Johns Wholesale of 10 Angel Street, Kingston 10 had the following balances on the books on March
Question:
- Johns Wholesale of 10 Angel Street, Kingston 10 had the following balances on the books on March 31, 2021
- Bank $ 15000
- Cash $ 4000
- Debtors:
- S. King $180,000
- W. James $45,000
- L. Wisdom $9,500
Creditors:
C. Smith $8,500
On April 01, 2021, Kelvin Johnson of 10 Golden Spring Road Kingston 9 placed an order for the following items on purchase order #Zk03158. The items were delivered on invoice #RM 52145 on April 14 and payment was made by cheque the following day for items received. A discount of 5% trade discount was given on all items and GCT was charged at the rate of 15%
Quantity | Description of Items Purchased | Unit Price $ |
12 | Tin Milo | 109.40 |
12 | Ajax Bleach | 132.65 |
14 | Pack Corn Flakes | 107.40 |
13 | Tins Small Cheese | 126.08 |
12 | Whole-Wheat Biscuit | 58.30 |
12 | Pack Chicken Noodle | 20.50 |
15 | Pack Macaroni | 75.80 |
14 | Pack Breeze Soap Powder | 131.20 |
Terms of Payment: 5/10/n30days | ||
On April 14, 2021, Johnson returned: 3 tins Milo, 2 tins Ajax bleach, and 3 Packs of Cornflakes.
April 2 Sold goods on credit to W. James $8500 Terms 5/2/n30days, Invoice # 00053
April 2 Received invoice from Kelvin Johnson for $4000
April 3 Invoice # 00054 sent to R. Nantes $35,000 less 10% trade discount
April 4 Sent credit note #B134 to R. Nantes $1000 (Net)
April 8 Invoice #00055 sent to A. Forrest $19000, terms 10/2/n30days
April 10 Sent supplementary invoice to A. Forrest for $2400
April 12 Sold goods for cash $15000
April 13 Banked all cash except for $5000
April 15 Sold goods on credit to A. Vassell $700 Terms net
April 16 Paid stationery and traveling $500 and $1000 respectively by cash
April 18 Withdrew cash from the bank for business use $7000
April 20 S. King paid $160,000 on his account by cheque; W. James $43000 by cheque
April 21 Paid C. Smith $8000 in full settlement of debt owing on April 01, 2021
April 20 K Ellis whose debt had been written off some time ago paid her debt $45000 with the interest of $5500
April 25 Purchased goods on credit from C. Smith for $62,000
April 26 Returned goods to C. Smith $12,000
On April 29 L. Wisdom whose debt was outstanding for over 1 year went bankrupt and was written off as bad.
April 30 Received cheque from A. Forrest $18500; R. Nantes $20,000
April 30 Bought Motor Truck on credit from Randall Ltd $1,8000,000
You are required to prepare using excel the following:
The relevant source documents and subsidiary books.
The subsidiary ledgers and schedule, general ledger including the control accounts.
The trial balance.
Statement of account for A. Forrest.
Expert Answer:
Subsidiary Ledgers and Schedule Debtors S King 180000 W James 45000 L Wisdom 9500 Creditors C Smith ... View the full answer
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
