The schedule of accounts receivable, schedule of accounts payable and trial balance for Let it Snow are shown below.

Schedule of Accounts Receivable as at 31 May 20XX
Customer	Invoice No.	Terms	Date of Invoice	Amount Due
Mountain Lake Resort	3347	N30	15/05/20XX	$ 2,160.00
Snow Ski Holidays	3339	N30	3/05/20XX	1,320.00
Snow Ski Tours	3352	N30	29/05/20XX	2,280.00
				$ 5,760.00

Schedule of Accounts Payable as at 31 May 20XX
Supplier	Invoice No.	Terms	Date of Invoice	Amount Due
Jordan, Mitchell	1753	N7	31/05/20XX	$ 960.00
Skicentral NZ Wholesalers	13467	N30	30/04/20XX	2,400.00
The South Face	9412	N30	8/05/20XX	2,464.00
				$ 5,824.00

Let it Snow Trial Balance as at 31 May 20XX
Account Number	Account	Debit		Credit
100	Bank Account	$	14,632.20
105	Petty Cash		200.00
110	Accounts Receivable		5,760.00
120	Prepaid Insurance		381.25
130	Prepaid Rates and Taxes		164.75
140	GST Paid (Outlays)		1,905.75
160	Buildings and Improvements (Cost)		350,000.00
161	Accumulated Depreciation – Bldgs and Improvements			$	43,750.00
170	Hire Equipment (Cost)		108,000.00
171	Accumulated Depreciation – Hire Equipment				67,500.00
180	Motor Vehicles (Cost)		29,900.00
181	Accumulated Depreciation – Motor Vehicles				8,970.00
190	Store Equipment (Cost)		14,700.00
191	Accumulated Depreciation – Store Equipment				6,615.00
200	Accounts Payable				5,824.00
210	GST Collected				5,745.90
220	PAYG Withholding Payable				1,120.00
230	Superannuation Payable				432.00
280	Bank Loan				220,000.00
310	Capital				151,156.00
315	Drawings		36,000.00
400	Hire Service Income				122,880.00
410	Lesson Income				25,530.00
420	Discounts Received				392.10
430	Freight Collected				85.00
600	Advertising		2,150.00
605	Bank Charges		112.40
610	Cleaning		800.00
615	Depreciation		35,323.00
625	Electricity		3,480.50
630	Freight Expense		962.35
635	Insurance		4,193.75
640	Interest Expense		14,002.80
645	Motor Vehicle Expenses		2,530.00
650	Office Supplies		118.80
655	Printing and Postage		109.10
660	Rates and Taxes		1,812.25
665	Repairs and Maintenance		675.00
670	Ski Instruction Charges		13,710.00
675	Staff Amenities		234.70
680	Superannuation		1,404.00
685	Telephone		1,137.40
690	Wages and Salaries		15,600.00
		$	660,000.00	$	660,000.00

Use the Trial Balance as at 31 May 20XX to enter the opening balances in the general ledger accounts. Note, use "Balance" as the cross reference when posting the balances to the general ledger accounts.

Answer rating: 100% (QA)

Explanation Bank account petty cash accounts receivable prepaid insurance prepaid rates and taxes GST paid buildings and improvements cost hire equipm... View the full answer