The post-closing trial balance of Raechell Delivery Services Ltd as at 1 November 2022 contained the following normal balances.
Account no. Account title Account balance
1100 Cash at bank $50 000
1120 Accounts receivable 7 270
1130 Bills receivable 750
1140 Inventory 90 000
1150 Prepaid insurance —
1160 GST receivable 2 000
1210 Delivery vehicle 40 000
1215 Accumulated depreciation — delivery vehicle 4 000
1220 Office equipment 24 000
1225 Accumulated depreciation — office equipment 4 000
2110 Accounts payable 5 780
2120 Bills payable —
2150 GST payable 2 136
3110 Share capital 192 000
3120 Retained earnings 6 104
4110 Sales —
4115 Sales returns and allowances —
4120 Discount received —
5110 Purchases —
5115 Purchases returns and allowances —
5120 Discount allowed —
5130 Rent expense —
5140 Electricity expense —
5150 Salaries expense —
Subsidiary ledger balances at 31 October 2022 were as follows.
Accounts receivable
Customer Date of sale Terms Amount
M. Peterson 28 October 2/10, n/30 $2 100
N. Mobius 30 October 2/10, n/30 2 310
D. Temby 18 October 2/10, n/30 2 860
Accounts payable
Creditor Date of purchase Terms Amount
Warnes Ltd 19 October 1/30, n/60 $1 640
B. Lau 10 October n/30 2 650
Gent Ltd 23 October 1/15, n/30 1 490
Transactions for the month of November 2022 were as follows.
Nov. 1 Bought inventory from B. Lau on credit, $2400 plus GST; terms n/30.
Purchased 1 years insurance cover for $900 plus GST, EFT no. 400.
3 Inventory sold to N. Mobius last month was returned. Issued an adjustment note for the amount of $110 (including GST).
Received a cheque from M. Peterson to cover the sale made on 28 October.
4 Paid Gent Ltd EFT no. 401 for purchase of 23 October.
Purchased inventory from Warnes Ltd on credit, $2400 plus GST; terms 1/10, n/60.
5 Issued EFT no. 402 for $1650 to B. Lau on account, and issued a 60-day 10% bill payable for the balance due on the purchase of 10 October.
8 Paid November rent of premises $540 plus GST, EFT no. 403.
Paid Warnes Ltd for the purchase of 19 October, EFT no. 404.
10 Sold inventory on account to M. Menz, $4500 plus GST; terms 2/10, n/30.
Received cash for the issue of additional share capital, $30 000 (GST-free).
11 Received electronic funds transfer for $1430 from D. Temby in part payment of the sale made on 18 October, together with a bill receivable for the balance due.
12 Sold merchandise to M. Peterson on account, $4800 plus GST; terms 2/10, n/30.
13 Purchased goods on credit from Gent Ltd, $3960; terms 1/15, n/30 (including GST).
14 Paid fortnightly salaries by EFT no. 405, $1200.
Cash sales from 1 November to 14 November, $9200 plus GST.
18 Sold goods to D. Temby on account, $4650 plus GST; terms 2/10, n/30.
Received an adjustment note from Gent Ltd for $77 for defective goods returned (includes GST).
Forwarded cheque no. 406 to ATO to cover GST owing from previous month, $1500.
19 M. Menz forwarded an electronic funds transfer for $1320 on account; no discount was allowed.
20 Purchased goods for cash. Issued EFT no. 407 for $5400 plus GST.
Received an electronic funds transfer from M. Peterson for $660 and a promissory note (bill receivable) for the balance of his account; no discount was allowed.
21 D. Temby forwarded an electronic funds transfer for the goods sold on 18 November.
26 Paid Gent Ltd for the purchase made on 13 November, cheque no. 408.
27 Paid fortnightly salaries with EFT no. 409, $1200 (GST-free).
28 Electricity account paid by EFT no. 410, $210 plus GST.
30 Cash sales from 15 November to 30 November, $9000 plus GST.
Purchased inventory on credit from Gent Ltd, $3630; terms 1/15, n/30 (includes GST).
Required
Record the November transactions (round amounts to the nearest dollar) in appropriate special journals and the general journal.
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