 CR Jun 3 Credit purchase PJ 325 4,435 CR Jun 19 Purchase return GJ 1,327 3,108 CR Jun 24 Repayment CPJ 3,108 Jun 30 Adjusted Balance Account: APC - Mac records Account No. 210-4 Date Description Ref. Debit Credit Balance May 31 Balance 2,944 CR 6 Repayment 29 Credit purchase Jun CPJ 2,944 Jun PJ 340 340 CR Jun 30 Adjusted Balance 340 CR Account: APC - Shadow records Account No. 210-5 Date Description Ref. Debit Credit Balance May 31 Balance 3,669 CR Jun 9 Repayment CPJ 3,669 Jun 30 Adjusted Balance Account: APC - Promiscuous records Account No. 210-6 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Adjusted Balance GENERAL LEDGER POST ADJUSTING Account: Cash Account No. 100 Date Description Ref. Debit Credit Balance May 31 Balance 18,481 DR Jun 30 Total from cash receipts journal CRJ 104,157 122,638 DR Jun 30 Total from cash payments journal CPJ 36,474 86,164 DR Jun 30 Interest received from the bank GJ 156 86,320 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 85,720 DR Jun 30 Bank service charge GJ 6 85,714 DR Jun 30 Adjusted Balance 85,714 DR Account: Short-term Investments Account No. 102 Date Description Ref. Debit Credit Balance May 31 Balance 21,000 DR Jun 30 Adjusted Balance 21,000 DR Account: ARC - Accounts Receivable Control Account No. 110 Date Description Ref. Debit Credit Balance May 31 Balance 11,582 DR Jun 12 Sales return from KB Lo-Fi GJ 2,740 8,842 DR Jun 30 Total from sales journal SJ 6,475 15,317 DR Jun 30 Total from cash receipts journal CRJ 9,622 5,695 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 6,295 DR Jun 30 Adjusted Balance 6,295 DR Account: Interest Receivable Account No. 112 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest revenue GJ 105 105 DR Jun 30 Adjusted Balance 105 DR Account: Merchandise Inventory Account No. 120 Date Description Ref. Debit Credit Balance May 31 Balance 81,696 DR Jun 30 Adjusted Balance 81,696 DR Account: Office Supplies Account No. 130 Date Description Ref. Debit Credit Balance May 31 Balance 5,416 DR Jun 30 Supplies used GJ 2,546 2,870 DR Jun 30 Adjusted Balance 2,870 DR Account: Prepaid Rent Account No. 140 Date Description Ref. Debit Credit Balance May 31 Balance 6,000 DR Jun 30 Rent expired GJ 3,000 3,000 DR Jun 30 Adjusted Balance 3,000 DR Account: Prepaid Advertising Account No. 141 Date Description Ref. Debit Credit Balance May 31 Balance 12,000 DR Jun 30 Benefits consumed GJ 4,000 8,000 DR Jun 30 Adjusted Balance 8,000 DR Account: Prepaid Insurance Account No. 142 Date Description Ref. Debit Credit Balance May 31 Balance 3,250 DR Jun 30 Insurance expired GJ 650 2,600 DR Jun 30 Adjusted Balance 2,600 DR Account: Office Furniture Account No. 150 Date Description Ref. Debit Credit Balance May 31 Balance 10,000 DR Jun 30 Adjusted Balance 10,000 DR Account: Accum Depn: Office Furniture Account No. 151 Date Description Ref. Debit Credit Balance May 31 Balance 2,850 CR Jun 30 Depreciation - one month GJ 150 3,000 CR Jun 30 Adjusted Balance 3,000 CR Account: Office Equipment Account No. 160 Date Description Ref. Debit Credit Balance May 31 Balance 43.000 DR Jun 30 Adjusted Balance 43,000 DR Account: Accum Depn: Office Equipment Account No. 161 Date Description Ref. Debit Credit Balance May 31 Balance 24,306 CR Jun 30 Depreciation one month GJ 347 24,653 CR Jun 30 Adjusted Balance 24,653 CR Account: APC - Accounts Payable Control Account No. 210 Date Description Ref. Debit Credit Balance May 31 Balance 15,155 CR Jun 19 Purchase return to Toadstool records GJ 1,327 13,828 CR Jun 30 Total from purchases journal PJ 3,865 17,693 CR Jun 30 Total from cash payments journal CPJ 17,353 340 CR Jun 30 Adjusted Balance 340 CR Account: Wages Payable Account No. 220 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued wages expense GJ 1,480 1,480 CR Jun 30 Adjusted Balance 1,480 CR Account: Electricity Payable Account No. 221 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued electricity expense GJ 846 846 CR Jun 30 Adjusted Balance 846 CR Account: Water Payable Account No. 222 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued water expense GJ 211 211 CR Jun 30 Adjusted Balance 211 CR Account: Interest Payable Account No. 225 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest expense GJ 255 255 CR Jun 30 Adjusted Balance 255 CR Account: Bank Loan Payable Account No. 250 Date Description Ref. Debit Credit Balance May 31 Balance Jun 1 Loan from MRMC Bank CR 51,000 51,000 CR Jun 30 Adjusted Balance 51,000 CR Account: Common Stock Account No. 300 Date Description Ref. Debit Credit Balance 31 Balance 30 Adjusted Balance May 80,000 CR Jun 80,000 CR Account: Retained Earnings Account No. 301 Date Description Ref. Debit Credit Balance May 31 Balance 90,114 CR Jun 30 Adjusted Balance 90,114 CR Account: Income Summary Account No. 310 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Adjusted Balance Account: Sales Revenue Account No. 400 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from sales journal SJ 6,475 6,475 CR Jun 30 Total from cash receipts journal CRJ 43,731 50,206 CR Jun 30 Adjusted Balance 50,206 CR Account: Sales Returns and Allowances Account No. 401 Date Description Ref. Debit Credit Balance May 31 Balance Jun 12 Sales return from KB Lo-Fi GJ 2,740 2,740 DR Jun 30 Adjusted Balance 2,740 DR Account: Sales Discounts Account No. 402 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from cash receipts journal CRJ 196 196 DR Jun 30 Adjusted Balance 196 DR Account: Interest Revenue Account No. 403 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Interest received from the bank GJ 156 156 CR Jun 30 |Accrued interest revenue GJ 105 261 CR Jun 30 Adjusted Balance 261 CR Account: Purchases Account No. 500 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from purchases journal PJ 3,865 3,865 DR 30 Total from cash payments journal 1,680 Jun CPJ 5,545 DR Jun 30 Adjusted Balance 5,545 DR Account: Purchase Returns and Allowances Account No. 501 Date Description Ref. Debit Credit Balance May 31 Balance Jun 19 Purchase return to Toadstool records GJ 1,327 1,327 CR Jun 30 Adjusted Balance 1,327 CR Account: Purchase Discounts Account No. 502 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from cash payments journal CPJ 76 76 CR Jun 30 Adjusted Balance 76 CR Account: Advertising Expense Account No. 511 Date Description Ref. Debit Credit Balance 31 Balance 30 Benefits consumed May Jun GJ 4,000 4,000 DR Jun 30 Adjusted Balance 4,000 DR Account: Wages Expense Account No. 516 Date Description Ref. Debit Credit Balance May 31 Balance 15 Paid staff wages 29 Paid staff wages Jun CPJ 5,587 5,587 DR Jun CPJ 5,330 10,917 DR Jun 30 Accrued wages expense GJ 1,480 12,397 DR Jun 30 Adjusted Balance 12,397 DR Account: Rent Expense Account No. 540 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Rent expired GJ 3,000 3,000 DR Jun 30 Adjusted Balance 3,000 DR Account: Electricity Expense Account No. 541 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30| Accrued electricity expense GJ 846 846 DR Jun 30 Adjusted Balance 846 DR Account: Water Expense Account No. 542 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued water expense GJ 211 211 DR Jun 30 Adjusted Balance 211 DR Account: Insurance Expense Account No. 543 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Insurance expired GJ 650 650 DR Jun 30 Adjusted Balance 650 DR Account: Office Supplies Expense Account No. 544 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Supplies used GJ 2,546 2.546 DR Jun 30 Adjusted Balance 2,546 DR Account: Salary Expense Account No. 545 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Paid salary CPJ 6,600 6,600 DR Jun 30 Adjusted Balance 6,600 DR Account: Depn Expense: Office Furniture Account No. 560 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Depreciation - one month GJ 150 150 DR Jun 30 Adjusted Balance 150 DR Account: Depn Expense: Office Equipment Account No. 561 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Depreciation - one month GJ 347 347 DR Jun 30 Adjusted Balance 347 DR Account: Interest Expense Account No. 571 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest expense GJ 255 255 DR Jun 30 Adjusted Balance 255 DR Account: Admin. Expense - Bank Charges Account No. 572 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Bank service charge GJ 6. 6 DR Jun 30 Adjusted Balance 6 DR Now that all adjusting entries have been posted to the general ledger, you are asked to prepare the schedule of accounts receivable and the schedule of accounts payable as at June 30, 2018. The purpose of preparing the schedule of accounts receivable is to verify that the sum of the customer balances recorded in the accounts receivable subsidiary ledger is equal to the balance of the Accounts Receivable control account in the general ledger. Similarly, the purpose of the schedule of accounts payable is to confirm that the sum of the supplier balances recorded in the accounts payable subsidiary ledger is equal to the balance of the Accounts Payable control account in the general ledger. Instructions for schedules of accounts Using the subsidiary ledgers and the general ledgert: 1) Create a schedule of accounts receivable as at the end of June. 2) Create a schedule of accounts payable as at the end of June. Remember to enter all answers to the nearest whole dollar. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. (Q=900.schedulesOfAccounts) Vinyl Revival Schedule of Accounts Receivable June 30, 2018 Account No. Name Balance ($) 110-1 ARC - Mel O'Dius 110-2 ARC - D-Funkt Records 110-3 ARC - KB Lo-Fi 110-4 ARC - Carrie O'Key 110-5 ARC - Dan Serr 110-6 ARC - Dan Soul Total Vinyl Revival Schedule of Accounts Payable June 30, 2018 Account No. Name Terms Balance ($) 210-1 APC - Pony OMC records 2/10, n/30 210-2 APC - Black label 1/15, n/30 210-3 APC - Toadstool records net 30 210-4 APC - Mac records 2/10, n/30 210-5 PC Shadow records net 30 210-6 APC - Promiscuous records net 30 Total SUBSIDIARY LEDGERS POST ADJUSTING Account: ARC Mel O'Dius Account No. 110-1 Date Description Ref. Debit Credit Balance May 31 Balance 3,919 DR Jun 13 Repayment CRJ 3,919 Jun 30 Adjusted Balance Account: ARC - D-Funkt Records Account No. 110-2 Date Description Ref. Debit Credit Balance May 31 Balance 2,075 DR Jun 30 Adjusted Balance 2,075 DR Account: ARC - KB Lo-Fi Account No. 110-3 Date Description Ref. Debit Credit Balance May 31 Balance 3,081 DR Jun 4 Credit sale SJ 2,255 5,336 DR Jun 12 Sales return GJ 2,740 2,596 DR Jun 18 Repayment CRJ 2,596 Jun 30 Adjusted Balance Account: ARC Carrie O'Key Account No. 110-4 Date Description Ref. Debit Credit Balance May 31 Balance 2,507 DR Jun 29 Repayment CRJ 2,507 Jun 30 Adjusted Balance Account: ARC - Dan Serr Account No. 110-5 Date Description Ref. Debit Credit Balance May 31 Balance Jun 18 Credit sale SJ 500 500 DR Jun 30 Adjusted Balance 500 DR Account: ARC - Dan Soul Account No. 110-6 Date Description Ref. Debit Credit Balance May 31 Balance Jun 14 Credit sale SJ 660 660 DR Jun 16 Repayment CRJ 600 60 DR Jun 23 Credit sale SJ 3,060 3,120 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 3,720 DR Jun 30 Adjusted Balance 3,720 DR Account: APC - Pony OMC records Account No. 210-1 Date Description Ref. Debit Credit Balance Мay 31 Balance 2,732 CR Jun 6 Credit purchase PJ 3,200 5,932 CR Jun 26 Repayment CPJ 5,932 Jun 30 Adjusted Balance Account: APC - Black label Account No. 210-2 Date Description Ref. Debit Credit Balance May 31 Balance 1,700 CR Jun 3 Repayment CPJ 1,700 Jun 30 Adjusted Balance Account: APC - Toadstool records Account No. 210-3 Date Description Ref. Debit Credit Balance Мay 31 Balance 4,110 CR Jun 3 Credit purchase PJ 325 4,435 CR Jun 19 Purchase return GJ 1,327 3,108 CR Jun 24 Repayment CPJ 3,108 Jun 30 Adjusted Balance Account: APC - Mac records Account No. 210-4 Date Description Ref. Debit Credit Balance May 31 Balance 2,944 CR 6 Repayment 29 Credit purchase Jun CPJ 2,944 Jun PJ 340 340 CR Jun 30 Adjusted Balance 340 CR Account: APC - Shadow records Account No. 210-5 Date Description Ref. Debit Credit Balance May 31 Balance 3,669 CR Jun 9 Repayment CPJ 3,669 Jun 30 Adjusted Balance Account: APC - Promiscuous records Account No. 210-6 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Adjusted Balance GENERAL LEDGER POST ADJUSTING Account: Cash Account No. 100 Date Description Ref. Debit Credit Balance May 31 Balance 18,481 DR Jun 30 Total from cash receipts journal CRJ 104,157 122,638 DR Jun 30 Total from cash payments journal CPJ 36,474 86,164 DR Jun 30 Interest received from the bank GJ 156 86,320 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 85,720 DR Jun 30 Bank service charge GJ 6 85,714 DR Jun 30 Adjusted Balance 85,714 DR Account: Short-term Investments Account No. 102 Date Description Ref. Debit Credit Balance May 31 Balance 21,000 DR Jun 30 Adjusted Balance 21,000 DR Account: ARC - Accounts Receivable Control Account No. 110 Date Description Ref. Debit Credit Balance May 31 Balance 11,582 DR Jun 12 Sales return from KB Lo-Fi GJ 2,740 8,842 DR Jun 30 Total from sales journal SJ 6,475 15,317 DR Jun 30 Total from cash receipts journal CRJ 9,622 5,695 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 6,295 DR Jun 30 Adjusted Balance 6,295 DR Account: Interest Receivable Account No. 112 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest revenue GJ 105 105 DR Jun 30 Adjusted Balance 105 DR Account: Merchandise Inventory Account No. 120 Date Description Ref. Debit Credit Balance May 31 Balance 81,696 DR Jun 30 Adjusted Balance 81,696 DR Account: Office Supplies Account No. 130 Date Description Ref. Debit Credit Balance May 31 Balance 5,416 DR Jun 30 Supplies used GJ 2,546 2,870 DR Jun 30 Adjusted Balance 2,870 DR Account: Prepaid Rent Account No. 140 Date Description Ref. Debit Credit Balance May 31 Balance 6,000 DR Jun 30 Rent expired GJ 3,000 3,000 DR Jun 30 Adjusted Balance 3,000 DR Account: Prepaid Advertising Account No. 141 Date Description Ref. Debit Credit Balance May 31 Balance 12,000 DR Jun 30 Benefits consumed GJ 4,000 8,000 DR Jun 30 Adjusted Balance 8,000 DR Account: Prepaid Insurance Account No. 142 Date Description Ref. Debit Credit Balance May 31 Balance 3,250 DR Jun 30 Insurance expired GJ 650 2,600 DR Jun 30 Adjusted Balance 2,600 DR Account: Office Furniture Account No. 150 Date Description Ref. Debit Credit Balance May 31 Balance 10,000 DR Jun 30 Adjusted Balance 10,000 DR Account: Accum Depn: Office Furniture Account No. 151 Date Description Ref. Debit Credit Balance May 31 Balance 2,850 CR Jun 30 Depreciation - one month GJ 150 3,000 CR Jun 30 Adjusted Balance 3,000 CR Account: Office Equipment Account No. 160 Date Description Ref. Debit Credit Balance May 31 Balance 43.000 DR Jun 30 Adjusted Balance 43,000 DR Account: Accum Depn: Office Equipment Account No. 161 Date Description Ref. Debit Credit Balance May 31 Balance 24,306 CR Jun 30 Depreciation one month GJ 347 24,653 CR Jun 30 Adjusted Balance 24,653 CR Account: APC - Accounts Payable Control Account No. 210 Date Description Ref. Debit Credit Balance May 31 Balance 15,155 CR Jun 19 Purchase return to Toadstool records GJ 1,327 13,828 CR Jun 30 Total from purchases journal PJ 3,865 17,693 CR Jun 30 Total from cash payments journal CPJ 17,353 340 CR Jun 30 Adjusted Balance 340 CR Account: Wages Payable Account No. 220 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued wages expense GJ 1,480 1,480 CR Jun 30 Adjusted Balance 1,480 CR Account: Electricity Payable Account No. 221 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued electricity expense GJ 846 846 CR Jun 30 Adjusted Balance 846 CR Account: Water Payable Account No. 222 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued water expense GJ 211 211 CR Jun 30 Adjusted Balance 211 CR Account: Interest Payable Account No. 225 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest expense GJ 255 255 CR Jun 30 Adjusted Balance 255 CR Account: Bank Loan Payable Account No. 250 Date Description Ref. Debit Credit Balance May 31 Balance Jun 1 Loan from MRMC Bank CR 51,000 51,000 CR Jun 30 Adjusted Balance 51,000 CR Account: Common Stock Account No. 300 Date Description Ref. Debit Credit Balance 31 Balance 30 Adjusted Balance May 80,000 CR Jun 80,000 CR Account: Retained Earnings Account No. 301 Date Description Ref. Debit Credit Balance May 31 Balance 90,114 CR Jun 30 Adjusted Balance 90,114 CR Account: Income Summary Account No. 310 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Adjusted Balance Account: Sales Revenue Account No. 400 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from sales journal SJ 6,475 6,475 CR Jun 30 Total from cash receipts journal CRJ 43,731 50,206 CR Jun 30 Adjusted Balance 50,206 CR Account: Sales Returns and Allowances Account No. 401 Date Description Ref. Debit Credit Balance May 31 Balance Jun 12 Sales return from KB Lo-Fi GJ 2,740 2,740 DR Jun 30 Adjusted Balance 2,740 DR Account: Sales Discounts Account No. 402 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from cash receipts journal CRJ 196 196 DR Jun 30 Adjusted Balance 196 DR Account: Interest Revenue Account No. 403 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Interest received from the bank GJ 156 156 CR Jun 30 |Accrued interest revenue GJ 105 261 CR Jun 30 Adjusted Balance 261 CR Account: Purchases Account No. 500 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from purchases journal PJ 3,865 3,865 DR 30 Total from cash payments journal 1,680 Jun CPJ 5,545 DR Jun 30 Adjusted Balance 5,545 DR Account: Purchase Returns and Allowances Account No. 501 Date Description Ref. Debit Credit Balance May 31 Balance Jun 19 Purchase return to Toadstool records GJ 1,327 1,327 CR Jun 30 Adjusted Balance 1,327 CR Account: Purchase Discounts Account No. 502 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from cash payments journal CPJ 76 76 CR Jun 30 Adjusted Balance 76 CR Account: Advertising Expense Account No. 511 Date Description Ref. Debit Credit Balance 31 Balance 30 Benefits consumed May Jun GJ 4,000 4,000 DR Jun 30 Adjusted Balance 4,000 DR Account: Wages Expense Account No. 516 Date Description Ref. Debit Credit Balance May 31 Balance 15 Paid staff wages 29 Paid staff wages Jun CPJ 5,587 5,587 DR Jun CPJ 5,330 10,917 DR Jun 30 Accrued wages expense GJ 1,480 12,397 DR Jun 30 Adjusted Balance 12,397 DR Account: Rent Expense Account No. 540 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Rent expired GJ 3,000 3,000 DR Jun 30 Adjusted Balance 3,000 DR Account: Electricity Expense Account No. 541 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued electricity expense GJ 846 846 DR Jun 30 Adjusted Balance 846 DR Account: Water Expense Account No. 542 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued water expense GJ 211 211 DR Jun 30 Adjusted Balance 211 DR Account: Insurance Expense Account No. 543 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Insurance expired GJ 650 650 DR Jun 30 Adjusted Balance 650 DR Account: Office Supplies Expense Account No. 544 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Supplies used GJ 2,546 2.546 DR Jun 30 Adjusted Balance 2,546 DR Account: Salary Expense Account No. 545 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Paid salary CPJ 6,600 6,600 DR Jun 30 Adjusted Balance 6,600 DR Account: Depn Expense: Office Furniture Account No. 560 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Depreciation - one month GJ 150 150 DR Jun 30 Adjusted Balance 150 DR Account: Depn Expense: Office Equipment Account No. 561 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Depreciation - one month GJ 347 347 DR Jun 30 Adjusted Balance 347 DR Account: Interest Expense Account No. 571 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest expense GJ 255 255 DR Jun 30 Adjusted Balance 255 DR Account: Admin. Expense - Bank Charges Account No. 572 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Bank service charge GJ 6. 6 DR Jun 30 Adjusted Balance 6 DR Now that all adjusting entries have been posted to the general ledger, you are asked to prepare the schedule of accounts receivable and the schedule of accounts payable as at June 30, 2018. The purpose of preparing the schedule of accounts receivable is to verify that the sum of the customer balances recorded in the accounts receivable subsidiary ledger is equal to the balance of the Accounts Receivable control account in the general ledger. Similarly, the purpose of the schedule of accounts payable is to confirm that the sum of the supplier balances recorded in the accounts payable subsidiary ledger is equal to the balance of the Accounts Payable control account in the general ledger. Instructions for schedules of accounts Using the subsidiary ledgers and the general ledgert: 1) Create a schedule of accounts receivable as at the end of June. 2) Create a schedule of accounts payable as at the end of June. Remember to enter all answers to the nearest whole dollar. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. (Q=900.schedulesOfAccounts) Vinyl Revival Schedule of Accounts Receivable June 30, 2018 Account No. Name Balance ($) 110-1 ARC - Mel O'Dius 110-2 ARC - D-Funkt Records 110-3 ARC - KB Lo-Fi 110-4 ARC - Carrie O'Key 110-5 ARC - Dan Serr 110-6 ARC - Dan Soul Total Vinyl Revival Schedule of Accounts Payable June 30, 2018 Account No. Name Terms Balance ($) 210-1 APC - Pony OMC records 2/10, n/30 210-2 APC - Black label 1/15, n/30 210-3 APC - Toadstool records net 30 210-4 APC - Mac records 2/10, n/30 210-5 PC Shadow records net 30 210-6 APC - Promiscuous records net 30 Total SUBSIDIARY LEDGERS POST ADJUSTING Account: ARC Mel O'Dius Account No. 110-1 Date Description Ref. Debit Credit Balance May 31 Balance 3,919 DR Jun 13 Repayment CRJ 3,919 Jun 30 Adjusted Balance Account: ARC - D-Funkt Records Account No. 110-2 Date Description Ref. Debit Credit Balance May 31 Balance 2,075 DR Jun 30 Adjusted Balance 2,075 DR Account: ARC - KB Lo-Fi Account No. 110-3 Date Description Ref. Debit Credit Balance May 31 Balance 3,081 DR Jun 4 Credit sale SJ 2,255 5,336 DR Jun 12 Sales return GJ 2,740 2,596 DR Jun 18 Repayment CRJ 2,596 Jun 30 Adjusted Balance Account: ARC Carrie O'Key Account No. 110-4 Date Description Ref. Debit Credit Balance May 31 Balance 2,507 DR Jun 29 Repayment CRJ 2,507 Jun 30 Adjusted Balance Account: ARC - Dan Serr Account No. 110-5 Date Description Ref. Debit Credit Balance May 31 Balance Jun 18 Credit sale SJ 500 500 DR Jun 30 Adjusted Balance 500 DR Account: ARC - Dan Soul Account No. 110-6 Date Description Ref. Debit Credit Balance May 31 Balance Jun 14 Credit sale SJ 660 660 DR Jun 16 Repayment CRJ 600 60 DR Jun 23 Credit sale SJ 3,060 3,120 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 3,720 DR Jun 30 Adjusted Balance 3,720 DR Account: APC - Pony OMC records Account No. 210-1 Date Description Ref. Debit Credit Balance Мay 31 Balance 2,732 CR Jun 6 Credit purchase PJ 3,200 5,932 CR Jun 26 Repayment CPJ 5,932 Jun 30 Adjusted Balance Account: APC - Black label Account No. 210-2 Date Description Ref. Debit Credit Balance May 31 Balance 1,700 CR Jun 3 Repayment CPJ 1,700 Jun 30 Adjusted Balance Account: APC - Toadstool records Account No. 210-3 Date Description Ref. Debit Credit Balance Мay 31 Balance 4,110 CR Jun 3 Credit purchase PJ 325 4,435 CR Jun 19 Purchase return GJ 1,327 3,108 CR Jun 24 Repayment CPJ 3,108 Jun 30 Adjusted Balance Account: APC - Mac records Account No. 210-4 Date Description Ref. Debit Credit Balance May 31 Balance 2,944 CR 6 Repayment 29 Credit purchase Jun CPJ 2,944 Jun PJ 340 340 CR Jun 30 Adjusted Balance 340 CR Account: APC - Shadow records Account No. 210-5 Date Description Ref. Debit Credit Balance May 31 Balance 3,669 CR Jun 9 Repayment CPJ 3,669 Jun 30 Adjusted Balance Account: APC - Promiscuous records Account No. 210-6 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Adjusted Balance GENERAL LEDGER POST ADJUSTING Account: Cash Account No. 100 Date Description Ref. Debit Credit Balance May 31 Balance 18,481 DR Jun 30 Total from cash receipts journal CRJ 104,157 122,638 DR Jun 30 Total from cash payments journal CPJ 36,474 86,164 DR Jun 30 Interest received from the bank GJ 156 86,320 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 85,720 DR Jun 30 Bank service charge GJ 6 85,714 DR Jun 30 Adjusted Balance 85,714 DR Account: Short-term Investments Account No. 102 Date Description Ref. Debit Credit Balance May 31 Balance 21,000 DR Jun 30 Adjusted Balance 21,000 DR Account: ARC - Accounts Receivable Control Account No. 110 Date Description Ref. Debit Credit Balance May 31 Balance 11,582 DR Jun 12 Sales return from KB Lo-Fi GJ 2,740 8,842 DR Jun 30 Total from sales journal SJ 6,475 15,317 DR Jun 30 Total from cash receipts journal CRJ 9,622 5,695 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 6,295 DR Jun 30 Adjusted Balance 6,295 DR Account: Interest Receivable Account No. 112 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest revenue GJ 105 105 DR Jun 30 Adjusted Balance 105 DR Account: Merchandise Inventory Account No. 120 Date Description Ref. Debit Credit Balance May 31 Balance 81,696 DR Jun 30 Adjusted Balance 81,696 DR Account: Office Supplies Account No. 130 Date Description Ref. Debit Credit Balance May 31 Balance 5,416 DR Jun 30 Supplies used GJ 2,546 2,870 DR Jun 30 Adjusted Balance 2,870 DR Account: Prepaid Rent Account No. 140 Date Description Ref. Debit Credit Balance May 31 Balance 6,000 DR Jun 30 Rent expired GJ 3,000 3,000 DR Jun 30 Adjusted Balance 3,000 DR Account: Prepaid Advertising Account No. 141 Date Description Ref. Debit Credit Balance May 31 Balance 12,000 DR Jun 30 Benefits consumed GJ 4,000 8,000 DR Jun 30 Adjusted Balance 8,000 DR Account: Prepaid Insurance Account No. 142 Date Description Ref. Debit Credit Balance May 31 Balance 3,250 DR Jun 30 Insurance expired GJ 650 2,600 DR Jun 30 Adjusted Balance 2,600 DR Account: Office Furniture Account No. 150 Date Description Ref. Debit Credit Balance May 31 Balance 10,000 DR Jun 30 Adjusted Balance 10,000 DR Account: Accum Depn: Office Furniture Account No. 151 Date Description Ref. Debit Credit Balance May 31 Balance 2,850 CR Jun 30 Depreciation - one month GJ 150 3,000 CR Jun 30 Adjusted Balance 3,000 CR Account: Office Equipment Account No. 160 Date Description Ref. Debit Credit Balance May 31 Balance 43.000 DR Jun 30 Adjusted Balance 43,000 DR Account: Accum Depn: Office Equipment Account No. 161 Date Description Ref. Debit Credit Balance May 31 Balance 24,306 CR Jun 30 Depreciation one month GJ 347 24,653 CR Jun 30 Adjusted Balance 24,653 CR Account: APC - Accounts Payable Control Account No. 210 Date Description Ref. Debit Credit Balance May 31 Balance 15,155 CR Jun 19 Purchase return to Toadstool records GJ 1,327 13,828 CR Jun 30 Total from purchases journal PJ 3,865 17,693 CR Jun 30 Total from cash payments journal CPJ 17,353 340 CR Jun 30 Adjusted Balance 340 CR Account: Wages Payable Account No. 220 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued wages expense GJ 1,480 1,480 CR Jun 30 Adjusted Balance 1,480 CR Account: Electricity Payable Account No. 221 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued electricity expense GJ 846 846 CR Jun 30 Adjusted Balance 846 CR Account: Water Payable Account No. 222 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued water expense GJ 211 211 CR Jun 30 Adjusted Balance 211 CR Account: Interest Payable Account No. 225 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest expense GJ 255 255 CR Jun 30 Adjusted Balance 255 CR Account: Bank Loan Payable Account No. 250 Date Description Ref. Debit Credit Balance May 31 Balance Jun 1 Loan from MRMC Bank CR 51,000 51,000 CR Jun 30 Adjusted Balance 51,000 CR Account: Common Stock Account No. 300 Date Description Ref. Debit Credit Balance 31 Balance 30 Adjusted Balance May 80,000 CR Jun 80,000 CR Account: Retained Earnings Account No. 301 Date Description Ref. Debit Credit Balance May 31 Balance 90,114 CR Jun 30 Adjusted Balance 90,114 CR Account: Income Summary Account No. 310 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Adjusted Balance Account: Sales Revenue Account No. 400 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from sales journal SJ 6,475 6,475 CR Jun 30 Total from cash receipts journal CRJ 43,731 50,206 CR Jun 30 Adjusted Balance 50,206 CR Account: Sales Returns and Allowances Account No. 401 Date Description Ref. Debit Credit Balance May 31 Balance Jun 12 Sales return from KB Lo-Fi GJ 2,740 2,740 DR Jun 30 Adjusted Balance 2,740 DR Account: Sales Discounts Account No. 402 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from cash receipts journal CRJ 196 196 DR Jun 30 Adjusted Balance 196 DR Account: Interest Revenue Account No. 403 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Interest received from the bank GJ 156 156 CR Jun 30 |Accrued interest revenue GJ 105 261 CR Jun 30 Adjusted Balance 261 CR Account: Purchases Account No. 500 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from purchases journal PJ 3,865 3,865 DR 30 Total from cash payments journal 1,680 Jun CPJ 5,545 DR Jun 30 Adjusted Balance 5,545 DR Account: Purchase Returns and Allowances Account No. 501 Date Description Ref. Debit Credit Balance May 31 Balance Jun 19 Purchase return to Toadstool records GJ 1,327 1,327 CR Jun 30 Adjusted Balance 1,327 CR Account: Purchase Discounts Account No. 502 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from cash payments journal CPJ 76 76 CR Jun 30 Adjusted Balance 76 CR Account: Advertising Expense Account No. 511 Date Description Ref. Debit Credit Balance 31 Balance 30 Benefits consumed May Jun GJ 4,000 4,000 DR Jun 30 Adjusted Balance 4,000 DR Account: Wages Expense Account No. 516 Date Description Ref. Debit Credit Balance May 31 Balance 15 Paid staff wages 29 Paid staff wages Jun CPJ 5,587 5,587 DR Jun CPJ 5,330 10,917 DR Jun 30 Accrued wages expense GJ 1,480 12,397 DR Jun 30 Adjusted Balance 12,397 DR Account: Rent Expense Account No. 540 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Rent expired GJ 3,000 3,000 DR Jun 30 Adjusted Balance 3,000 DR Account: Electricity Expense Account No. 541 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued electricity expense GJ 846 846 DR Jun 30 Adjusted Balance 846 DR Account: Water Expense Account No. 542 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued water expense GJ 211 211 DR Jun 30 Adjusted Balance 211 DR Account: Insurance Expense Account No. 543 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Insurance expired GJ 650 650 DR Jun 30 Adjusted Balance 650 DR Account: Office Supplies Expense Account No. 544 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Supplies used GJ 2,546 2.546 DR Jun 30 Adjusted Balance 2,546 DR Account: Salary Expense Account No. 545 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Paid salary CPJ 6,600 6,600 DR Jun 30 Adjusted Balance 6,600 DR Account: Depn Expense: Office Furniture Account No. 560 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Depreciation - one month GJ 150 150 DR Jun 30 Adjusted Balance 150 DR Account: Depn Expense: Office Equipment Account No. 561 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Depreciation - one month GJ 347 347 DR Jun 30 Adjusted Balance 347 DR Account: Interest Expense Account No. 571 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest expense GJ 255 255 DR Jun 30 Adjusted Balance 255 DR Account: Admin. Expense - Bank Charges Account No. 572 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Bank service charge GJ 6. 6 DR Jun 30 Adjusted Balance 6 DR Now that all adjusting entries have been posted to the general ledger, you are asked to prepare the schedule of accounts receivable and the schedule of accounts payable as at June 30, 2018. The purpose of preparing the schedule of accounts receivable is to verify that the sum of the customer balances recorded in the accounts receivable subsidiary ledger is equal to the balance of the Accounts Receivable control account in the general ledger. Similarly, the purpose of the schedule of accounts payable is to confirm that the sum of the supplier balances recorded in the accounts payable subsidiary ledger is equal to the balance of the Accounts Payable control account in the general ledger. Instructions for schedules of accounts Using the subsidiary ledgers and the general ledgert: 1) Create a schedule of accounts receivable as at the end of June. 2) Create a schedule of accounts payable as at the end of June. Remember to enter all answers to the nearest whole dollar. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page on in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. (Q=900.schedulesOfAccounts) Vinyl Revival Schedule of Accounts Receivable June 30, 2018 Account No. Name Balance ($) 110-1 ARC - Mel O'Dius 110-2 ARC - D-Funkt Records 110-3 ARC - KB Lo-Fi 110-4 ARC - Carrie O'Key 110-5 ARC - Dan Serr 110-6 ARC - Dan Soul Total Vinyl Revival Schedule of Accounts Payable June 30, 2018 Account No. Name Terms Balance ($) 210-1 APC - Pony OMC records 2/10, n/30 210-2 APC - Black label 1/15, n/30 210-3 APC - Toadstool records net 30 210-4 APC - Mac records 2/10, n/30 210-5 PC Shadow records net 30 210-6 APC - Promiscuous records net 30 Total SUBSIDIARY LEDGERS POST ADJUSTING Account: ARC Mel O'Dius Account No. 110-1 Date Description Ref. Debit Credit Balance May 31 Balance 3,919 DR Jun 13 Repayment CRJ 3,919 Jun 30 Adjusted Balance Account: ARC - D-Funkt Records Account No. 110-2 Date Description Ref. Debit Credit Balance May 31 Balance 2,075 DR Jun 30 Adjusted Balance 2,075 DR Account: ARC - KB Lo-Fi Account No. 110-3 Date Description Ref. Debit Credit Balance May 31 Balance 3,081 DR Jun 4 Credit sale SJ 2,255 5,336 DR Jun 12 Sales return GJ 2,740 2,596 DR Jun 18 Repayment CRJ 2,596 Jun 30 Adjusted Balance Account: ARC Carrie O'Key Account No. 110-4 Date Description Ref. Debit Credit Balance May 31 Balance 2,507 DR Jun 29 Repayment CRJ 2,507 Jun 30 Adjusted Balance Account: ARC - Dan Serr Account No. 110-5 Date Description Ref. Debit Credit Balance May 31 Balance Jun 18 Credit sale SJ 500 500 DR Jun 30 Adjusted Balance 500 DR Account: ARC - Dan Soul Account No. 110-6 Date Description Ref. Debit Credit Balance May 31 Balance Jun 14 Credit sale SJ 660 660 DR Jun 16 Repayment CRJ 600 60 DR Jun 23 Credit sale SJ 3,060 3,120 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 3,720 DR Jun 30 Adjusted Balance 3,720 DR Account: APC - Pony OMC records Account No. 210-1 Date Description Ref. Debit Credit Balance Мay 31 Balance 2,732 CR Jun 6 Credit purchase PJ 3,200 5,932 CR Jun 26 Repayment CPJ 5,932 Jun 30 Adjusted Balance Account: APC - Black label Account No. 210-2 Date Description Ref. Debit Credit Balance May 31 Balance 1,700 CR Jun 3 Repayment CPJ 1,700 Jun 30 Adjusted Balance Account: APC - Toadstool records Account No. 210-3 Date Description Ref. Debit Credit Balance Мay 31 Balance 4,110 CR Jun 3 Credit purchase PJ 325 4,435 CR Jun 19 Purchase return GJ 1,327 3,108 CR Jun 24 Repayment CPJ 3,108 Jun 30 Adjusted Balance Account: APC - Mac records Account No. 210-4 Date Description Ref. Debit Credit Balance May 31 Balance 2,944 CR 6 Repayment 29 Credit purchase Jun CPJ 2,944 Jun PJ 340 340 CR Jun 30 Adjusted Balance 340 CR Account: APC - Shadow records Account No. 210-5 Date Description Ref. Debit Credit Balance May 31 Balance 3,669 CR Jun 9 Repayment CPJ 3,669 Jun 30 Adjusted Balance Account: APC - Promiscuous records Account No. 210-6 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Adjusted Balance GENERAL LEDGER POST ADJUSTING Account: Cash Account No. 100 Date Description Ref. Debit Credit Balance May 31 Balance 18,481 DR Jun 30 Total from cash receipts journal CRJ 104,157 122,638 DR Jun 30 Total from cash payments journal CPJ 36,474 86,164 DR Jun 30 Interest received from the bank GJ 156 86,320 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 85,720 DR Jun 30 Bank service charge GJ 6 85,714 DR Jun 30 Adjusted Balance 85,714 DR Account: Short-term Investments Account No. 102 Date Description Ref. Debit Credit Balance May 31 Balance 21,000 DR Jun 30 Adjusted Balance 21,000 DR Account: ARC - Accounts Receivable Control Account No. 110 Date Description Ref. Debit Credit Balance May 31 Balance 11,582 DR Jun 12 Sales return from KB Lo-Fi GJ 2,740 8,842 DR Jun 30 Total from sales journal SJ 6,475 15,317 DR Jun 30 Total from cash receipts journal CRJ 9,622 5,695 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 6,295 DR Jun 30 Adjusted Balance 6,295 DR Account: Interest Receivable Account No. 112 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest revenue GJ 105 105 DR Jun 30 Adjusted Balance 105 DR Account: Merchandise Inventory Account No. 120 Date Description Ref. Debit Credit Balance May 31 Balance 81,696 DR Jun 30 Adjusted Balance 81,696 DR Account: Office Supplies Account No. 130 Date Description Ref. Debit Credit Balance May 31 Balance 5,416 DR Jun 30 Supplies used GJ 2,546 2,870 DR Jun 30 Adjusted Balance 2,870 DR Account: Prepaid Rent Account No. 140 Date Description Ref. Debit Credit Balance May 31 Balance 6,000 DR Jun 30 Rent expired GJ 3,000 3,000 DR Jun 30 Adjusted Balance 3,000 DR Account: Prepaid Advertising Account No. 141 Date Description Ref. Debit Credit Balance May 31 Balance 12,000 DR Jun 30 Benefits consumed GJ 4,000 8,000 DR Jun 30 Adjusted Balance 8,000 DR Account: Prepaid Insurance Account No. 142 Date Description Ref. Debit Credit Balance May 31 Balance 3,250 DR Jun 30 Insurance expired GJ 650 2,600 DR Jun 30 Adjusted Balance 2,600 DR Account: Office Furniture Account No. 150 Date Description Ref. Debit Credit Balance May 31 Balance 10,000 DR Jun 30 Adjusted Balance 10,000 DR Account: Accum Depn: Office Furniture Account No. 151 Date Description Ref. Debit Credit Balance May 31 Balance 2,850 CR Jun 30 Depreciation - one month GJ 150 3,000 CR Jun 30 Adjusted Balance 3,000 CR Account: Office Equipment Account No. 160 Date Description Ref. Debit Credit Balance May 31 Balance 43.000 DR Jun 30 Adjusted Balance 43,000 DR Account: Accum Depn: Office Equipment Account No. 161 Date Description Ref. Debit Credit Balance May 31 Balance 24,306 CR Jun 30 Depreciation one month GJ 347 24,653 CR Jun 30 Adjusted Balance 24,653 CR Account: APC - Accounts Payable Control Account No. 210 Date Description Ref. Debit Credit Balance May 31 Balance 15,155 CR Jun 19 Purchase return to Toadstool records GJ 1,327 13,828 CR Jun 30 Total from purchases journal PJ 3,865 17,693 CR Jun 30 Total from cash payments journal CPJ 17,353 340 CR Jun 30 Adjusted Balance 340 CR Account: Wages Payable Account No. 220 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 | Accrued wages expense GJ 1,480 1,480 CR Jun 30 Adjusted Balance 1,480 CR Account: Electricity Payable Account No. 221 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued electricity expense GJ 846 846 CR Jun 30 Adjusted Balance 846 CR Account: Water Payable Account No. 222 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued water expense GJ 211 211 CR Jun 30 Adjusted Balance 211 CR Account: Interest Payable Account No. 225 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest expense GJ 255 255 CR Jun 30 Adjusted Balance 255 CR Account: Bank Loan Payable Account No. 250 Date Description Ref. Debit Credit Balance May 31 Balance Jun 1 Loan from MRMC Bank CR 51,000 51,000 CR Jun 30 Adjusted Balance 51,000 CR Account: Common Stock Account No. 300 Date Description Ref. Debit Credit Balance 31 Balance 30 Adjusted Balance May 80,000 CR Jun 80,000 CR Account: Retained Earnings Account No. 301 Date Description Ref. Debit Credit Balance May 31 Balance 90,114 CR Jun 30 Adjusted Balance 90,114 CR Account: Income Summary Account No. 310 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Adjusted Balance Account: Sales Revenue Account No. 400 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from sales journal SJ 6,475 6,475 CR Jun 30 Total from cash receipts journal CRJ 43,731 50,206 CR Jun 30 Adjusted Balance 50,206 CR Account: Sales Returns and Allowances Account No. 401 Date Description Ref. Debit Credit Balance May 31 Balance Jun 12 Sales return from KB Lo-Fi GJ 2,740 2,740 DR Jun 30 Adjusted Balance 2,740 DR Account: Sales Discounts Account No. 402 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from cash receipts journal CRJ 196 196 DR Jun 30 Adjusted Balance 196 DR Account: Interest Revenue Account No. 403 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Interest received from the bank GJ 156 156 CR Jun 30 |Accrued interest revenue GJ 105 261 CR Jun 30 Adjusted Balance 261 CR Account: Purchases Account No. 500 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from purchases journal PJ 3,865 3,865 DR 30 Total from cash payments journal 1,680 Jun CPJ 5,545 DR Jun 30 Adjusted Balance 5,545 DR Account: Purchase Returns and Allowances Account No. 501 Date Description Ref. Debit Credit Balance May 31 Balance Jun 19 Purchase return to Toadstool records GJ 1,327 1,327 CR Jun 30 Adjusted Balance 1,327 CR Account: Purchase Discounts Account No. 502 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from cash payments journal CPJ 76 76 CR Jun 30 Adjusted Balance 76 CR Account: Advertising Expense Account No. 511 Date Description Ref. Debit Credit Balance 31 Balance 30 Benefits consumed May Jun GJ 4,000 4,000 DR Jun 30 Adjusted Balance 4,000 DR Account: Wages Expense Account No. 516 Date Description Ref. Debit Credit Balance May 31 Balance 15 Paid staff wages 29 Paid staff wages Jun CPJ 5,587 5,587 DR Jun CPJ 5,330 10,917 DR Jun 30 Accrued wages expense GJ 1,480 12,397 DR Jun 30 Adjusted Balance 12,397 DR Account: Rent Expense Account No. 540 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Rent expired GJ 3,000 3,000 DR Jun 30 Adjusted Balance 3,000 DR Account: Electricity Expense Account No. 541 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued electricity expense GJ 846 846 DR Jun 30 Adjusted Balance 846 DR Account: Water Expense Account No. 542 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued water expense GJ 211 211 DR Jun 30 Adjusted Balance 211 DR Account: Insurance Expense Account No. 543 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Insurance expired GJ 650 650 DR Jun 30 Adjusted Balance 650 DR Account: Office Supplies Expense Account No. 544 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Supplies used GJ 2,546 2.546 DR Jun 30 Adjusted Balance 2,546 DR Account: Salary Expense Account No. 545 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Paid salary CPJ 6,600 6,600 DR Jun 30 Adjusted Balance 6,600 DR Account: Depn Expense: Office Furniture Account No. 560 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Depreciation - one month GJ 150 150 DR Jun 30 Adjusted Balance 150 DR Account: Depn Expense: Office Equipment Account No. 561 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Depreciation - one month GJ 347 347 DR Jun 30 Adjusted Balance 347 DR Account: Interest Expense Account No. 571 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest expense GJ 255 255 DR Jun 30 Adjusted Balance 255 DR Account: Admin. Expense - Bank Charges Account No. 572 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Bank service charge GJ 6. 6 DR Jun 30 Adjusted Balance 6 DR Now that all adjusting entries have been posted to the general ledger, you are asked to prepare the schedule of accounts receivable and the schedule of accounts payable as at June 30, 2018. The purpose of preparing the schedule of accounts receivable is to verify that the sum of the customer balances recorded in the accounts receivable subsidiary ledger is equal to the balance of the Accounts Receivable control account in the general ledger. Similarly, the purpose of the schedule of accounts payable is to confirm that the sum of the supplier balances recorded in the accounts payable subsidiary ledger is equal to the balance of the Accounts Payable control account in the general ledger. Instructions for schedules of accounts Using the subsidiary ledgers and the general ledgert: 1) Create a schedule of accounts receivable as at the end of June. 2) Create a schedule of accounts payable as at the end of June. Remember to enter all answers to the nearest whole dollar. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. (Q=900.schedulesOfAccounts) Vinyl Revival Schedule of Accounts Receivable June 30, 2018 Account No. Name Balance ($) 110-1 ARC - Mel O'Dius 110-2 ARC - D-Funkt Records 110-3 ARC - KB Lo-Fi 110-4 ARC - Carrie O'Key 110-5 ARC - Dan Serr 110-6 ARC - Dan Soul Total Vinyl Revival Schedule of Accounts Payable June 30, 2018 Account No. Name Terms Balance ($) 210-1 APC - Pony OMC records 2/10, n/30 210-2 APC - Black label 1/15, n/30 210-3 APC - Toadstool records net 30 210-4 APC - Mac records 2/10, n/30 210-5 PC Shadow records net 30 210-6 APC - Promiscuous records net 30 Total SUBSIDIARY LEDGERS POST ADJUSTING Account: ARC Mel O'Dius Account No. 110-1 Date Description Ref. Debit Credit Balance May 31 Balance 3,919 DR Jun 13 Repayment CRJ 3,919 Jun 30 Adjusted Balance Account: ARC - D-Funkt Records Account No. 110-2 Date Description Ref. Debit Credit Balance May 31 Balance 2,075 DR Jun 30 Adjusted Balance 2,075 DR Account: ARC - KB Lo-Fi Account No. 110-3 Date Description Ref. Debit Credit Balance May 31 Balance 3,081 DR Jun 4 Credit sale SJ 2,255 5,336 DR Jun 12 Sales return GJ 2,740 2,596 DR Jun 18 Repayment CRJ 2,596 Jun 30 Adjusted Balance Account: ARC Carrie O'Key Account No. 110-4 Date Description Ref. Debit Credit Balance May 31 Balance 2,507 DR Jun 29 Repayment CRJ 2,507 Jun 30 Adjusted Balance Account: ARC - Dan Serr Account No. 110-5 Date Description Ref. Debit Credit Balance May 31 Balance Jun 18 Credit sale SJ 500 500 DR Jun 30 Adjusted Balance 500 DR Account: ARC - Dan Soul Account No. 110-6 Date Description Ref. Debit Credit Balance May 31 Balance Jun 14 Credit sale SJ 660 660 DR Jun 16 Repayment CRJ 600 60 DR Jun 23 Credit sale SJ 3,060 3,120 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 3,720 DR Jun 30 Adjusted Balance 3,720 DR Account: APC - Pony OMC records Account No. 210-1 Date Description Ref. Debit Credit Balance Мay 31 Balance 2,732 CR Jun 6 Credit purchase PJ 3,200 5,932 CR Jun 26 Repayment CPJ 5,932 Jun 30 Adjusted Balance Account: APC - Black label Account No. 210-2 Date Description Ref. Debit Credit Balance May 31 Balance 1,700 CR Jun 3 Repayment CPJ 1,700 Jun 30 Adjusted Balance Account: APC - Toadstool records Account No. 210-3 Date Description Ref. Debit Credit Balance Мay 31 Balance 4,110 CR Jun 3 Credit purchase PJ 325 4,435 CR Jun 19 Purchase return GJ 1,327 3,108 CR Jun 24 Repayment CPJ 3,108 Jun 30 Adjusted Balance Account: APC - Mac records Account No. 210-4 Date Description Ref. Debit Credit Balance May 31 Balance 2,944 CR 6 Repayment 29 Credit purchase Jun CPJ 2,944 Jun PJ 340 340 CR Jun 30 Adjusted Balance 340 CR Account: APC - Shadow records Account No. 210-5 Date Description Ref. Debit Credit Balance May 31 Balance 3,669 CR Jun 9 Repayment CPJ 3,669 Jun 30 Adjusted Balance Account: APC - Promiscuous records Account No. 210-6 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Adjusted Balance GENERAL LEDGER POST ADJUSTING Account: Cash Account No. 100 Date Description Ref. Debit Credit Balance May 31 Balance 18,481 DR Jun 30 Total from cash receipts journal CRJ 104,157 122,638 DR Jun 30 Total from cash payments journal CPJ 36,474 86,164 DR Jun 30 Interest received from the bank GJ 156 86,320 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 85,720 DR Jun 30 Bank service charge GJ 6 85,714 DR Jun 30 Adjusted Balance 85,714 DR Account: Short-term Investments Account No. 102 Date Description Ref. Debit Credit Balance May 31 Balance 21,000 DR Jun 30 Adjusted Balance 21,000 DR Account: ARC - Accounts Receivable Control Account No. 110 Date Description Ref. Debit Credit Balance May 31 Balance 11,582 DR Jun 12 Sales return from KB Lo-Fi GJ 2,740 8,842 DR Jun 30 Total from sales journal SJ 6,475 15,317 DR Jun 30 Total from cash receipts journal CRJ 9,622 5,695 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 6,295 DR Jun 30 Adjusted Balance 6,295 DR Account: Interest Receivable Account No. 112 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest revenue GJ 105 105 DR Jun 30 Adjusted Balance 105 DR Account: Merchandise Inventory Account No. 120 Date Description Ref. Debit Credit Balance May 31 Balance 81,696 DR Jun 30 Adjusted Balance 81,696 DR Account: Office Supplies Account No. 130 Date Description Ref. Debit Credit Balance May 31 Balance 5,416 DR Jun 30 Supplies used GJ 2,546 2,870 DR Jun 30 Adjusted Balance 2,870 DR Account: Prepaid Rent Account No. 140 Date Description Ref. Debit Credit Balance May 31 Balance 6,000 DR Jun 30 Rent expired GJ 3,000 3,000 DR Jun 30 Adjusted Balance 3,000 DR Account: Prepaid Advertising Account No. 141 Date Description Ref. Debit Credit Balance May 31 Balance 12,000 DR Jun 30 Benefits consumed GJ 4,000 8,000 DR Jun 30 Adjusted Balance 8,000 DR Account: Prepaid Insurance Account No. 142 Date Description Ref. Debit Credit Balance May 31 Balance 3,250 DR Jun 30 Insurance expired GJ 650 2,600 DR Jun 30 Adjusted Balance 2,600 DR Account: Office Furniture Account No. 150 Date Description Ref. Debit Credit Balance May 31 Balance 10,000 DR Jun 30 Adjusted Balance 10,000 DR Account: Accum Depn: Office Furniture Account No. 151 Date Description Ref. Debit Credit Balance May 31 Balance 2,850 CR Jun 30 Depreciation - one month GJ 150 3,000 CR Jun 30 Adjusted Balance 3,000 CR Account: Office Equipment Account No. 160 Date Description Ref. Debit Credit Balance May 31 Balance 43.000 DR Jun 30 Adjusted Balance 43,000 DR Account: Accum Depn: Office Equipment Account No. 161 Date Description Ref. Debit Credit Balance May 31 Balance 24,306 CR Jun 30 Depreciation one month GJ 347 24,653 CR Jun 30 Adjusted Balance 24,653 CR Account: APC - Accounts Payable Control Account No. 210 Date Description Ref. Debit Credit Balance May 31 Balance 15,155 CR Jun 19 Purchase return to Toadstool records GJ 1,327 13,828 CR Jun 30 Total from purchases journal PJ 3,865 17,693 CR Jun 30 Total from cash payments journal CPJ 17,353 340 CR Jun 30 Adjusted Balance 340 CR Account: Wages Payable Account No. 220 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued wages expense GJ 1,480 1,480 CR Jun 30 Adjusted Balance 1,480 CR Account: Electricity Payable Account No. 221 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued electricity expense GJ 846 846 CR Jun 30 Adjusted Balance 846 CR Account: Water Payable Account No. 222 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued water expense GJ 211 211 CR Jun 30 Adjusted Balance 211 CR Account: Interest Payable Account No. 225 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest expense GJ 255 255 CR Jun 30 Adjusted Balance 255 CR Account: Bank Loan Payable Account No. 250 Date Description Ref. Debit Credit Balance May 31 Balance Jun 1 Loan from MRMC Bank CR 51,000 51,000 CR Jun 30 Adjusted Balance 51,000 CR Account: Common Stock Account No. 300 Date Description Ref. Debit Credit Balance 31 Balance 30 Adjusted Balance May 80,000 CR Jun 80,000 CR Account: Retained Earnings Account No. 301 Date Description Ref. Debit Credit Balance May 31 Balance 90,114 CR Jun 30 Adjusted Balance 90,114 CR Account: Income Summary Account No. 310 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Adjusted Balance Account: Sales Revenue Account No. 400 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from sales journal SJ 6,475 6,475 CR Jun 30 Total from cash receipts journal CRJ 43,731 50,206 CR Jun 30 Adjusted Balance 50,206 CR Account: Sales Returns and Allowances Account No. 401 Date Description Ref. Debit Credit Balance May 31 Balance Jun 12 Sales return from KB Lo-Fi GJ 2,740 2,740 DR Jun 30 Adjusted Balance 2,740 DR Account: Sales Discounts Account No. 402 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from cash receipts journal CRJ 196 196 DR Jun 30 Adjusted Balance 196 DR Account: Interest Revenue Account No. 403 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Interest received from the bank GJ 156 156 CR Jun 30 |Accrued interest revenue GJ 105 261 CR Jun 30 Adjusted Balance 261 CR Account: Purchases Account No. 500 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from purchases journal PJ 3,865 3,865 DR 30 Total from cash payments journal 1,680 Jun CPJ 5,545 DR Jun 30 Adjusted Balance 5,545 DR Account: Purchase Returns and Allowances Account No. 501 Date Description Ref. Debit Credit Balance May 31 Balance Jun 19 Purchase return to Toadstool records GJ 1,327 1,327 CR Jun 30 Adjusted Balance 1,327 CR Account: Purchase Discounts Account No. 502 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from cash payments journal CPJ 76 76 CR Jun 30 Adjusted Balance 76 CR Account: Advertising Expense Account No. 511 Date Description Ref. Debit Credit Balance 31 Balance 30 Benefits consumed May Jun GJ 4,000 4,000 DR Jun 30 Adjusted Balance 4,000 DR Account: Wages Expense Account No. 516 Date Description Ref. Debit Credit Balance May 31 Balance 15 Paid staff wages 29 Paid staff wages Jun CPJ 5,587 5,587 DR Jun CPJ 5,330 10,917 DR Jun 30 Accrued wages expense GJ 1,480 12,397 DR Jun 30 Adjusted Balance 12,397 DR Account: Rent Expense Account No. 540 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Rent expired GJ 3,000 3,000 DR Jun 30 Adjusted Balance 3,000 DR Account: Electricity Expense Account No. 541 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued electricity expense GJ 846 846 DR Jun 30 Adjusted Balance 846 DR Account: Water Expense Account No. 542 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued water expense GJ 211 211 DR Jun 30 Adjusted Balance 211 DR Account: Insurance Expense Account No. 543 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Insurance expired GJ 650 650 DR Jun 30 Adjusted Balance 650 DR Account: Office Supplies Expense Account No. 544 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Supplies used GJ 2,546 2.546 DR Jun 30 Adjusted Balance 2,546 DR Account: Salary Expense Account No. 545 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Paid salary CPJ 6.600 6,600 DR Jun 30 Adjusted Balance 6,600 DR Account: Depn Expense: Office Furniture Account No. 560 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Depreciation - one month GJ 150 150 DR Jun 30 Adjusted Balance 150 DR Account: Depn Expense: Office Equipment Account No. 561 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Depreciation - one month GJ 347 347 DR Jun 30 Adjusted Balance 347 DR Account: Interest Expense Account No. 571 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest expense GJ 255 255 DR Jun 30 Adjusted Balance 255 DR Account: Admin. Expense - Bank Charges Account No. 572 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Bank service charge GJ 6. 6 DR Jun 30 Adjusted Balance 6 DR Now that all adjusting entries have been posted to the general ledger, you are asked to prepare the schedule of accounts receivable and the schedule of accounts payable as at June 30, 2018. The purpose of preparing the schedule of accounts receivable is to verify that the sum of the customer balances recorded in the accounts receivable subsidiary ledger is equal to the balance of the Accounts Receivable control account in the general ledger. Similarly, the purpose of the schedule of accounts payable is to confirm that the sum of the supplier balances recorded in the accounts payable subsidiary ledger is equal to the balance of the Accounts Payable control account in the general ledger. Instructions for schedules of accounts Using the subsidiary ledgers and the general ledgert: 1) Create a schedule of accounts receivable as at the end of June. 2) Create a schedule of accounts payable as at the end of June. Remember to enter all answers to the nearest whole dollar. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. (Q=900.schedulesOfAccounts) Vinyl Revival Schedule of Accounts Receivable June 30, 2018 Account No. Name Balance ($) 110-1 ARC - Mel O'Dius 110-2 ARC - D-Funkt Records 110-3 ARC - KB Lo-Fi 110-4 ARC - Carrie O'Key 110-5 ARC - Dan Serr 110-6 ARC - Dan Soul Total Vinyl Revival Schedule of Accounts Payable June 30, 2018 Account No. Name Terms Balance ($) 210-1 APC - Pony OMC records 2/10, n/30 210-2 APC - Black label 1/15, n/30 210-3 APC - Toadstool records net 30 210-4 APC - Mac records 2/10, n/30 210-5 PC Shadow records net 30 210-6 APC - Promiscuous records net 30 Total SUBSIDIARY LEDGERS POST ADJUSTING Account: ARC Mel O'Dius Account No. 110-1 Date Description Ref. Debit Credit Balance May 31 Balance 3,919 DR Jun 13 Repayment CRJ 3,919 Jun 30 Adjusted Balance Account: ARC - D-Funkt Records Account No. 110-2 Date Description Ref. Debit Credit Balance May 31 Balance 2,075 DR Jun 30 Adjusted Balance 2,075 DR Account: ARC - KB Lo-Fi Account No. 110-3 Date Description Ref. Debit Credit Balance May 31 Balance 3,081 DR Jun 4 Credit sale SJ 2,255 5,336 DR Jun 12 Sales return GJ 2,740 2,596 DR Jun 18 Repayment CRJ 2,596 Jun 30 Adjusted Balance Account: ARC Carrie O'Key Account No. 110-4 Date Description Ref. Debit Credit Balance May 31 Balance 2,507 DR Jun 29 Repayment CRJ 2,507 Jun 30 Adjusted Balance Account: ARC - Dan Serr Account No. 110-5 Date Description Ref. Debit Credit Balance May 31 Balance Jun 18 Credit sale SJ 500 500 DR Jun 30 Adjusted Balance 500 DR Account: ARC - Dan Soul Account No. 110-6 Date Description Ref. Debit Credit Balance May 31 Balance Jun 14 Credit sale SJ 660 660 DR Jun 16 Repayment CRJ 600 60 DR Jun 23 Credit sale SJ 3,060 3,120 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 3,720 DR Jun 30 Adjusted Balance 3,720 DR Account: APC - Pony OMC records Account No. 210-1 Date Description Ref. Debit Credit Balance May 31 Balance 2,732 CR Jun 6 Credit purchase PJ 3,200 5,932 CR Jun 26 Repayment CPJ 5,932 Jun 30 Adjusted Balance Account: APC - Black label Account No. 210-2 Date Description Ref. Debit Credit Balance May 31 Balance 1,700 CR Jun 3 Repayment CPJ 1,700 Jun 30 Adjusted Balance Account: APC - Toadstool records Account No. 210-3 Date Description Ref. Debit Credit Balance Мay 31 Balance 4,110 CR Jun 3 Credit purchase PJ 325 4,435 CR Jun 19 Purchase return GJ 1,327 3,108 CR Jun 24 Repayment CPJ 3,108 Jun 30 Adjusted Balance Account: APC - Mac records Account No. 210-4 Date Description Ref. Debit Credit Balance May 31 Balance 2,944 CR 6 Repayment 29 Credit purchase Jun CPJ 2,944 Jun PJ 340 340 CR Jun 30 Adjusted Balance 340 CR Account: APC - Shadow records Account No. 210-5 Date Description Ref. Debit Credit Balance May 31 Balance 3,669 CR Jun 9 Repayment CPJ 3,669 Jun 30 Adjusted Balance Account: APC - Promiscuous records Account No. 210-6 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Adjusted Balance GENERAL LEDGER POST ADJUSTING Account: Cash Account No. 100 Date Description Ref. Debit Credit Balance May 31 Balance 18,481 DR Jun 30 Total from cash receipts journal CRJ 104,157 122,638 DR Jun 30 Total from cash payments journal CPJ 36,474 86,164 DR Jun 30 Interest received from the bank GJ 156 86,320 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 85,720 DR Jun 30 Bank service charge GJ 6 85,714 DR Jun 30 Adjusted Balance 85,714 DR Account: Short-term Investments Account No. 102 Date Description Ref. Debit Credit Balance May 31 Balance 21,000 DR Jun 30 Adjusted Balance 21,000 DR Account: ARC - Accounts Receivable Control Account No. 110 Date Description Ref. Debit Credit Balance May 31 Balance 11,582 DR Jun 12 Sales return from KB Lo-Fi GJ 2,740 8,842 DR Jun 30 Total from sales journal SJ 6,475 15,317 DR Jun 30 Total from cash receipts journal CRJ 9,622 5,695 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 600 6,295 DR Jun 30 Adjusted Balance 6,295 DR Account: Interest Receivable Account No. 112 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest revenue GJ 105 105 DR Jun 30 Adjusted Balance 105 DR Account: Merchandise Inventory Account No. 120 Date Description Ref. Debit Credit Balance May 31 Balance 81,696 DR Jun 30 Adjusted Balance 81,696 DR Account: Office Supplies Account No. 130 Date Description Ref. Debit Credit Balance May 31 Balance 5,416 DR Jun 30 Supplies used GJ 2,546 2,870 DR Jun 30 Adjusted Balance 2,870 DR Account: Prepaid Rent Account No. 140 Date Description Ref. Debit Credit Balance May 31 Balance 6,000 DR Jun 30 Rent expired GJ 3,000 3,000 DR Jun 30 Adjusted Balance 3,000 DR Account: Prepaid Advertising Account No. 141 Date Description Ref. Debit Credit Balance May 31 Balance 12,000 DR Jun 30 Benefits consumed GJ 4,000 8,000 DR Jun 30 Adjusted Balance 8,000 DR Account: Prepaid Insurance Account No. 142 Date Description Ref. Debit Credit Balance May 31 Balance 3,250 DR Jun 30 Insurance expired GJ 650 2,600 DR Jun 30 Adjusted Balance 2,600 DR Account: Office Furniture Account No. 150 Date Description Ref. Debit Credit Balance May 31 Balance 10,000 DR Jun 30 Adjusted Balance 10,000 DR Account: Accum Depn: Office Furniture Account No. 151 Date Description Ref. Debit Credit Balance May 31 Balance 2,850 CR Jun 30 Depreciation - one month GJ 150 3,000 CR Jun 30 Adjusted Balance 3,000 CR Account: Office Equipment Account No. 160 Date Description Ref. Debit Credit Balance May 31 Balance 43.000 DR Jun 30 Adjusted Balance 43,000 DR Account: Accum Depn: Office Equipment Account No. 161 Date Description Ref. Debit Credit Balance May 31 Balance 24,306 CR Jun 30 Depreciation one month GJ 347 24,653 CR Jun 30 Adjusted Balance 24,653 CR Account: APC - Accounts Payable Control Account No. 210 Date Description Ref. Debit Credit Balance May 31 Balance 15,155 CR Jun 19 Purchase return to Toadstool records GJ 1,327 13,828 CR Jun 30 Total from purchases journal PJ 3,865 17,693 CR Jun 30 Total from cash payments journal CPJ 17,353 340 CR Jun 30 Adjusted Balance 340 CR Account: Wages Payable Account No. 220 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued wages expense GJ 1,480 1,480 CR Jun 30 Adjusted Balance 1,480 CR Account: Electricity Payable Account No. 221 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued electricity expense GJ 846 846 CR Jun 30 Adjusted Balance 846 CR Account: Water Payable Account No. 222 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued water expense GJ 211 211 CR Jun 30 Adjusted Balance 211 CR Account: Interest Payable Account No. 225 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest expense GJ 255 255 CR Jun 30 Adjusted Balance 255 CR Account: Bank Loan Payable Account No. 250 Date Description Ref. Debit Credit Balance May 31 Balance Jun 1 Loan from MRMC Bank CR 51,000 51,000 CR Jun 30 Adjusted Balance 51,000 CR Account: Common Stock Account No. 300 Date Description Ref. Debit Credit Balance 31 Balance 30 Adjusted Balance May 80,000 CR Jun 80,000 CR Account: Retained Earnings Account No. 301 Date Description Ref. Debit Credit Balance May 31 Balance 90,114 CR Jun 30 Adjusted Balance 90,114 CR Account: Income Summary Account No. 310 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Adjusted Balance Account: Sales Revenue Account No. 400 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from sales journal SJ 6,475 6,475 CR Jun 30 Total from cash receipts journal CRJ 43,731 50,206 CR Jun 30 Adjusted Balance 50,206 CR Account: Sales Returns and Allowances Account No. 401 Date Description Ref. Debit Credit Balance May 31 Balance Jun 12 Sales return from KB Lo-Fi GJ 2,740 2,740 DR Jun 30 Adjusted Balance 2,740 DR Account: Sales Discounts Account No. 402 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from cash receipts journal CRJ 196 196 DR Jun 30 Adjusted Balance 196 DR Account: Interest Revenue Account No. 403 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Interest received from the bank GJ 156 156 CR Jun 30 |Accrued interest revenue GJ 105 261 CR Jun 30 Adjusted Balance 261 CR Account: Purchases Account No. 500 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from purchases journal PJ 3,865 3,865 DR 30 Total from cash payments journal 1,680 Jun CPJ 5,545 DR Jun 30 Adjusted Balance 5,545 DR Account: Purchase Returns and Allowances Account No. 501 Date Description Ref. Debit Credit Balance May 31 Balance Jun 19 Purchase return to Toadstool records GJ 1,327 1,327 CR Jun 30 Adjusted Balance 1,327 CR Account: Purchase Discounts Account No. 502 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from cash payments journal CPJ 76 76 CR Jun 30 Adjusted Balance 76 CR Account: Advertising Expense Account No. 511 Date Description Ref. Debit Credit Balance 31 Balance 30 Benefits consumed May Jun GJ 4,000 4,000 DR Jun 30 Adjusted Balance 4,000 DR Account: Wages Expense Account No. 516 Date Description Ref. Debit Credit Balance May 31 Balance 15 Paid staff wages 29 Paid staff wages Jun CPJ 5,587 5,587 DR Jun CPJ 5,330 10,917 DR Jun 30 Accrued wages expense GJ 1,480 12,397 DR Jun 30 Adjusted Balance 12,397 DR Account: Rent Expense Account No. 540 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Rent expired GJ 3,000 3,000 DR Jun 30 Adjusted Balance 3,000 DR Account: Electricity Expense Account No. 541 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30| Accrued electricity expense GJ 846 846 DR Jun 30 Adjusted Balance 846 DR Account: Water Expense Account No. 542 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued water expense GJ 211 211 DR Jun 30 Adjusted Balance 211 DR Account: Insurance Expense Account No. 543 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Insurance expired GJ 650 650 DR Jun 30 Adjusted Balance 650 DR Account: Office Supplies Expense Account No. 544 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Supplies used GJ 2,546 2.546 DR Jun 30 Adjusted Balance 2,546 DR Account: Salary Expense Account No. 545 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Paid salary CPJ 6,600 6,600 DR Jun 30 Adjusted Balance 6,600 DR Account: Depn Expense: Office Furniture Account No. 560 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Depreciation - one month GJ 150 150 DR Jun 30 Adjusted Balance 150 DR Account: Depn Expense: Office Equipment Account No. 561 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Depreciation - one month GJ 347 347 DR Jun 30 Adjusted Balance 347 DR Account: Interest Expense Account No. 571 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Accrued interest expense GJ 255 255 DR Jun 30 Adjusted Balance 255 DR Account: Admin. Expense - Bank Charges Account No. 572 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Bank service charge GJ 6. 6 DR Jun 30 Adjusted Balance 6 DR

Answer rating: 100% (QA)

Accounts Receivable 1101 ARCAttic Books 1102 ARCCliffs Notes 6090 Dr 1103 AR... View the full answer