C omplete the following u sing the attached references below:

1. On 30/06/2023, upon checking our records,it was discovered that the account had been allocated to GL account: 6-1100 Truck Expenses, but was actually for repairs to a private vehicle owned by S. Golden. (refer to Transaction 1 in your General Journal) Pre pare a correcting general journal.

We have received notification that First Class Events have gone into receivership. S. Golden has asked you to write off the Bad Debt - use the General Journal to record this transaction and post to First Class Events Subsidiary Ledger.

2. Post all required totals from the journals (General Journal entries) to the relevant Accounts Receivable and Accounts Payable Subsidiary ledgers. (Subsidiary Ledgers)

1. Complete the Accounts Receivable and Accounts Payable reconciliations for 30 June 2023 showing the aged accounts (enter into the Templates provided - spreadsheet tab named "AR & AP Schedules ). Use the Opening Balances in Appendix A to determine the age of the invoices.

3. Complete the Action Table as per the organisation's procedures.

• The Closing Balance of the Accounts Receivable Control General Ledger is $31,058.40
• The Closing Balance of the Accounts Payable Control General Ledger is $30,354.00.

1. Subsidiary Ledger

B Gold Catering - Accounts Receivable (Debtors) Ledger Gold Catering - Accounts Payable (Creditors) Ledger W N I Acct Name: Teamwel Acct Number: 1-2100 Acct Name: Raptor Supplies Acct Number: 2-2011 Date Details Folio Debit Credit Balance Date Details Folio Debit Credit Balance 01-Jun-23 Opening Balance 10,200.00; DR 01-Jun-23 : Opening Balance 11,310.00; CR Acct Name: Delightful Diner Acct Number: 1-2110 Acct Name: Oasis Suppliers Acct Number: 2-2012 Date Details Folio Debit Credit Balance Date Details Folio Debit Credit Balance 01-Jun-23 : Opening Balance 1,680.00: DR 01-Jun-23 : Opening Balance 210.00; CR 16 19 Acct Name: James and Sons Acct Number: 1-2120 Acct Name: Logan Motors Acct Number: 2-2013 Date Details Debit Credit Balance Date Details Debit Credit Balance 01-Jun-23 : Opening Balance 5,400.00; DR Acct Name: First Class Events Acct Number: 1-2130 Acct Name: Bright & Shiny Ltd Acct Number: 2-2014 Date Details Folio Debit Credit Balance Date Details Folio Debit Credit Balance 01-Jun-23 : Opening Balance 600.00: DR Acct Name: Pinker Products Acct Number: 1-2140 Date Details Debit Credit Balance Acct Name: Top Tier Acct Number: 1-2150 Date Details Debit Credit Balance Acct Name: Mark Money Acct Number: 1-2160 Date Details Folio Debit Credit BalanceA B C D E F G H Gold Catering - Subsidiary Ledgers - Remember to look at older Invoice Dates Account Receivable Reconciliation 30 June 2023 - Aged Schedule Account Number Account Name Total Due Current 31 - 60 Days 61 - 90 Days 90+ days 0 - 30 days 12 14 Grand Total $ 0.00 0.00 0.00 0.00 15 Balance per GL $ 31,058.40 S 16 (31,058.40) 17 18 Account Payable Reconciliation 30 June 2023 - Aged Schedule 19 Account Number Account Name Total Due Current 20 0 - 30 days 31 - 60 Days 61 - 90 Days 90+ days 21 23 24 25 30 Grand Total $ 0.00 0.00 0.00 0.00 31 Balance as per GL $ 30,354.00 32 (30,354.00) 33 34 35 36 37Refer to Policies and Procedures Action Required for Debtors Outstanding Greafer Than 30 days! Account Number Account Name Total Due M Action Required Previous Actions Reasons for Creditors Outstanding Greater Than 30 days Account Number Account Name Total Due Reason Gold Catering - Source Documents You will complete ALL source documents, you Refer to Appendix C for addresses and ABN details for invoices. Invoices & Adjustment Notes Receipts & Remittance Ad Gold Catering Gold Catering 15 Buckjumper Ave Tax Invoice Number: 7278 15 Buckjumper Ave Receipt Number 725 Rodeocity QLD 42777 Rodeocity QLD 42777 ABN: 11 164 134 314 Date: 6/06/2023 ABN: 11 164 134 314 Date: 7/06/2023 To: Top Tier Received from: Teamwell 752 Berret Road, Bracken Hill, QLD, 4022 For Invoice 7275 Dated 25/05/2023 ABN: 36 969 369 369 (Cheque No. 154368) Item Details Amount $ GST S Amount $ Amount Received: 9,894.00 (Ex GST) (Incl. GST) Sale of Catering 2,995.09 299.51 3,294.60 Discount included: 306.00 Authorised by S Golden Subtotal 3,294.60 Gold Catering Delivery Charges 33.00 15 Buckjumper Ave Receipt Number: 726 Total including GST $ 3,327.60 Rodeocity OLD 42777 2.5% Discount if paid within 14 days! Amount of GST $ 302.51 ABN: 11 164 134 314 Date: 13/06/2023 Received from: Mark Money Gold Catering For: Invoice 7280 dated 12/06/2023 15 Buckjumper Ave Tax Invoice Number: 7279 Rodeocity QLD 42777 ABN: 11 164 134 314 Date: 9/06/2023 Amount Received: 934.20 To: Teamwell Discount included: 12 Beauty Lane, Brisbane, QLD, 4000 ABN: 12 055 002 95 Authorised by: S Golden Item Details Amount $ GST $ Amount $ (Ex GST) (Incl. GST) Gold Catering Sale of Catering $ 13,586.73 $ 1,358.67 $ 14,945.40 15 Buckjumper Ave Receipt Number: 727 Rodeocity QLD 42777 ABN: 11 164 134 314 Date: 13/06/2023 Subtotal 14,945.40 Received from: Top Tier For: Invoice 7278 Dated 06/06/2023 Delivery Charges 33.00 Total including GST $ 14,978.40 2.5% Discount if paid within 14 days! Amount of GST $ 1,361.67 Amount Received: 3,244.41 Discount included: 83.19 Gold Catering 15 Buckjumper Ave Tax Invoice Number: 7280 Authorised by: S Golden Rodeocity QLD 42777 ABN: 11 164 134 314 Date: 12/06/2023 Gold Catering Remittance Advice To: Mark Money 15 Buckjumper Ave Cheque Number: 2150 1 Bearle Road, Brisbane, QLD, 4000 Rodeocity QLD 42777 ABN: 33 051 775 556 ABN: 11 164 134 314 Date: 5/06/202 Item Details Amount $ GST $ Amount $ Paid to: Raptor Supplies (Ex GST) (Incl. GST) For: Invoice no. 365 outstanding bal Credit Sale 819.27 $ 81.93 $ 901.20 Amount Paid: 3,000.00 Subtotal 901.20 Discount taken:48 Discount included: 83.19 9 Gold Catering 50 15 Buckjumper Ave Tax Invoice Number: 7280 Authorised by: 5 Golden 51 Rodeocity QLD 42777 ABN: 11 164 134 314 Date: 12/06/2023 53 Gold Catering Remittance Advice 64 To: Mark Money 15 Buckjumper Ave Cheque Number: 2150 55 1 Bearle Road, Brisbane, QLD, 4000 Rodeocity QLD 42777 56 ABN: 33 051 775 55 ABN: 11 164 134 314 Date: 5/06/2023 Item Details Amount $ GST S Amount $ Paid to: Raptor Supplies 59 (Ex GST) (Incl. GST) For: Invoice no. 365 outstanding bal Credit Sale 5 819.27 5 81.93 $ 901.20 Amount Paid: 3,000.00 Subtotal 901.20 Discount taken: Delivery Charges_ 33.00 Total including GST $ 934.20 68 2.5% Discount if paid within 14 days! Amount of GST $ 84.93 Gold Catering Remittance Advice 15 Buckjumper Ave Cheque Number: 2151/ Rodeocity QLD 42777 71 Gold Catering ABN: 11 164 134 314 Date: 15/06/2023 72 15 Buckjumper Ave Tax Invoice Number: 7281 73 Rodeocity QLD 42777 Paid to: Mark Money ABN: 11 164 134 314 Date: 19-Jun For: efund for returne goods Inv/280 dated 12/6/202 76 To: Pinker Products 78 Landhigh Crescent, Rodeoville, QLD, 4277 Amount Paid: 75.00 ABN: 90 000 444 502 79 Discount taken: Item Details Amount $ GST S Amount $ (Ex GST) (Incl. GST) Credit Sales 8,151.82 315.18 8,967.00 Gold Catering Remittance Advice 15 Buckjumper Ave Cheque Number: 2152 Rodeocity OLD 42777 Subtotal 8,967.00 ABN: 11 164 134 314 Date: 20/06/2023 Delivery Charges 33.00 Paid to: Logan Motors Total including GST $ 9,000.00 For: Invoice 000158 dated 4/6/2023 2.5% Discount if paid within 14 days! Amount of GST $ 818.18 Amount Paid: 255.00 Gold Catering Discount taken: S 15 Buckjumper Ave Adjustment Note Number: 151 Rodeocity QLD 42777 ABN: 11 164 134 314 Date: 15/06/2023 98 99 T Mark Money 00 1 Bearle Road, Brisbane, QLD, 4000 01 ABN: 33 051 775 556 02 03 Item Detail Amount $ GST $ Amount $ .04 (Ex GST) (Incl. GST) .05 Goods Returned - invoice no. 7280 68.18 - 6.82 75.00 06 07 .08 .09 Subtotal 75.00 .10 11 Delivery Charges Total including GST -$ 75.00 Amount of GST -$ 6.82Cheque Requisition Statement of Account Gold Catering Cheque Requisition Gold Catering Statement for June 2023 15 Buckjumper Ave Cheque Number 2150) 15 Buckjumper Ave Rodeocity QLD 42777 Rodeocity QLD 42777 Date: 30/06/2023 ABN: 11 164 134 314 Date: 5/06/2023 ABN: 11 164 134 314 Paid to: Raptor Supplies To: Teamwell For: Paid part of the outstanding balance 12 Beauty Lane, Brisbane, QLD, 4000 of Raptor Supplies invoice no. 365 ABN: 12 055 002 951 Date Details Or Cr Balance Amount of cheque: 3,000.00 23/05/2023 Invoice 7275 10,200 10,200.00 7/06/2023 Cheque No. 154368 for Invoice 7275 10,200.00 Invoice/s attached Yes 9/06/2023 Invoice 7279 14,978.40 14,978.40 (Yes/No): Gold Catering Cheque Requisition 15 Buckjumper Ave Cheque Number: 2151 Rodeocity QLD 42777 Please pay by the end of the month Total including GST $ 14,978.40 ABN: 11 164 134 314 Date: 15/06/2023 Paid to: Mark Money For: Refund for Goods returend, Adj Note 15: Amount of cheque: 75.00 Invoice/s attached No (Yes/No): Gold Catering Cheque Requisition 15 Buckjumper Ave Cheque Number: 2152 Rodeocity QLD 42777 ABN: 11 164 134 314 Date: 20/06/2023 Paid to: Logan Motors For: Invoice no. 000158 dated 4/6/2023 Amount of cheque: $ 255.00 Invoice/s attached Yes (Yes/No):Cheque MyBank Cheque number: 2150 Aspley QLD 4030 Date: 5/06/2023 Pay: Raptor Supplies The sum of: Three Thousand Dollar 3,000.00 Drawer Gold Catering Authorised Signature: 5 Golden 2150 064 235 56987456 MyBank Cheque number: 2151 Aspley OLD 4030 Date: 15/06/2023 Pay: Mark Money The sum of: Seventy Five Dollars on S 75.00 Drawer Gold Catering Authorised Signature: S Golden 2151 064 235 56987456 MyBank Cheque number: 2152 Aspley QLD 4030 Date: 20/06/2023 Pay: Logan Motors The sum of: Two hundred and fifty i S 255.00 Drawer Gold Catering Authorised Signature: S Golden 2152 064 235 56987456\fA B 12. General Journal - Extract Only 4/06/2023 Truck Expenses GST Paid Accounts Payable Control 5/06/2023 Accounts Payable Control - Raptor Supplies MyBank Cheque Account 6-1100 2-3030 2-2000 (Received invaice no. 000158 fram Logan Motors for repairs to a delivery vehicle) 2-2000 1-1100 231.82 23.18 3,000.00 (Paid part of the outstanding balance of Raptor Supplies invoice no. 365.) 6/06/2023 Purchases Freight Paid on Purchases GST Paid 5-1000 5-4000 2-3030 Accounts Payable Control - Raptor Supplie 2-2000 (Invoice no. 468 received from Raptor Supplies for purchases of goods for sale.) 6/06/2023 Accounts Receivable Control - Top Tier Sales Delivery Charges GST Collected (issued invoice no. 7278 to Top Tier for credit sale of Catering. ) 7/06/2023 MyBank Cheque Account Discount Expense GST Collected Accounts Receivable Control - Teamwell 41-2000 4-1000 4-4000 2-3010 1-1100 6-2200 2-3010 1-2000 7,669.09 180.00 784.91 3,327.60 9,894.00 278.18 27.82 (Received cheque from Teamwell in full settlement of balance owing.) 9/06/2023 Accounts Receivable Control - Teamwell Sales Delivery Charges GST Collected (issued invoice na. 7279 to Teamweill for credit sale of Catering. | 1-2000 4-1000 4-4000 2-3010 12/06/2023 Accounts Receivable Control - Mark Money 1-2000 Sales Delivery Charges GST Collected 4-1000 4-4000 2-3010 14,978.40 (issued invoice no. 7280 to Mark Money for credit sale. | 41,329.20 af 28 29 30 a1 32 as a4 45 36 af 38 39 40 41 4? 43 45 46 47 48 49 50) 51 52 53 54 55 13/06/2023 MyBank Cheque Account 41-1100 934.70 Accounts Receivable Control - Mark Money 1-2000 (Mark Money decided to settle ihe nvotice no. 7280, and paid via cheque) 13/06/2023 MyBank Cheque Account 41-1100 3,244.41 Discount Expense 6-2200 75.63 GST Collected 2-3010 7.56 Accounts Receivable Control - Top Tier 1-2000 (Received payment of invoice 7278 from Tap Tier. } 15/06/2023 Cleaning 6-4100 127,000.00 GST Paid 2-3030 1,200.00 Accounts Payable Control - Bright & Shiny Ltd 2-2000 (Received invoice no. 005 from the cleaners, Bright & Shiny Ltd. - for the period 1 June 2023 to 30 November 2023.) 15/06/2023 Sales 4-1000 68.18 GST Collected 2-3010 6.82 Accounts Receivable Control - Mark Money 1-2000 (Goods Returned by Mark Money purchased on 12/06/2023, Adjustment Note 151 issued) 15/06/2023 Accounts Receivable Control - Mark Money 41-7000 75.00 1-1100 (Refund issued to Mark Money Cheque no. 2151) 19/06/2023 Accounts Receivable Control - Pinker Products 41-7000 9,000.00 Sales 4-1000 Delivery Charges 4-4000 GST Collected 2-3010 (Issued invoice no. 7281 to new customer Pinker Products for credit sale.) 20/06/2023 Accounts Payable Control - Logan Motors 22-2000 2755.00 MyBank Cheque Account 1-1100 (Paid Logan Motors with cheque no. 2152. ) 26,866.80 3,327.60 13,200.00 75.00 75.00 26,866.80 Policies and Procedures Manual (Extract) 1. Accounts Receivable The business uses accrual accounting, and therefore Accounts Receivable Subsidiary Ledgers are to be kept for all credit customers. Debtor statements are to be reconciled to Subsidiary Ledger accounts monthly and discrepancies referred to S Golden. Sales Invoices and Credit Terms: The business is registered for GST and issues Tax Invoices for sales transactions. All sales invoices issued on credit, must be paid within 30 days of date of issue. Discount Allowed We offer a 2.5% Discount on all other amounts paid over $1,000 if paid within 14 days from the date of the invoice. Debtor management procedures: A review of outstanding debtors is to be completed at the end of each month. The collection policy for any outstanding balances is as follows: Account overdue 0 - 30 days Invoice sent to customer with month end statement Account overdue 31-60 days | Send a letter or wite an email to ask if there is a problem with the account and if they would like a payment plan set up Account overdue 61-90 days | A phone call will be made to negotiate payment, and if no payment is received within negotiated timetrame a letter of demand will be sent to the customer asking for payment within 14 days or make arrangements for a Payment Plan. Account overdue 90+ days Forward to debt collection agency All long term debt repayment plans need to be negotiated with and approved by the Accountant. Bad and Doubtful Debts Bad Debts are those that are unable to be collected due to bankruptcy or debtor being untraceable. The write-off of the outstanding debt is to be approved by S Golden. Upon approval the bad debit is to be written off to the Bad Debts expense account. A Doubtful Debt Provision of 2% of Accounts Receivable as at 30 Jun is to be raised in the accounts. Accounts Receivable Summary Five copies of the Accounts Receivable Summary need to be prepared. They need to be distributed to the Sales Manager, Sales Supervisor, CEO, Accounts Receivable Officer and Accountant. 2. Accounts Payable The business uses accrual accounting, and therefore subsidiary ledgers are to be kept for Accounts Payable transactions. All cheques and electronic payments are to be signed off by S Golden. Cheque requisitions are required for cheques over $50. Creditor statements are to be reconciled to Subsidiary Ledger accounts monthly and discrepancies referred to S Golden. Creditor management procedures: A review of outstanding creditors is to be completed at the end of each month. The policy for any outstanding balances is as follows: Account overdue up to 30 days Statement to be requested, and account paid immediately after approval by S Golden Account overdue 60+ days Report detailing the reason account remains unpaid to be submitted to S Golden Where there is an issue regarding a supplier invoice or statement having errors the supplier must be contacted via email with a request for the invoice/statement to be reissued, advising of the missing information. If the supplier will not reissue the invoice then the issue needs to be escalated to the Accountant. 3. Petty Cash A petty cash float of $120.00 is to be maintained by the bookkeeper. The cash is to be kept in a locked cash tin in the filing drawers which are also locked at the end of each day. Only the 5 Golden and the Accountant will have authority to approve reimbursement of expenses incurred by other staff members on behalf of the business so long as they meet the requirements set out below. To be eligible for reimbursement from the petty cash float the following conditions must be met: . The expenditure must be for business purposes . No private expenses are to be claimed . A receipt must be provided which shows the date, amount and nature of the expense incurred including any GST included . The reimbursement for a single expense must not exceed $50.00 excl GST. . Fines or penalties incurred are not eligible for reimbursement from petty cash Any items which do not meet Petty Cash conditions above are reported to the Accountant for verification and electronic payment directly into the employee's bank account. Petty Cash Book The petty cash book is to be kept up to date and the balance to be matched to the cash in the float after each reimbursement by the accounts manager. 4. General Ledger & Journal Entries The Chart of Accounts has been created using standard accounting practices. Addition or deletion of accounts can only be made with approval of the Accountant All Transactions are to be processed in the General Journal. lt is essential that the documents and books of the business are accurate and correct. Any discrepancies should be authorised by S Golden. Monthly Reconciliations i. Bank reconciliations are performed on the last day of the month to reconcile the accounting records against the bank statement. ii. The amounts outstanding from customers should be the same as the Accounts Receivable Control account in the general ledger at the end of the each month. ii. The amount outstanding to suppliers should be the same as the Accounts Payable Control account in the general ledger at the end of the each month. Year-end balance day adjustments are recorded in the General Journal, and then posted to the General Ledger. Folios are to be included, and narrations must be used in the General Journal. 5. Filing of Documents and Reports Invoices from Suppliers Paper supplier tax invoices should be filed in alphabetical order in lever arch folders. Electronic invoices should be filed in each supplier's folder in the Accounts folder on the D drive. Invoices to Debtors All invoices are recorded on the accounting system used in numerical order. A backup of data is maintained daily onsite with the extemal drive being placed in a fireproof safe each night. Bank Statements and Lodgements Paper bank statements should be filed in date order in lever arch folder with any Bank Reconciliation reports. Any proof of lodgement documents, such as bank stamped deposit slips, are to be filed along with the relevant bank statements. Electronic statements should be filed in the Banking folder in the Accounts folder on D drive. Trial Balance and Interim Reports These should be filed in the Reports folder in the Accounts folder on D drive. Accounts Receivable Summary Report These should be filed in the Reports folder in the Accounts folder on D drive. 6. Depreciation Depreciation rates and methods to be used are: . Office/ Equipment 10% Straight Line . Trucks 22.5% Diminishing Value The balance in the General Ledger for Accumulated Depreciation and Depreciation Expense after all the balance day adjustment journals are done, should be the same as the Accumulated Depreciation and Depreciation Expense shown on the Depreciation Schedule. 7. Financial Reports Yearly Income Statements and Balance Sheets are fo be prepared, checked for errors, and corrected if necessary, prior to distributing to the Owner and any other Manager the Owner deems should receive the reports. Templates are available, and must be used. The reports are to be prepared under the accrual method of accounting, where revenue is recognised and recorded when it is earned, and expenses are recognised and recorded when they are incurred