The following are the transactions of B. Tremaine, general dealer, for the month of January 2018: (All
Question:
The following are the transactions of B. Tremaine, general dealer, for the month of January 2018:
(All relevant prices are inclusive of VAT at 15%).
Business document
- Receipt no. 1
- Supplier's invoice
- Duplicate sales invoice 01
- EFT no. E101
- Deposit slip
- ATM no. A600
- Supplier's invoice
- Supplier's invoice
- Duplicate sales invoice 02
- Authorised petty cash vouchers
- Receipt no. 2
- EFT no. E102
- Duplicate sales invoice 03
- Supplier's invoice
- Receipt no. 3
January
1 B. Tremaine paid R5 000 into a business bank account.
3 Bought goods for resale from Alciston Ltd, on credit R575. 4 Sold goods on credit to A. Angus for R690.
5 Bought goods for resale and paid by EFT, R345.
9 Sold goods for cash R1 380 and banked this sum.
10 Withdrew R100 from the bank for a petty cash float.
12 Purchased office equipment from Girlacs Ltd on credit R460. 16 Bought goods for resale from Barcombe Ltd on credit R172.50. 17 Sold goods on credit to B. Bruno for R920.
19 Paid the following from petty cash:
Wages
Office supplies
Refund to a customer for goods returned (a cash sale on 9 January)
R 20.00
5.75
11.50 R37.25
21 Received and banked a cheque for R655.50 from A. Angus in full settlement of his debt.
23 Paid R546.25 to Alciston Ltd by EFT in full settlement of the amount owing.
24 Sold goods on credit to C. Chiselhurst for R1 150.
25 Bought goods for resale on credit from Cowes Ltd, R1 207.50. 27 Received and banked a cheque for R460 from B. Bruno.
28 Paid the following from petty cash:
Wages
Office supplies
29 Sold goods on credit to D. Downes for R230.
R 20.00 17.25
R37.25
30 Bought goods for resale on credit from Ditchling Ltd, R460.
30 Paid R448.50 to Girlacs Ltd by EFT in full settlement of the amount owing.
31 The bank returned the cheque deposited on 27 January from B. Bruno marked "R/D insufficient funds".
31 Withdrew R70 from the bank to reimburse the petty cash float.
- Authorised
petty cash vouchers
- Duplicate sales invoice 04 - Supplier’s invoice
- EFT no. E103
- Bank advice note - ATM no. A601
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REQUIRED:
4.1
(a)
(b)
(c)
(d)
Record the above transactions in the following special journals:
(i) Sales journal
(ii) Purchases journal
(iii) Cash receipts and payments journal (cash book)
(iv) Petty cash journal (petty cash book)
(v) General journal (for purchase of office equipment).
Total the four special journals after recording the last transaction for the month.
Post from all the journals to:
(i) Accounts receivable and accounts payable ledgers
(ii) General ledger (assume that the cash and petty cash journals are also used as
ledger accounts).
Prepare, at 31 January 2018:
(i) separate lists of accounts receivable and accounts payable balances
(ii) general ledger trial balance.
Agree the totals of the lists of accounts receivable and accounts payable balances with the corresponding accounts receivable and accounts payable control balances on the general ledger trial balance
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach