On May 1st, 20XX, Antoinette started her business with the following assets and liabilities: I would like you to accurately enter the following transactions into the manual accounting systems listed below if someone can help me this out please. I got my answers here but I am not really very sure if it is correct.
a. General Journal
b. Cash Receipts Journal
c. Cash Payments Journal
d. Credit sales journal
e. Credit purchases journal
f. General ledger
Inventory – Herbs and Oils $59,000
Inventory – Books and Other $3,000
Furniture and Fittings $13,000
Tools and Equipment $18,000
Delivery Van $42,000
Paid $1,815 to Paxton Realty for May rent. Cheque 64001
Paid radio station 2NNN $451 for advertising. Cheque 64002
Paid $1,210 to Top Fittings for new shelving. Cheque 64003 (Note to be classified as Furniture and Fittings)
Purchased Books worth $1,804 from Biz-Sys on credit. The invoice included $44 delivery charge. Inv. J2205.
Parris Personnel opened an account and bought Herbs and Oils worth $1,320 and Books worth $242. Invoice 001.
Ridgeway Bank bought Herbs and Oils for $3,630 and Books for $880 on account. Invoice 002.
Cashed cheque of $220 for establishment of petty cash. Cheque 64004
Banked cash receipts of $3,168. This amount is made up of:
Oil sales $2,750
Book sales $418
Provided consultation service to Parris Personnel $110. Invoice: 003
Bought Books on credit from ‘Scene in Books’ (SIS) for $3,520. Invoice: 4406.
Paid cleaner $66. Cheque 64005 (Note: to be recorded as Sundry Expense)
Sold Books to Parris Personnel, $242. Invoice: 004
Paid account of Biz-Sys in full. Cheque 64006
Banked cash receipts: Herb sales $2,200
Books and other sales $ 440
Sold Herbs and Oils to Ridgeway Bank $880. Invoice: 005
Paid SIS for Invoice of May 12th less discount of $55. Cheque 64007
Bought Herbs and Oils from Biz-Sys $7,480. Invoice: J2421.
Banked cash receipts: Herb sales $3,080
Books and other sales $275
Consultation Services $242
Invoiced Ridgeway Bank for customised Herbs and Oils $1,540. Invoice:006
Received credit note C224 from Biz-Sys for $990 for Oils and herbs returned. Originally purchased on Invoice J2421.
Paid Biz-Sys balance owing from Invoice J2421 less discount of $22. Cheque 64008
Received delivery of Books from SIS $2,420. Invoice: 4520
Received $2000-part payment from Ridgeway Bank. Receipt 001
Paid cleaner $66. Cheque 64009 (Note: to be recorded as Sundry Expense)
Received payment from Parris Personnel for Invoices 001 and 003. Receipt 002
Drew cash cheque for wages $1,110 and drawings $660. Cheque 64010
Received telephone bill no 94361117/1 $242 from Telet
Received electricity bill no 41.7044 $88 from Atlas Electricity
Banked cash receipts: Herbs and Oils sales $2,750
Books and other sales $462
Consultation services $275
Reimbursed Petty Cash for expenditure for month (Cheque 64011):
Motor Vehicle Expenses (Fuel and oil) $121.00
Sundry Expenses $85.80
It’s that simple.Pay only when you are satisfied.
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