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Sample Questions Posted Below

Chapter 5 Separate ledgers for accounts

receivable and accounts payable

Question 5.1

163

General Ledger of P Alexander

Bank 100

1 May 15 31 May 15 Balance b/d Receipts CR1 2 092

5 225

7 317

Accounts Receivable Control 101

1 May 15 31 May 15 Balance b/d Sales Distribution SD1 4 147 5 852 31 May 15 Bank [receipt] Balance c/d CR1 4 840

5 159

9 999 9 999

1 Jun 15 Balance b/d 5 159

GST Payable 200

1 May 15 31 May 15 Balance b/d Acc Receivable Ctrl Bank [receipt] SD1 CR1 439

532

1 006

Capital 300

Balance b/d Sales 400

31 May 15 1 May 15 Acc Receivable Ctrl Bank [receipt] 5 800

SD1 CR1 5 320

470

5 790

Discount Allowed 560

31 May 15 Bank [receipt] CR1 120Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.1 continued

Accounts Receivable Ledger of P Alexander

R Routledge 1

1 May 15 8 May 15 25 May 15 Balance Bank [receipt] Discount Allowed & GST Sales Distribution Sales Distribution 1 067 CR1 CR1 SD1 SD1 1 001 1 045 814 1 067 66 66 0

1 045 1 859 S Stalder 2

1 May 15 4 May 15 17 May 15 Balance Sales Distribution Bank [receipt] Discount Allowed & GST 1 254 715 SD1 CR1 CR1 1 210 44 1 254 1 969 759 715 T Taylor 3

1 May 15 2 May 15 7 May 15 21 May 15 30 May 15 Balance Bank [receipt] Sales Distribution Sales Distribution Sales Distribution CR1 SD1 SD1 SD1 1 826 682 968 616 1 826 1 826 0

682 1 650 2 266 D Unwin 4

15 May 15 27 May 15 31 May 15 Sales Distribution Sales Distribution Bank [receipt] Discount Allowed & GST SD1 SD1 CR1 CR1 297 396 671 297 693 22 22 0

V Veness 5

28 May 15 Sales Distribution SD1 319 319 164

drAccounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.1 finalised

165

Trial Balance of P Alexander

P Alexander

Accounts Receivable

as at 31 May 2015

Listing

Bank Accounts Receivable Control GST Payable Capital Sales Discount Allowed 100 101 200 300 400 560 7 317

5 159 120 as at 31 May 2015

1 006 5 800 5 790 R Routledge S Stalder T Taylor V Veness 1 1 859

2 715

3 2 266

5 319

5 159

12 596 1 607

Question 5.2

General Ledger of P Brushgrove

Bank 100

1 May 15 31 May 15 Balance b/d Receipts CR1 9 730

8 404

18 134

Accounts Receivable Control 101

1 May 15 31 May 15 1 Jun 15 Balance b/d Sales Distribution Balance b/d SD1 1 782 14 751 31 May 15 Bank [receipt] Balance c/d CR1 4 213

12 320

16 533 16 533

12 320

GST Payable 200

SD1 CR1 1 072

1 341

381

2 794

Capital 300

Sales 400

1 May 15 Balance b/d 31 May 15 Account Receivable Ctrl Bank [receipt] 8 940

13 410

3 910

1 May 15 Balance b/d 1 500

1 May 15 Balance b/d 31 May 15 Account Receivable Ctrl Bank [receipt] SD1 CR1 26 260

Discount Allowed 560

31 May 15 Bank [receipt] CR1 100Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.2 continued

166

Accounts Receivable Ledger of P Brushgrove

E Bore 1

1 May 15 3 May 15 28 May 15 Balance Bank [receipt] Discount Allowed & GST Sales Distribution CR1 CR1 SD1 341 1 232 330 341 11 11 0

1 232 dr

C Clouds 2

10 May 15 31 May 15 Sales Distribution Bank [receipt] Discount Allowed & GST SD1 CR1 CR1 2 431 2 365 2 431 66 66 0

I Glen 3

1 May 15 5 May 15 15 May 15 Balance Bank [receipt] Sales Distribution CR1 SD1 484 1 881 484 484 0

1 881 dr

G Innes 4

572 1 May 15 2 May 15 Balance 572 Bank [receipt] dr

Discount Allowed & GST 18 May 15 Sales Distribution SD1 1 793 1 793 dr

20 May 15 Sales Distribution Return CR1 CR1 SD1 550 22 22 0

33 1 760 dr

B Lomond 5

16 May 15 Sales Distribution SD1 1 914 1 914 dr

N Werrikimbe 6

15 May 15 Sales Distribution SD1 1 650 1 650 dr

W Willi 7

1 May 15 21 May 15 28 May 15 Balance Sales Distribution Bank [receipt] Discount Allowed & GST Sales Distribution Sales Distribution Return 385 1 947 SD1 CR1 CR1 SD1 SD1 1 980 374 11 44 385 2 332 1 958 1 947 3 927 3 883 dr

drAccounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.2 continued

167

Trial Balance of P Brushgrove

P Brushgrove

as at 31 May 2015

Accounts Receivable

Listing

Bank Accounts Receivable Control GST Payable Capital Sales Discount Allowed 100 101 200 300 400 560 18 134 12 320 as at 31 May 2015

2 794 1 500 26 260 100 30 554 30 554 E Bore I Glen G Innes B Lomond N Werrikimbe W Willi 1 1 232

3 1 881

4 1 760

5 1 914

6 1 650

7 3 883

12 320

Question 5.3

General Ledger of Stan Thorpe

Bank 100

1 Jul 15 31 Jul 15 Balance b/d Receipts CR1 578

12 617

13 195

Accounts Receivable Control 101

1 JUL 15 31 Jul 15 1 Aug 15 Balance b/d Sales Distribution Balance b/d SD1 5 610 12 628 31 Jul 15 Bank [receipt] Balance c/d CR1 8 228

10 010

18 238 18 238

10 010

GST Payable 200

1 Jul 15 SD1 CR1 Capital 300

31 Jul 15 Bank [receipt] 1 Jul 15 31 Jul 15 CR1 150

Balance b/d Account Receivable Ctrl Bank [receipt] Balance b/d Account Receivable Ctrl SD1 Bank [receipt] CR1 888

1 148

399

2 435

5 300

11 480

4 140

15 620

Sales 400

Discount Allowed 560Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.3 continued

168

Accounts Receivable Ledger of Stan Thorpe

B Corindi 1

1 Jul 15 8 Jul 15 28 Jul 15 31 Jul 15 Balance Bank [receipt] Discount Allowed & GST Sales Distribution Sales Distribution Sale Distribution Return CR1 CR1 SD1 SD1 SD1 2 200 869 1 430 2 200 2 145 55 55 0

869 2 299 583 1 716 dr

J Jeogla 2

1 Jul 15 15 Jul 15 20 Jul 15 Balance Sales Distribution Bank [receipt] 1 683 1 353 SD1 CR1 1 683 1 683 3 036 1 353 dr

H Nambucca 3

3 Jul 15 30 Jul 15 Sales Distribution Bank [receipt] Discount Allowed & GST SD1 CR1 CR1 2 618 2 541 2 618 77 77 0

U Runga 4

1 Jul 15 2 Jul 15 9 Jul 15 22 Jul 15 Balance Sales Distribution Bank [receipt] Discount Allowed & GST Sales Distribution Return Sales Distribution 1 727 2 178 SD1 CR1 CR1 SD1 SD1 1 694 33 253 1 749 1 727 3 905 2 211 2 178 1 925 3 674 dr

W Whiporie 5

15 Jul 15 27 Jul 15 Sales Distribution Sales Distribution SD1 SD1 2 035 1 232 2 035 3 267 dr

Trial Balance of Stan Thorpe

Stan Thorpe

as at 31 July 2015

Accounts Receivable Listing

as at 31 July 2015

2 1 353

Bank 100 13 195 Accounts Receivable Control 101 10 010 B Corindi 1 1 716

GST Payable Capital Sales 200 300 400 2 435 J Jeogla 5 300 U Runga 15 620 W Whiporie Discount Allowed 560 4 3 674

5 3 267

150 10 010

23 355 23 355Accounting: An introduction to principles and practice, 7E. Solutions Manual 169

Question 5.4

General Ledger of T Aree

Bank 100

1 Feb 15 Balance b/d 8 450 28 Feb 15 Payments Balance c/d CP1 3 927

4 523

8 450 8 450

1 Mar 15 Balance b/d 4 523

GST Receivable 101

28 Feb 15 Balance b/d Account Payable Ctrl Bank [payment] PD1 CP1 250

408

676

Accounts Payable Control 200

28 Feb 15 Bank [payment] Balance c/d CP1 3 729 3 509 1 Feb 15 28 Feb 15 Balance c/d Purchase Distribution PD1 2 750

4 488

7 238 7 238

1 Mar 15 Balance b/d 3 509

Capital 300

1 Feb 15 Balance b/d 5 950

Discount Received 410

28 Feb 15 Bank [payment] CP1 50

Purchases 500

28 Feb 15 Account Payable Ctrl PD1 2 540

Vehicle Expense 540

28 Feb 15 Account Payable Ctrl PD1 890

Photocopying 541

28 Feb 15 Account Payable Ctrl Bank [payment] PD1 CP1 170

230

400

Office Repairs 542

28 Feb 15 Account Payable Ctrl PD1 480Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.4 continued

Accounts Payable Ledger of T Aree

N Abiac 1

16 Feb 15 Purchase Distribution PD1 187 187 B Arrington 2

1 Feb 15 2 Feb 15 Balance Bank [payment] Discount Received & GST CP1 CP1 1 056 1 056 1 023 33 33 0

K Imbriki 3

28 Feb 15 Purchase Distribution PD1 528 528 W Ingham 4

1 Feb 15 7 Feb 15 23 Feb 15 28 Feb 15 Balance Bank [payment] Discount Received & GST Purchase Distribution Purchase Distribution Purchase Distribution CP1 CP1 PD1 PD1 PD1 847 869 869 22 22 0

759 759 209 968 253 1 221 G Loster 5

1 Feb 15 18 Feb 15 Balance Purchase Distribution Bank [payment] Purchase Distribution PD1 CP1 PD1 825 825 891 682 825 1 716 891 1 573 Purfleet Petrol 6

22 Feb 15 28 Feb 15 Purchase Distribution Bank [payment] PD1 CP1 506 506 506 0

Taree Tyres 7

6 Feb 15 28 Feb 15 Purchase Distribution Bank [payment] PD1 CP1 473 473 473 0

170

crAccounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.4 continued

171

Trial Balance of T Aree

T Aree

as at 28 February 2015

Accounts Payable Listing

Bank GST Receivable Accounts Payable Control Capital Discount Received Purchases Vehicle Expenses Photocopying Office Repairs 100 101 200 300 410 500 540 541 542 4 523 676 2 540 890

400

480

as at 28 February 2015

3 509 5 950 50 N Abiac K Imbriki W Ingham G Loster 1 187

3 528

4 1 221

5 1 573

3 509

9 509 9 509

Question 5.5

General Ledger of Emma Ville

Bank 100

1 Apr 15 Balance b/d 4 295 30 Apr 15 Payments Balance c/d CP1 2 629

1 666

4 295 4 295

1 May 15 Balance b/d 1 666

GST Receivable 101

1 Apr 15 30 Apr 15 Balance b/d Account Payable Ctrl Bank [payment] PD1 CP1 351

321

694

Accounts Payable Control 200

30 Apr 15 Bank [payment] Balance c/d CP1 2 387 3 531 5 918 1 Apr 15 30 Apr 15 1 May 15 Balance b/d Purchase Distribution Balance b/d PD1 2 387

3 531

5 918

3 531

Capital 300

1 Apr 15 Balance b/d 10 625

Discount Received 410

30 Apr 15 Bank [payment] CP1 20

continued …Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.5 continued

172

General Ledger of Emma Ville (continued)

Purchases 500

1 Apr 15 30 Apr 15 Balance b/d Account Payable Ctrl PD1 8 366

2 980

11 346

Stationery 540

30 Apr 15 Account Payable Ctrl Bank [payment] PD1 CP1 230

240

470

Accounts Payable Ledger of Emma Ville

R Aspley 1

1 Apr 15 25 Apr 15 Balance Bank [payment] Discount Received & GST Purchase Distribution CP1 CP1 PD1 825 825 814 11 11 0

418 418 cr

C Crossing 2

1 Apr 15 2 Apr 15 28 Apr 15 Balance Bank [payment] Purchase Distribution CP1 PD1 803 803 803 0

308 308 cr

H Lennox 3

1 Apr 15 2 Apr 15 15 Apr 15 Balance Purchase Distribution Bank [payment] Discount Received & GST Purchase Distribution 605 748 PD1 CP1 CP1 PD1 594 11 924 605 1 353 759 748 1 672 cr

Neat Stationery 4

10 Apr 15 Purchase Distribution PD1 253 253 cr

C Sawtell 5

1 Apr 15 18 Apr 15 22 Apr 15 Balance Bank [payment] Purchase Distribution Purchase Distribution Return CP1 PD1 PD1 154 154 154 0

968 968 88 880 cr

crAccounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.5 continued

173

Trial Balance of Emma Ville

Emma Ville

as at 30 April 2015

Accounts Payable Listing

100 101 200 300 410 500 Bank GST Receivable Accounts Payable Control Capital Discount Received Purchases Stationery 540 1 666 694 as at 30 April 2015

3 531 10 625 20 R Aspley C Crossing H Lennox Neat Stationery C Sawtell 1 418

2 308

3 1 672

4 253

11 346 470 5 880

3 531

14 176 14 176

Question 5.6

General Ledger of Jack Adgery

Bank 100

1 Feb 15 Balance b/d 5 587 28 Feb 15 Payments Balance c/d CP1 4 752

835

5 587 5 587

1 Mar 15 Balance b/d 835

GST Receivable 101

1 Feb 15 28 Feb 15 Balance b/d Account Payable Ctrl Bank [payment] PD1 CP1 270

403

724

Accounts Payable Control 200

28 Feb 15 Bank [payment] Balance c/d CP1 PD1 4 191

4 433

8 624

4 433

Capital 300

Discount Received 410

4 191 4 433 1 Feb 15 28 Feb 15 8 624 Balance b/d Purchase Distribution 1 Mar 15 Balance b/d 1 Feb 15 Balance b/d 28 Feb 15 4 681

Bank [payment] CP1 70

Purchases 500

1 Feb 15 28 Feb 15 Balance b/d Account Payable Ctrl Bank [payment] PD1 CP1 3 015

4 030

580

7 625Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.6 continued

174

Accounts Payable Ledger of Jack Adgery

H Copman 1

1 Feb 15 2 Feb 15 4 Feb 15 8 Feb 15 18 Feb 15 Balance Bank [payment] Purchase Distribution Purchase Distribution Return Purchase Distribution CP1 PD1 PD1 PD1 968 968 968 0

627 627 66 561 528 1 089 cr

C Coutt 2

17 Feb 15 28 Feb 15 Purchase Distribution Purchase Distribution PD1 PD1 440 979 440 1 419 cr

J Hill 3

1 Feb 15 15 Feb 15 24 Feb 15 Balance Bank [payment] Discount Received & GST Purchase Distribution Purchase Distribution CP1 CP1 PD1 PD1 1 694 1 694 1 650 44 44 0

187 187 374 561 cr

21 Feb 15 Purchase Distribution PD1 330 330 cr

W Wooli 5

1 Feb 15 7 Feb 15 28 Feb 15 Balance Bank [payment] Discount Received & GST Purchase Distribution Purchase Distribution Return CP1 CP1 PD1 PD1 1 529 1 529 1 496 33 33 0

902 902 132 1 034 cr

Trial Balance of Jack Adgery

Jack Adgery

as at 28 February 2015

Accounts Payable Listing

Bank GST Receivable Accounts Payable Control Capital Discount Received Purchases 100 101 200 300 410 500 835 724 as at 28 February 2015

4 433 4 681 70 7 625 H Copman C Coutts J Hill H Junction C Sawtell 1 1 089

2 1 419

3 561

4 330

5 1 034

9 184 9 184 4 433Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.7

175

General Ledger of Bell Ingen

Bank 100

1 Aug 15 31 Aug 15 Balance b/d Receipts 1 Sep 15 Balance b/d CR1 7 372 3 784 31 Aug 15 Payments Balance c/d CP1 1 221

9 935

11 156 11 156

9 935

Accounts Receivable Control 101

1 Aug 15 31 Aug 15 Balance b/d Sales Distribution 1 Sep 15 Balance b/d SD1 1 749 16 577 31 Aug 15 Bank [receipt] Balance c/d CR1 1 749

16 577

18 326 18 326

16 577

GST Receivable 102

1 Aug 15 31 Aug 15 Balance b/d Account Payable Ctrl Bank [payment] PD1 CP1 108

341

492

Accounts Payable Control 200

31 Aug 15 Bank [payment] Balance c/d CP1 748 3 751 PD1 748

3 751

4 499 4 499

3 751

GST Payable 201

1 Aug 15 SD1 CR1 274

1 507

185

Capital 300

Sales 400

1 Aug 15 31 Aug 15 Balance b/d Purchase Distribution 1 Sep 15 Balance b/d Balance b/d Account Receivable Ctrl Bank [receipt] Balance b/d Account Receivable Ctrl Bank [receipt] 4 587

6 490

15 070

1 850

1 966

1 Aug 15 Balance b/d 31 Aug 15 SD1 CR1 23 410

Purchases 500

1 Aug 15 31 Aug 15 Balance b/d Account Payable Ctrl Bank [payment] PD1 CP1 2 870

3 410

430

6 710Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.7 continued

Accounts Receivable Ledger of Bell Ingen

R Angourie 1

1 Aug 15 10 Aug 15 16 Aug 15 22 Aug 15 Balance Sales Distribution Bank [receipt] Sales Distribution SD1 CR1 SD1 924 6 567 2 057 924 924 7 491 6 567 8 624 S Barri 2

1 Aug 15 24 Aug 15 26 Aug 15 Balance Bank [receipt] Sales Distribution CR1 SD1 374 3 564 374 374 0

3 564 T Park 3

1 Aug 15 8 Aug 15 18 Aug 15 Balance Bank [receipt] Sales Distribution CR1 SD1 451 4 389 451 451 0

4 389 Accounts Payable Ledger of Bell Ingen

A Bay 1

1 Aug 15 2 Aug 15 Balance Bank [payment] CP1 242 242 242 0

E Crescent 2

1 Aug 15 5 Aug 15 25 Aug 15 Balance Bank [payment] Purchase Distribution CP1 PD1 308 308 308 0

1 991 1 991 L Wooloweyah 3

1 Aug 15 15 Aug 15 Balance Purchase Distribution Bank [payment] 198 1 760 PD1 CP1 198 198 1 958 1 760 176

crAccounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.7 continued

177

Trial Balance of Bell Ingen

as at 31 August 2015

Bank Accounts Receivable Control GST Receivable Accounts Payable Control GST Payable Capital Sales Purchases 100 101 102 200 201 300 400 500 9 935

16 577

492

3 751

1 966

4 587

23 410

6 710

33 714 33 714

Bell Ingen

Accounts Receivable Listing

Accounts Payable Listing

31 August 2015

R Angourie S Barri T Park 1 8 624 2 3 564 E Crescent L Wooloweyah 2 1 991

3 1 760

3 4 389 3 751

16 577

Question 5.8

General Ledger of Dorri Go

Bank 100

1 Oct 15 31 Oct 15 1 Nov 15 Balance b/d Receipts Balance b/d CR1 6 867 7 172 31 Oct 15 Payments Balance c/d CP1 9 475

4 564

14 039 14 039

4 564

Accounts Receivable Control 101

1 Oct 15 31 Oct 15 1 Nov 15 Balance b/d Sales Distribution Balance b/d SD1 8 162 10 571 31 Oct 15 Bank [receipt] Balance c/d CR1 4 785

13 948

18 733 18 733

13 948

continued …Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.8 continued

178

General Ledger of Dorri Go (continued)

GST Receivable 102

1 Oct 15 31 Oct 15 1 Nov 15 Balance b/d Account Payable Ctrl Balance b/d PD1 320 373 31 Oct 15 Bank [payment] Balance c/d CP1 115

578

693 693

578

Accounts Payable Control 200

31 Oct 15 Bank [payment] Balance c/d CP1 5 742 4 103 9 845 1 Oct 15 31 Oct 15 1 Nov 15 Balance b/d Purchase Distribution Balance b/d PD1 5 742

4 103

9 845

4 103

GST Payable 201

31 Oct 15 Bank [payment] Balance c/d CP1 1 798 1 178 1 Oct 15 31 Oct 15 2 976 1 Nov 15 Balance b/d Acc’nt Receivable Ctrl Bank [receipt] Balance b/d SD1 CR1 1 798

961

217

2 976

1 178

Capital 300

1 Oct 15 Balance b/d 4 379

Sales 400

1 Oct 15 31 Oct 15 Balance b/d Account Receivable Ctrl Bank [receipt] SD1 CR1 8 378

9 610

2 170

20 158

Purchases 500

1 Oct 15 31 Oct 15 Balance b/d Account Payable Ctrl Bank [payment] PD1 CP1 4 948

3 730

2 050

10 728Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.8 finalised

Accounts Receivable Ledger of Dorri Go

F Ashby 1

1 Oct 15 25 Oct 15 27 Oct 15 Balance Bank [receipt] Sales Distribution Sales Distribution Return CR1 SD1 SD1 2 013 1 694 2 013 2 013 0

1 694 99 1 595 C Clarence 2

19 Oct 15 Sales Distribution SD1 2 123 2 123 S Donaldson 3

1 Oct 15 8 Oct 15 23 Oct 15 Balance Sales Distribution Sales Distribution SD1 SD1 3 377 2 750 2 717 3 377 6 127 8 844 A Tullymorgan 4

1 Oct 15 12 Oct 15 Balance Bank [receipt] Sales Distribution Sales Distribution Return CR1 SD1 SD1 2 772 1 595 2 772 2 772 0

1 595 209 1 386 Accounts Payable Ledger of Dorri Go

L Esk 1

1 Oct 15 2 Oct 15 24 Oct 15 Balance Bank [payment] Purchase Distribution CP1 PD1 1 848 1 848 1 848 0

1 617 1 617 S Lismore 2

1 Oct 15 4 Oct 15 Balance Bank [payment] CP1 1 958 1 958 1 958 0

C Prince 3

1 Oct 15 17 Oct 15 22 Oct 15 Balance Purchase Distribution Bank [payment] 1 936 1 903 PD1 CP1 1 936 1 936 3 839 1 903 R Sandon 4

12 Oct 15 Purchase Distribution PD1 583 583 179

crAccounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.8 finalised

180

Trial Balance of Dorri Go

as at 31 October 2015

Bank Accounts Receivable Control GST Receivable Accounts Payable Control GST Payable Capital Sales Purchases 100 101 102 200 201 300 400 500 4 564

13 948

578

4 103

1 178

4 379

20 158

10 728

29 818 29 818

Dorri Go

Accounts Receivable Listing

Accounts Payable Listing

31 October 2015

F Ashby C Clarence S Donaldson A Tullymorgan 1 1 595 2 2 123 3 8 844 L Esk C Prince R Sandon 1 1 617

3 1 903

4 583

4 1 386 4 103

13 948

Question 5.9

General Ledger of D Timbers

Bank 100

1 Jun 15 30 Jun 15 1 Jul 15 Balance b/d Receipts Balance b/d CR1 1 500 8 492 30 Jun 15 Payments Balance c/d CP1 3 248

6 744

9 992 9 992

6 744

Accounts Receivable Control 101

1 Jun 15 30 Jun 15 1 Jul 15 Balance b/d Sales Distribution Balance b/d SD1 2 673 14 036 30 Jun 15 Bank [receipt] Balance c/d CR1 4 587

12 122

16 709 16 709

12 122

continued …Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.9 continued

181

General Ledger of D Timbers (continued)

GST Receivable 102

1 Jun 15 30 Jun 15 Balance b/d Account Payable Ctrl Bank [payment] PD1 CP1 365

557

129

1 051

Accounts Payable Control 200

30 Jun 15 Bank [payment] Balance c/d CP1 1 826 6 127 7 953 1 Jun 15 30 Jun 15 1 Jul 15 Balance b/d Purchase Distribution PD1 1 826

6 127

7 953

Balance b/d 6 127

GST Payable 201

1 Jun 15 30 Jun 15 Balance b/d Account Receivable Ctrl Bank [receipt] SD1 CR1 712

1 276

355

2 343

Capital 300

1 Jun 15 Balance b/d 2 000

Sales 400

30 Jun 15 Account Receivable Ctrl Bank [receipt] SD1 CR1 12 760

2 940

15 700

Rent Received 410

30 Jun 15 Bank [receipt] CR1 700

Discount Received 411

30 Jun 15 Bank [payment] CP1 40

Purchases 500

30 Jun 15 Account Payable Ctrl Bank [payment] PD1 CP1 4 200

1 160

5 360

Advertising 520

30 Jun 15 Account Payable Ctrl PD1 590

Freight Outward 521

30 Jun 15 Account Payable Ctrl PD1 430

continued …Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.9 continued

182

General Ledger of D Timbers (continued)

Stationery 540

30 Jun 15 Account Payable Ctrl PD1 350

Postage 541

30 Jun 15 Bank [payment] CP1 173

Discount Allowed 560

30 Jun 15 Bank [receipt] CR1 90

Accounts Receivable Ledger of D Timbers

P Addington 1

20 Jun 15 29 Jun 15 Sales Distribution Sales Distribution SD1 SD1 1 749 2 904 1 749 4 653 dr

K Cross 2

15 Jun 15 30 Jun 15 Sales Distribution Bank [receipt] Discount Allowed & GST SD1 CR1 CR1 1 914 1 870 1 914 44 44 0

S Hills 3

8 Jun 15 23 Jun 15 Sales Distribution Sales Distribution Return SD1 SD1 1 309 66 1 309 1 243 dr

D Hurst 4

1 Jun 15 2 Jun 15 8 Jun 15 21 Jun 15 Balance b/d Bank [receipt] Discount Allowed & GST Sales Distribution Sales Distribution CR1 CR1 SD1 SD1 979 275 2 563 979 957 22 22 0

275 2 838 dr

D Linghurst 5

25 Jun 15 Sales Distribution SD1 1 804 1 804 dr

M Point 6

5 Jun 15 1 Jun 15 Balance b/d 935 935 dr

Bank [receipt] Discount Allowed & GST Sales Distribution 902 33 33 0

1 584 CR1 CR1 SD1 1 584 dr

E Sydney 7

1 Jun 15 Balance b/d 759 759 dr

10 Jun 15 Bank [receipt] CR1 759 0Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.9 continued

Accounts Payable Ledger of D Timbers

W Averton 1

1 Jun 15 2 Jun 15 5 Jun 15 15 Jun 15 18 Jun 15 Balance Bank [payment] Discount Received & GST Purchase Distribution Purchase Distribution Purchase Distribution Return CP1 CP1 PD1 PD1 PD1 847 891 891 44 44 0

748 748 1 914 2 662 2 585 77 L Cove 2

1 Jun 15 6 Jun 15 7 Jun 15 20 Jun 15 Balance Purchase Distribution Bank [payment] Purchase Distribution PD1 CP1 PD1 198 198 110 275 198 308 110 385 P McMahon 3

26 Jun 15 Purchase Distribution PD1 473 473 M Point 4

28 Jun 15 Purchase Distribution PD1 968 968 C Remorne 5

8 Jun 15 Purchase Distribution PD1 649 649 W Stonecraft 6

1 Jun 15 23 Jun 15 24 Jun 15 25 Jun 15 Balance Purchase Distribution Purchase Distribution Bank [payment] PD1 PD1 CP1 737 451 616 737 737 1 188 1 804 1 067 183

crAccounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.9 continued

184

Trial Balance of D Timbers

as at 30 June 2015

Bank Accounts Receivable Control GST Receivable Accounts Payable Control GST Payable Capital Sales Rent Received Discount Received Purchases Advertising Freight Outward Stationery Postage Discount Allowed 100 101 102 200 201 300 400 410 411 500 520 521 540 541 560 6 744

12 122

1 051

6 127

2 343

2 000

15 700

700

5 360

590

430

350

173

26 910 26 910

D Timbers

Accounts Receivable Listing

Accounts Payable Listing

as at 30 June 2015

P Addington S Hills D Hurst D Linghurst M Point 1 4 653 1 2 585

3 1 243 2 385

4 2 838 3 473

5 1 804 6 1 584 12 122 W Averton L Cove P Mc Mahon M Point C Remorne W Stonecraft 6 1 067

4 968

5 649

6 127

Question 5.10

a. b. It is important for a business to develop credit policies and procedures to ensure that

amounts owing by customers are collected promptly and bad debts are minimised.

An organisation’s credit policy should cover the following:

• credit terms

• credit approval

• procedures for recording accounts receivable transactions

• monitoring of accounts receivable

• debt collection procedures.Accounting: An introduction to principles and practice, 7E. Solutions Manual 185

Question 5.11

Customer credit approval is necessary to ensure that the customer is creditworthy and

therefore likely to promptly pay amounts owing for the supply of goods and/or services.

Question 5.12

(Any five of the following):

• When a customer order is received it is important to ascertain that the customer has

been approved for credit and, if so, whether the proposed sale will cause the customer’s

credit limit to be exceeded.

• Before the sales invoice or delivery docked is prepared, it is necessary to check stock

availability.

• A sales invoice/delivery docket is prepared. Where the price to be charged differs from

the standard price list, it must be approved by a person in authority (eg. Sales

manager).

• A copy of the invoice/delivery docket is forwarded to despatch as authority to ship the

goods to the customer. Another copy of the sales invoice should be sent to accounts

receivable for recording.

• Sales invoices should be serially numbered so that all sales invoices can be accounted

for.

• In order to maximise cash flow, customers should be invoiced promptly.

Question 5.13

Issuing of statements of account t customers allows the customer to compare it against its

records. Any irregularities or discrepancies notified by customers can then be followed up

and corrective action taken, if required.

Question 5.14

a. The Accounts Receivable Age Analysis report is used to determine debtors with

overdue amounts. This report lists each debtor with the total amount owing and then

broken down into how long the amount(s) have been outstanding (e.g. 30 days, 60 days

etc.)

b. Action taken to facilitate prompt payment of overdue accounts will be determined by the

business credit policies and procedures. Depending on how long the amount has been

overdue action may include telephone contact, reminder notices, legal action or placing

the debt in the hands of a debt collection agency. The business may also refuse further

credit until the amount outstanding is paid.

Question 5.15

Generally, the longer a debt is outstanding the higher the likelihood that it may not be collected.

Consequently, if doubtful debts are identified early, prompt recovery action can be taken.Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.16

a. b. Internal controls over receipt of goods from suppliers should include the following.

• Goods received should be counted and, where possible, examined to ensure that

they are in good order and condition.

• The goods received should be reconciled with a copy of the purchase order, and

any short deliveries noted.

• A receiving report should be prepared as evidence that the goods have been

received.

• Persons receiving goods should not be able to authorise purchase orders or be

involved in the processing of supplier invoices.

Internal controls over the processing of supplier invoices should include the following.

• Persons processing supplier invoices should not be able to authorise purchase

orders or be involved in recording the receipt of goods.

• All supplier invoices should be sent to the accounts payable department for

processing.

• The accounts payable department should match the supplier invoice against the

copy of the relevant purchase order and, where appropriate, the receiving report

and the documents stapled together.

• All calculations in the invoice should be checked and any discrepancies followed

up with the supplier.

• The accounts payable department should record the correct general ledger

account code on the face of the invoice.

Question 5.17

A business needs to monitor its accounts payable to ensure that supplier accounts are

paid promptly. Late payment to supplier could result in:

• loss of prompt payment discounts

• damage to the business credit rating

• possible refusal of credit by suppliers.

Question 5.18

Business credit cards are a convenient way to pay for certain goods and services, but

their use should be strictly controlled to ensure that they are only used for approved

business purposes. A business’s accounts payable policies and procedures should

govern the following in relation to business credit cards:

• personnel entitled to a credit card

• types of approved expenditure

• appropriate credit limits

• staff expenditure reporting

• management of business credit card use and expenditure.

Question 5.19

Reasonableness checks involve periodic perusal of accounting records by someone in

authority, such as the accountant or financial controller. The aim is to highlight any

transactions that appear out of the ordinary in terms of nature or amount. Any such

items should be investigated and appropriate action taken.

186Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.20

187

Reconciliation of Darren Copland Statement 31 March 2015

Balance as per suppliers statement Less tax invoices not yet processed # 415 209.00

2 057.00

# 465 715.00 924.00

Balance as per Accounts Payable Ledger 1 133.00

Less 3% Discount on $1133.00 Value of cheque to be drawn 33.99

1 099.01

Question 5.21

Reconciliation of Lesley Richmond Statement for January 2015

Balance as per suppliers statement Less tax invoices not yet processed # 273 110.00

1 716.00

# 439 418.00 528.00

Add Back adj credit note not yet processed Balance as per Accounts Payable Ledger # 086 1 188.00

88.00

1 276.00

Less 5% Discount on $1276.00 Value of cheque to be drawn 63.80

1 212.20

Question 5.22

Reconciliation of Lisa Jackson Statement for April 2015

Balance as per suppliers statement Less invoices not yet processed # 174 528.00

4 220.92

# 792 803.00 1 331.00

2 889.92

18.92

Less discount not yet allowed on rec #216 Balance as per amended Accounts Payable Ledger 2 871.00

Less 2% Discount on $2871.00 Value of cheque to be drawn 57.42

2 813.58

Adjustment to Accounts Payable Ledger

Balance as per Accounts Payable Ledger 18 April tax invoice #588 should be 18 April tax invoice #588 shown as Increase in Accounts Payable Ledger Amended accounts payable ledger balance 2 849.00

440.00

418.00

22.00

2 871.00Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.23

188

Remittance Advice of

S Hassal

140 Shannon Highway 30 April 2015

Shipman 2473 Norma M Spence

1 Tibbles Street

Customer 106

Beaumaris 3193

Date Particulars and Reference Debit Credit Balance

6 Mar 15 Purchase Distribution tax inv 254 √ 143.00 143.00

15 Mar 15 Purchase Distribution adj c/n 025 √ 198.00 (55.00)

17 Mar 15 Purchase Distribution tax inv 375 √ 759.00 704.00

20 Mar 15 Purchase Distribution tax inv 286 √ 473.00 1 177.00

24 Mar 15 Purchase Distribution adj c/n 030 √ 44.00 1 133.00

27 Apr 15 Bank chq 45678 1 133.00 0.00

Tear off cheque below for $1 133.00 and deposit promptly

Extract Accounts Receivable Listing

from the Accounts Receivable Ledger of Norma M Spence

S Hassal 281 account

Ageing

date inv/(cn) amount cumulative current 30 days 60 days 90 + days

4 Mar 15 7 Mar 15 15 Mar 15 16 Mar 15 23 Mar 15 24 Mar 15 27 Mar 15 17 Apr 15 26 Apr 15 29 Apr 15 254 286 (025) 375 415 (030) 465 615 686 727 143.00 473.00 (198.00) 759.00 209.00 (44.00) 715.00 689.00 549.00 538.00 143.00 616.00 418.00 1 177.00 1 386.00 1 342.00 2 057.00 2 746.00 3 295.00 3 833.00 √ 143.00

√ 473.00

√ (198.00)

√ 759.00

209.00

√ (44.00)

715.00

689.00

549.00

538.00

3 833.00 1 776.00 2 057.00

Overdue tax invoices are 23 March #415 $209.00 and 27 March #465 $715.00.

The credit officer should briefly confirm with sales and despatch departments that there were no

known problems with the price or deliveries on tax invoices #415 $209.00 or #465 $715.00.

Contact the accounts payable officer of S Hassal that day to see if there are any problems

with payment of these invoices. Get a commitment that they are in process or have already

been processed for inclusion with the remittance due at the end of May. The date, time,

name and brief details of the conversation (or similar comments) must be noted on the

accounts receivable listing sheet. Other logical scenarios should be considered.Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.24

189

Remittance Advice of

E von Stephenson

3 Cottonwood Close 25 May 2015

Tallawudjah 2450 Breeze Towers

13 Gale Road

Customer 125

Stevenston 2467

Date Particulars and Reference Debit Credit Balance

8 Mar 15 Purchase Distribution tax inv 391 √ 946.00 946.00

2 Apr 15 Purchase Distribution tax inv 455 √ 33.00 979.00

5 Apr 15 Purchase Distribution tax inv 513 √ 660.00 1 639.00

6 Apr 15 Purchase Distribution tax inv 541 √ 550.00 2 189.00

16 Apr 15 Purchase Distribution tax inv 563 √ 220.00 2 409.00

18 Apr 15 Purchase Distribution tax inv 588 √ 440.00 2 849.00

21 Apr 15 Purchase Distribution tax inv 603 √ 649.00 3 498.00

21 Apr 15 Purchase Distribution Return adj c/n 113 √ 66.00 3 432.00

28 Apr 15 Purchase Distribution tax inv 687 √ 385.00 3 817.00

25 May 15 Bank chq 56789 3 817.00 0.00

Tear off cheque below for $3 817.00 and deposit promptly

Extract Accounts Receivable Listing

from the Accounts Receivable Ledger of Breeze Towers

E von Stephenson 249 account

Ageing

date inv/(cn) amount cumulative current 30 days 60 days 90 + days

19 Feb 15 4 Mar 15 27 Mar 15 3 Apr 15 4 Apr 15 9 Apr 15 10 Apr 15 15 Apr 15 20 Apr 15 26 Apr 15 28 Apr 15 2 May 15 11 May 15 19 May 15 25 May 15 174 391 455 513 541 563 588 603 (113) 687 792 827 889 919 956 528.00 946.00 33.00 660.00 550.00 220.00 440.00 649.00 (66.00) 385.00 803.00 791.00 548.00 413.00 586.00 528.00 1 474.00 1 507.00 2 167.00 2 717.00 2 937.00 3 377.00 4 026.00 3 960.00 4 345.00 5 148.00 5 939.00 6 487.00 6 900.00 7 486.00 528.00

√ 946.00

√ 33.00

√ 660.00

√ 550.00

√ 220.00

√ 440.00

√ 649.00

√ (66.00)

√ 385.00

803.00

791.00

548.00

413.00

586.00

7 486.00 2 338.00 3 641.00 979.00 528.00Accounting: An introduction to principles and practice, 7E. Solutions Manual 190

Question 5.24 continued

Overdue tax invoices are 19 February #174 $528.00 and 28 April #792 $803.00.

The credit officer should be aware of the reasons why the tax invoice on 19 February 2010

#174 $528.00 is so overdue, or they may need to acquaint themselves with the facts that

have been noted in previous months’ accounts receivable listings. Any undertakings that

have been made by the credit officer and or any other employee, such as a decision by the

sales manager or despatch manager, need to be checked; and also that the undertakings

have been completed and communicated to the customer. If the business has done all that

is prepared to do, then face-to-face discussion between senior people from both

organisations may be necessary to resolve the matter and ensure payment is received. The

final option would be to stop giving credit to E von Stephenson, who would be regarded as a

‘cash with order’ customer until payment is received for an agreed amount (which may be

$528.00 or some agreed lesser amount).

Although it may have begun as a simple claim for $528.00, care should be taken to ensure

that there are no problems with the outstanding amount on tax invoice 28 April #792

$803.00. It may only be that the delivery or processing of the paperwork occurred too late

for the present remittance by the customer and has been included as a payment in the next.

Some other scenarios may be just as acceptable as long as it is plausible from the small

amount of information known.

Question 5.25

General Ledger of Ku Cumbit

Bank 100

1 Sep 15 30 Sep 15 Balance b/d Receipts CR1 24 833 25 542 30 Sep 15 Payments Balance c/d CP1 10 703

39 672

50 375 50 375

1 Oct 15 Balance b/d 39 672

Accounts Receivable Control 101

1 Sep 15 30 Sep 15 Balance b/d Sales Distribution SD1 19 635 27 093 30 Sep 15 Bank [receipt] Balance c/d CR1 22 792

23 936

46 728 46 728

1 Oct 15 Balance b/d 23 936

GST Receivable 102

1 Sep 15 30 Sep 15 Balance b/d Account Payable Ctrl Bank [payment] PD1 CP1 700

1 841

2 597

continued …Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.25 continued

191

General Ledger of Ku Cumbit (continued)

Machinery 150

1 Sep 15 30 Sep 15 Balance b/d Account Payable Ctrl PD1 1 000 6 560 30 Sep 15 Acc’nt Receivable Ctrl Balance c/d SD1 1 000

6 560

7 560 7 560

1 Oct 15 Balance b/d 6 560

Accounts Payable Control 200

30 Sep 15 Bank [payment] Balance c/d CP1 10 087 13 882 23 969 1 Sep 15 30 Sep 15 Balance b/d Purchase Distribution 1 Oct 15 Balance b/d PD1 3 718

20 251

23 969

13 882

GST Payable 201

1 Sep 15 30 Sep 15 Balance b/d Acc’nt Receivable Ctrl Bank [receipt] SD1 CR1 4 000

2 463

250

6 713

Capital 300

1 Sep 15 Balance b/d 3 500

Sales 400

1 Sep 15 30 Sep 15 Balance b/d Acc’nt Receivable Ctrl Bank [receipt] SD1 CR1 41 270

23 630

2 300

67 200

Commission Received 410

30 Sep 15 Bank [receipt] CR1 510

Discount Received 411

30 Sep 15 Bank [payment] CP1 370

Purchases 500

1 Sep 15 30 Sep 15 Balance b/d Account Payable Ctrl Bank [payment] PD1 CP1 6 320

8 600

540

15 460

Delivery Costs 520

30 Sep 15 Account Payable Ctrl PD1 670

Office Expense 540

30 Sep 15 Account Payable Ctrl PD1 600Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.25 continued

192

General Ledger of Ku Cumbit (continued)

Vehicle Expense 541

30 Sep 15 Account Payable Ctrl PD1 1 980

Stationery 542

30 Sep 15 Bank [payment] CP1 140

Rent 543

30 Sep 15 Bank [payment] CP1 250

Discount Allowed 560

30 Sep 15 Bank [receipt] CR1 310

Accounts Receivable Ledger of Ku Cumbit

B Beitibombi 1

19 Sep 15 30 Sep 15 Sales Distribution Bank [receipt] Discount Allowed & GST SD1 CR1 CR1 3 157 3 091 3 157 66 66 0

B Boorawhanga 2

9 Sep 15 Sales Distribution SD1 451 451 dr

D P Creek 3

1 Sep 15 3 Sep 15 15 Sep 15 Balance b/d Sales Distribution Bank [receipt] 8 415 2 618 SD1 CR1 8 415 8 415 11 033 2 618 dr

P Killawarra 4

1 Sep 15 22 Sep 15 Balance b/d Bank [receipt] Discount Allowed & GST Sales Distribution 4 466 CR1 CR1 SD1 4 224 4 466 4 356 110 110 0

4 224 dr

Kindle Hill & Co 5

1 Sep 15 13 Sep 15 29 Sep 15 Balance b/d Bank [receipt] Discount Allowed & GST Sales Distribution Sales Distribution 6 754 CR1 CR1 SD1 SD1 2 838 4 796 6 754 6 589 165 165 0

2 838 7 634 dr

continued …Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.25 continued

Accounts Receivable Ledger of Ku Cumbit (continued)

B Koorapei 6

25 Sep 15 Sales Distribution SD1 1 100 1 100 F Munyaree 7

15 Sep 15 23 Sep 15 Sales Distribution Sales Distribution Return SD1 SD1 2 156 110 2 156 2 046 C Wombateeni 8

21 Sep 15 26 Sep 15 Sales Distribution Sales Distribution SD1 SD1 2 882 2 981 2 882 5 863 Accounts Payable Ledger of Ku Cumbit

R Ashlea 1

1 Sep 15 9 Sep 15 23 Sep 15 Balance Bank [payment] Purchase Distribution CP1 PD1 1 353 1 353 0

1 562 1 353 1 562 K Atabundah 2

24 Sep 15 30 Sep 15 Purchase Distribution Bank [payment] Discount Received & GST PD1 CP1 CP1 7 216 6 853 7 216 363 363 0

Belbourie Co 3

15 Sep 15 29 Sep 15 Purchase Distribution Purchase Distribution PD1 PD1 737 3 542 737 4 279 C K Dingo 4

1 Sep 15 7 Sep 15 22 Sep 15 Balance Purchase Distribution Purchase Distribution PD1 PD1 847 473 187 847 1 320 1 507 C Ramsay 5

9 Sep 15 Purchase Distribution PD1 990 990 Wallaby Joe 6

12 Sep 15 27 Sep 15 Purchase Distribution Purchase Distribution PD1 PD1 2 651 1 188 2 651 3 839 Warroo & Co 7

1 Sep 15 4 Sep 15 24 Sep 15 Balance Bank [payment] Discount Received & GST Purchase Distribution Purchase Distribution Return CP1 CP1 PD1 PD1 1 518 1 474 1 518 44 44 0

1 870 165 1 870 1 705 193

crAccounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.25 continued

194

Trial Balance of Ku Cumbit

as at 30 September 2015

Bank Accounts Receivable Control GST Receivable Machinery Accounts Payable Control GST Payable Capital Sales Commission Received Discount Received Purchases Delivery Costs Office Expense Vehicle Expense Stationery Rent Discount Allowed 100 101 102 150 200 201 300 400 410 411 500 520 540 541 542 543 560 39 672

23 936

2 597

6 560

13 882

6 713

3 500

67 200

510

370

15 460

670

600

1 980

140

250

310

92 175 92 175

Ku Cumbit

Accounts Receivable Listing

Accounts Payable Listing

as at 30 September 2015

B Boorawhanga D P Creek P Killawarra Kindle Hill & Co B Koorapei F Munyaree C Wombateeni 2 451 3 2 618 4 4 224 5 7 634 6 1 100 7 2 046 R Ashlea Belbourie Co C K Dingo C Ramsay Wallaby Joe Warroo & Co 1 1 562

3 4 279

4 1 507

5 990

6 3 839

7 1 705

8 5 863 13 882

23 936

Question 5.26

1 CR 16 PD 25 PD 1 CR 16 SD 25 PD 1 CP 18 SD 26 (PD) 2 CR 19 (PD) 28 SD

7 PD 20 (SD) 13 PD 21 PD 15 SD

21 CRAccounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.26 continued

195

Sales Distribution Journal of Val Orara SD1

Date Inv

Adj

Accounts Receivable and / or

Particulars

Fol Acc’nt

Receiv

Sales GST

Payab

15 May 15 16 May 15 18 May 15 20 May 15 28 May 15 541 542 543 123 544 B Dolan – Sales R Daley – Sales A Jameson – Sales A Jameson – Sale Ret’n G Clifton – Sales R3 R2 R4 R4 R1 2 156 2 211 2 057 (44) 1 419 1 960 2 010 1 870 (40) 1 290 196

201

187

(4)

129

7 799 7 090 709

101 400 201

[dr] [cr] [cr]

Purchase Distribution Journal of Val Orara PD1

Date Inv

Adj

Accounts Payable and / or

Particulars

Fol Acc’nt

Payab

Purch-

ases

GST

Receiv

Statio-

nery

Insur-

ance

7 May 15 13 May 15 16 May 15 19 May 15 21 May 15 25 May 15 26 May 15 671 235 679 054 852 369 843 083 A Waratah – Purchases Mayfield Stat – Stationery B Mont – Purchases B Mont – Purchase Ret’n A Waratah – Purchases B Mont – Purchases A Merewether – Insurance B Mont – Purchase Ret’n P4 P1 P3 P3 P4 P3 P2 P3 297 165 187 (33) 374 407 363 (55) 270 170 (30) 340 370 (50) 27

15 17

(3)

33 (5)

150

330

1 705 1 070 155 150 330

200 500 102 540 541

[cr] [dr] [dr] [dr] [dr]

Cash Receipts Journal of Val Orara CR 1

Date Rec

Drawer and / or Particulars Fol Bank Acc’nt

Receiv

Disc’nt

Allow’d

GST

Payab

Sales

1 May 15 2 May 15 21 May 15 257 258 259 260 B Dolan – Acc Receivab A Jameson – Acc Receiv G Clifton – Acc Receivab Sales R3 R4 R1 1 650 550 2 563 781

902 572 (30) (20) (3)

(2)

233 2 330

4 763 2 255 (50) 228 2 330

100 101 560 201 400

[dr] [cr] [dr] [cr] [cr]Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.26 continued

196

Cash Payments Journal of Val Orara CP1

Date Chq

Payee and / or Particulars Fol Bank Acc’nt

Payab

1 May 15 518 B Mont – Acc Payable P3 176 176

176 176

100 200

[cr] [dr]

General Ledger of Val Orara

Bank 100

1 May 15 31 May 15 1 Jun 15 Balance b/d Receipts Balance b/d CR1 5 443 4 763 31 May 15 Payments Balance c/d CP1 176

10 030

10 206 10 206

10 030

Accounts Receivable Control 101

1 May 15 31 May 15 1 Jun 15 Balance b/d Sales Distribution Balance b/d SD1 2 255 7 799 31 May 15 Bank [receipt] Balance c/d CR1 2 255

7 799

10 054 10 054

7 799

GST Receivable 102

1 May 15 31 May 15 Balance b/d Account Payable Ctrl PD1 478

155

633

Accounts Payable Control 200

31 May 15 Bank [payment] Balance c/d CP1 176 1 793 1 969 1 May 15 31 May 15 1 Jun 15 Balance b/d Purchase Distribution Balance b/d PD1 264

1 705

1 969

1 793

GST Payable 201

1 May 15 31 May 15 Balance b/d Account Receivable Ctrl Bank [receipt] SD1 CR1 1 703

709

228

2 640

Capital 300

1 May 15 Balance b/d 4 814

continued …Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.26 continued

197

General Ledger of Val Orara (continued)

Sales 400

1 May 15 31 May 15 Balance b/d Account Receivable Ctrl Bank [receipt] SD1 CR1 4 100

7 090

2 330

13 520

Purchases 500

1 May 15 31 May 15 Balance b/d Account Payable Ctrl PD1 2 705

1 070

3 775

Stationery 540

31 May 15 Account Payable Ctrl PD1 150

Insurance 541

31 May 15 Account Payable Ctrl PD1 330

Discount Allowed 560

31 May 15 Bank [receipt] CR1 50

Accounts Receivable Ledger of Val Orara

G Clifton 1

1 May 15 2 May 15 28 May 15 Balance Bank [receipt] Discount Allowed & GST Sales Distribution CR1 CR1 SD1 572 1 419 550 572 22 22 0

1 419 dr

Accounts Receivable Ledger of Val Orara

R Daley 2

16 May 15 Sales Distribution SD1 2 211 2 211 dr

B Dolan 3

1 May 15 15 May 15 Balance Bank [receipt] Sales Distribution CR1 SD1 781 2 156 781 781 0

2 156 dr

A Jameson 4

1 May 15 18 May 15 20 May 15 Balance Bank [receipt] Discount Allowed & GST Sales Distribution Sales Distribution Return CR1 CR1 SD1 SD1 902 2 057 869 902 33 33 0

44 2 057 2 013 dr

drAccounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.26 continued

Accounts Payable Ledger of Val Orara

Mayfield Stationers 1

1 May 15 13 May 15 Balance Purchase Distribution PD1 88 165 88 253 A Merewether 2

25 May 15 Purchase Distribution PD1 363 363 B Mont 3

1 May 15 16 May 15 19 May 15 25 May 15 26 May 15 Balance Bank [payment] Purchase Distribution Purchase Distribution Return Purchase Distribution Purchase Distribution Return CP1 PD1 PD1 PD1 PD1 176 176 176 0

33 55 187 407 187 154 561 506 A Waratah 4

7 May 15 21 May 15 Purchase Distribution Purchase Distribution PD1 PD1 297 374 297 671 Trial Balance of Val Orara

as at 31 May 2015

Bank Accounts Receivable Control GST Receivable Accounts Payable Control GST Payable Capital Sales Purchases Stationery Insurance Discount Allowed 100 101 102 200 201 300 400 500 540 541 560 10 030

7 799

633

1 793

2 640

4 814

13 520

3 775

150

330

22 767 22 767

198

crAccounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.26 continued

199

Val Orara

Accounts Receivable Listing

Accounts Payable Listing

31 May 2015

G Clifton 1 1 419 R Daley 2 2 211 B Dolan 3 2 156 A Jameson 4 2 013 Mayfield Stationers 1 253

A Merewether 2 363

B Mont 3 506

A Waratah 4 671

7 799 1 793

Question 5.27

1 SD 10 SD 25 CR 1 CR 15 SD 28 (SD) 1 PD 15 PD 29 CP 1 CP 17 CR 30 CR

2 CP 19 PD 2 CP 20 PD 10 PD

21 SD

Sales Distribution Journal of Glen Reagh SD1

Date Inv

Adj

Accounts Receivable and / or

Particulars

Fol Acc’nt

Receiv

Sales GST

Payab

1 Apr 15 10 Apr 15 15 Apr 15 21 Apr 15 28 Apr 15 237 238 239 240 147 S Smith – Sales F White – Sales C Noble – Sales S Smith – Sales S Smith – Sales Return R2 R3 R1 R2 R2 2 244 2 794 1 903 2 277 (33) 2 040 2 540 1 730 2 070 (30) 204

254

173

207

(3)

9 185 8 350 835

101 400 201

[dr] [cr] [cr]

Purchase Distribution Journal of Glen Reagh PD1

Date Inv

Adj

Accounts Payable and / or

Particulars

Fol Acc’nt

Payab

Purch-

ases

GST

Receiv

Office

Equip

1 Apr 15 10 Apr 15 15 Apr 15 19 Apr 15 20 Apr 15 253 475 654 369 876 G Lendale – Purchases N Lambton – Office Equip G Lendale – Purchases N Castle – Purchase K Kurri – Purchases P4 P3 P4 P1 P2 198 2 893 231 286 385 180 210 260 350 18

263 21

2 630

3 993 1 000 363 2 630

200 500 102 150

[cr] [dr] [dr] [dr]Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.27 continued

200

Cash Receipts Journal of Glen Reagh CR 1

Date Rec

Drawer and / or Particulars Fol Bank Acc’nt

Receiv

Disc’nt

Allow’d

GST

Payab

Sales

1 Apr 15 17 Apr 15 25 Apr 15 30 Apr 15 472 473 474 475 S Smith – Acc Receivable F Williams – Sales E Cooper – Sales F White – Acc Receivable R2 R3 1 584 1 133 1 628 2 717 1 606 2 794 (20) (70) (2)

103 148 (7)

1 030

1 480

7 062 4 400 (90) 242 2 510

100 101 560 201 400

[dr] [cr] [dr] [cr] [cr]

Cash Payments Journal of Glen Reagh CP1

Date Chq

Payee and / or Particulars Fol Bank Acc’nt

Payab

Disc’nt

Rec’d

GST

Receiv

Vehicle

Expen

1 Apr 15 2 Apr 15 29 Apr 15 357 358 359 360 N Castle – Acc Payable K Kurri – Acc Payable G Lendale – Acc Payable Charlestown BP – Veh Exp P1 P2 P4 154 286 231 396 165 286

253 (10) (20) (1)

(2)

36 360

1 067 704 (30) 33 360

100 200 410 102 540

[cr] [dr] [cr] [dr] [dr]

General Ledger of Glen Reagh

Bank 100

1 Apr 15 30 Apr 15 1 May 15 Balance b/d Receipts Balance b/d CR1 1 763 7 062 30 Apr 15 8 825 7 758

Payments Balance c/d CP1 1 067

7 758

8 825

Accounts Receivable Control 101

1 Apr 15 30 Apr 15 1 May 15 Balance b/d Sales Distribution Balance b/d SD1 2 464 9 185 30 Apr 15 Bank [receipt] Balance c/d CR1 4 400

7 249

11 649 11 649

7 249

GST Receivable 102

1 Apr 15 30 Apr 15 Balance b/d Account Payable Ctrl Bank [payment] PD1 CP1 100

363

496

continued …Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.27 continued

201

General Ledger of Glen Reagh (continued)

Office Equipment 150

30 Apr 15 Account Payable Ctrl PD1 2 630

Accounts Payable Control 200

30 Apr 15 Bank [payment] Balance c/d CP1 704 3 993 4 697 1 Apr 15 30 Apr 15 1 May 15 Balance b/d Purchase Distribution Balance b/d PD1 704

3 993

4 697

3 993

GST Payable 201

1 Apr 15 30 Apr 15 Balance b/d Account Receivable Ctrl Bank [receipt] SD1 CR1 376

835

242

1 453

Capital 300

1 Apr 15 Balance b/d 1 712

Sales 400

1 Apr 15 30 Apr 15 Balance b/d Account Receivable Ctrl Bank [receipt] SD1 CR1 3 448

8 350

2 510

14 308

Discount Received 410

30 Apr 15 Bank [payment] CP1 30

Purchases 500

1 Apr 15 30 Apr 15 Balance b/d Account Payable Ctrl PD1 1 913

1 000

2 913

Vehicle Expense 540

30 Apr 15 Bank [payment] CP1 360

Discount Allowed 560

30 Apr 15 Bank [receipt] CR1 90Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.27 continued

Accounts Receivable Ledger of Glen Reagh

C Noble 1

1 Apr 15 15 Apr 15 Balance Sales Distribution SD1 858 1 903 858 2 761 S Smith 2

1 Apr 15 21 Apr 15 28 Apr 15 Balance Sales Distribution Bank [receipt] Discount Allowed & GST Sales Distribution Sales Distribution Return SD1 CR1 CR1 SD1 SD1 1 606 2 244 2 277 1 584 22 33 1 606 3 850 2 266 2 244 4 521 4 488 F White 3

10 Apr 15 30 Apr 15 Sales Distribution Bank [receipt] Discount Allowed & GST SD1 CR1 CR1 2 794 2 717 2 794 77 77 0

Accounts Payable Ledger of Glen Reagh

N Castle 1

1 Apr 15 19 Apr 15 Balance Bank [payment] Discount Received & GST Purchase Distribution CP1 CP1 PD1 165 165 154 11 11 0

286 286 K Kurri 2

1 Apr 15 2 Apr 15 20 Apr 15 Balance Bank [payment] Purchase Distribution CP1 PD1 286 286 286 0

385 385 N Lambton 3

10 Apr 15 Purchase Distribution PD1 2 893 2 893 G Lendale 4

1 Apr 15 2 Apr 15 15 Apr 15 Balance Purchase Distribution Bank [payment] Discount Received & GST Purchase Distribution PD1 CP1 CP1 PD1 231 22 253 198 231 253 451 220 198 429 202

crAccounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.27 continued

203

Trial Balance of Glen Reagh

as at 30 April 2015

Bank Accounts Receivable Control GST Receivable Office Equipment Accounts Payable Control GST Payable Capital Sales Discount Received Purchases Vehicle Expense Discount Allowed 100 101 102 150 200 201 300 400 410 500 540 560 7 758

7 249

496

2 630

3 993

1 453

1 712

14 308

2 913

360

21 496 21 496

Glen Reagh

Accounts Receivable Listing

Accounts Payable Listing

30 April 2015

C Noble S Smith 1 2 761 2 4 488 7 249 N Castle K Kurri N Lambton G Lendale 1 286

2 385

3 2 893

4 429

3 993

Question 5.28

1 CR 5 (PD) 15 PD 25 SD 1 CR 6 CP 18 SD 25 PD 1 CP 7 CR 18 PD 25 SD 1 CP 10 SD 19 SD 30 SD

2 CR 12 CP 19 SD 2 CR 13 (SD) 20 PD 5 CP

15 CR

20 SDAccounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.28 continued

204

Sales Distribution Journal of B Wellington SD 1

Date Inv

Adj

Accounts Receivable and / or

Particulars

Fol Account

Receiv

Sales GST

Payab

10 Aug 15 13 Aug 15 18 Aug 15 19 Aug 15 20 Aug 15 25 Aug 15 30 Aug 15 237 045 238 239 240 241 242 243 244 W Garbon – Sales W Garbon – Sales Return Y Anga – Sales T Rangie – Sales Bakers Swamp Co – Sales Y Anga – Sales E Ballimore – Sales W Garbon – Sales W Garbon – Sales R4 R4 R1 R5 R2 R1 R3 R4 R4 1 848 (143) 2 640 2 904 1 716 1 991 2 761 2 563 1 969 1 680 (130) 2 400 2 640 1 560 1 810 2 510 2 330 1 790 168

(13)

240

264

156

181

251

233

179

18 249 16 590 1 659

101 400 201

Purchase Distribution Journal of B Wellington PD 1

Date Inv

Adj

Accounts Payable and / or

Particulars

Fol Account

Payable

Purch-

ases

GST

Receiv

5 Aug 15 15 Aug 15 18 Aug 15 20 Aug 15 25 Aug 15 482 920 657 236 048 Brocklehurst – Purch Return L Mookerawa – Purchases Dripstone Co – Purchases R Dandaloo – Purchases E Elong – Purchases P1 P5 P3 P2 P4 (22) 385 649 451 1 254 (20) 350 590 410 1 140 (2)

114

2 717 2 470 247

200 500 102

Cash Receipts Journal of B Wellington CR 1

Date Rec

Drawer and / or Particulars Fol Bank Acc’nt

Receiv

Disc’nt

Allow’d

GST

Payab

Sales

1 Aug 15 2 Aug 15 7 Aug 15 15 Aug 15 326 327 328 329 330 331 W Garbon – Acc

Receivable

T Rangie – Accs

Receivable

Y Anga – Acc Receivable Sales E Ballimore – Acc Receivab Sales R4 R5 R1 R3 1 529 2 431 869 1 980 880 682

561

869

(30) (3)

170 180 1 700

1 800

6 809 2 992 (30) 347 3 500

100 101 560 201 400Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.28 continued

205

Cash Payments Journal of B Wellington CP 1

Date Chq

Payee and / or Particulars Fol Bank Acc’nt

Payab

Disc’nt

Rec’d

GST

Receiv

Purch-

ases

1 Aug 15 5 Aug 15 6 Aug 15 12 Aug 15 719 720 721 722 723 R Dandaloo – Acc Payable E Elong – Accs Payable Montefiores – Purchase L Mookerawa – Accs

Payab

A Brocklehurst – Acc

Payab

P2 P4 P5 P1 440 374 528 319 165 484 385 319

165

(40) (10) (4)

(1)

48 480

1 826 1 353 (50) 43 480

100 200 410 102 500

General Ledger of B Wellington

Bank 100

1 Aug 15 31 Aug 15 1 Sep 15 Balance b/d Receipts Balance b/d CR1 4 243 6 809 31 Aug 15 Payments Balance c/d CP1 1 826

9 226

11 052 11 052

9 226

Accounts Receivable Control 101

1 Aug 15 31 Aug 15 1 Sep 15 Balance b/d Sales Distribution Balance b/d SD1 2 992 18 249 31 Aug 15 Bank [receipt] Balance c/d CR1 2 992

18 249

21 241 21 241

18 249

GST Receivable 102

1 Aug 15 31 Aug 15 Balance b/d Account Payable Ctrl Bank [payment] PD1 CP1 140

247

430

Accounts Payable Control 200

31 Aug 15 Bank [payment] Balance c/d CP1 1 353 2 739 4 092 1 Aug 15 31 Aug 15 1 Sep 15 Balance b/d Purchase Distribution Balance b/d PD1 1 375

2 717

4 092

2 739

continued …Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.28 continued

206

General Ledger of B Wellington (continued)

GST Payable 201

1 Aug 15 31 Aug 15 Balance b/d Acc Receivable Ctrl Bank [receipt] SD1 CR1 300

1 659

347

2 306

Capital 300

1 Aug 15 Balance b/d 3 700

Sales 400

1 Aug 15 31 Aug 15 Balance Acc Receivable Ctrl Bank [receipt] SD1 CR1 3 600

16 590

3 500

23 690

Discount Received 410

31 Aug 15 Bank [payment] CP1 50

Purchases 500

1 Aug 15 31 Aug 15 Balance b/d Account Payable Ctrl Bank [payment] PD1 CP1 1 600

2 470

480

4 550

Discount Allowed 560

31 Aug 15 Bank [receipt] CR1 30

Accounts Receivable Ledger of B Wellington

Y Anga 1

1 Aug 15 2 Aug 15 18 Aug 15 20 Aug 15 Balance Bank [receipt] Sales Distribution Sales Distribution CR1 SD1 SD1 561 2 640 1 991 561 561 0

2 640 4 631 dr

Bakers Swamp Co 2

19 Aug 15 Sales Distribution SD1 1 716 1 716 dr

E Ballimore 3

1 Aug 15 7 Aug 15 25 Aug 15 Balance Bank [receipt] Sales Distribution CR1 SD1 869 2 761 869 869 0

2 761 dr

continued …Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.28 continued

Accounts Receivable Ledger of B Wellington (continued)

W Garbon 4

1 Aug 15 10 Aug 15 13 Aug 15 25 Aug 15 30 Aug 15 Balance Bank [receipt] Discount Allowed & GST Sales Distribution Sale Distribution Return Sales Distribution Sales Distribution CR1 CR1 SD1 SD1 SD1 SD1 880 1 848 2 563 1 969 880 847 33 33 0

1 848 143 1 705 4 268 6 237 T Rangie 5

1 Aug 15 19 Aug 15 Balance Bank [receipt] Sales Distribution CR1 SD1 682 2 904 682 682 0

2 904 Accounts Payable Ledger of B Wellington

A Brocklehurst 1

1 Aug 15 5 Aug 15 12 Aug 15 Balance Purchase Distribution Return Bank [payment] PD1 CP1 187 187 22 165 165 0

R Dandaloo 2

1 Aug 15 7 Aug 15 20 Aug 15 Balance Bank [payment] Discount Received & GST Purchase Distribution CP1 CP1 PD1 484 484 440 44 44 0

451 451 Dripstone Co 3

26 Aug 15 Purchase Distribution PD1 649 649 E Elong 4

1 Aug 15 25 Aug 15 Balance Bank [payment] Discount Received & GST Purchase Distribution CP1 CP1 PD1 385 385 374 11 11 0

1 254 1 254 L Mookerawa 5

1 Aug 15 6 Aug 15 15 Aug 15 Balance Bank [payment] Purchase Distribution CP1 PD1 319 319 319 0

385 385 207

crAccounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.28 continued

208

Trial Balance of B Wellington

as at 31 August 2015

Bank Accounts Receivable Control GST Receivable Accounts Payable Control GST Payable Capital Sales Discount Received Purchases Discount Allowed 100 101 102 200 201 300 400 410 500 560 9 226

18 249

430

2 739

2 306

3 700

23 690

4 550

32 485 32 485

B Wellington

Accounts Receivable Listing

Accounts Payable Listing

as at 31 August 2015

Y Anga Bakers Swamp Co E Ballimore W Garbon T Rangie 1 4 631 2 1 716 3 2 761 4 6 237 R Dandaloo Dripstone Co E Elong L Mookerawa 2 451

3 649

4 1 254

5 385

5 2 904 2 739

18 249

Question 5.29

1 CR 7 CP 17 CP 27 SD 31 CR 1 CR 8 CR 18 SD 27 CR 31 CP

1 CR 8 CP 18 PD 28 SD 2 CP 10 SD 19 (SD) 28 PD 2 CP 13 CR 20 (PD) 28 CR 3 CP 16 SD 20 SD 29 (SD) 7 SD

17 CP

23 CP

30 SDAccounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.29 continued

209

Sales Distribution Journal of Margaret O’Reilly SD 1

Date Inv

Adj

Accounts Receivable and / or

Particulars

Fol Account

Receiv

Sales GST

Payab

7 Jul 15 10 Jul 15 16 Jul 15 18 Jul 15 19 Jul 15 20 Jul 15 27 Jul 15 28 Jul 15 29 Jul 15 30 Jul 15 580 581 582 583 351 584 585 586 352 587 J Goulburn – Sales W Jasper – Sales Ken More & Co – Sales T Ralga – Sales T Ralga – Sales Return Pudman & Co – Sales W Jasper – Sales J Goulburn – Sales J Goulburn – Sale Return J Goulburn – Sales R1 R2 R3 R5 R5 R4 R2 R1 R1 R1 2 728 2 629 2 101 1 859 (33) 2 772 2 607 2 739 (55) 1 958 2 480 2 390 1 910 1 690 (30) 2 520 2 370 2 490 (50) 1 780 248

239

191

169

(3)

252

237

249

(5)

178

19 305 17 550 1 755

101 400 201

Purchase Distribution Journal of Margaret O’Reilly PD 1

Date Inv

Adj

Accounts Payable and / or

Particulars

Fol Account

Payable

Stat &

Off Exp

GST

Receiv

Purch-

ases

Insur-

ance

18 Jul 15 20 Jul 15 28 Jul 15 298 531 181 Kialla Co – Stat & Off Exp M Vale – Purchase Return Grabben & Gullen – Insuran P2 P5 P1 286 (44) 1 628 260 26

(4) 148 (40)

1 480

1 870 260 170 (40) 1 480

200 540 103 500 541

Cash Receipts Journal of Margaret O’Reilly CR 1

Date Rec

Drawer and / or Particulars Fol Bank Acc’nt

Receiv

Disc’nt

Allow’d

GST

Payab

Sales Rent

Rec’d

1 Jul 15 8 Jul 15 13 Jul 15 27 Jul 15 28 Jul 15 31 Jul 15 944 945 946 947 948 949 950 951 J Goulburn – Acc Receivab T Ralga – Acc Receivable Sales W Jasper – Acc Receivable Sales Sales Taylors Flat – Rent Receive Blanket Flat – Rent Receive R1 R5 R2 2 838 2 761 1 518

(80) (70) 7 436 1 518 1 936 1 683 550 451 (8)

(7)

182 176 153 50 41 1 820

1 760

1 530

500

410

13 574 7 117 (150) 587 5 110 910

100 101 560 201 400 410Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.29 continued

210

Cash Payments Journal of Margaret O’Reilly CP 1

Date Chq

Payee and / or Particulars Fol Bank Purch-

ases

GST

Receiv

Acc’nt

Payab

Disc’nt

Rec’d

Stat &

Off Exp

GST

Payab

2 Jul 15 3 Jul 15 7 Jul 15 8 Jul 15 17 Jul 15 23 Jul 15 31 Jul 15 518 519 520 521 522 523 524 525 526 Tirranaville Co-op – Purch K Less – Acc Payable C Rookwell – Acc Payable T Strar – Stat & Office Exp Cash – Purchases Yarra Stationery -Stat & Off ATO – GST M Vale – Acc Payable I Inveralochy – Purchases P3 P4 P5 473 1 155 1 133 715 1 243 847 700 1 375 1 419 430 1 130 1 290 43

(3) 65 113

77 (500) 129

1 188 1 133

(30)

650

770

1 200

1 375

9 060 2 850 (76) 3 696 (30) 1 420 1 200

100 500 103 200 411 540 201

General Ledger of Margaret O’Reilly

Bank 100

1 Jul 15 31 Jul 15 Balance b/d Receipts 1 Aug 15 Balance b/d CR1 4 166 13 574 17 740 31 Jul 15 8 680

Payments Balance c/d CP1 9 060

8 680

17 740

Accounts Receivable Control 101

1 Jul 15 31 Jul 15 Balance b/d Sales Distribution 1 Aug 15 Balance b/d SD1 7 117 19 305 31 Jul 15 19 305

Bank [receipt] Balance c/d CR1 7 117

19 305

26 422 26 422

Inventory 102

1 Jul 15 Balance b/d 484

GST Receivable 103

1 Jul 15 31 Jul 15 Balance b/d Account Payable Ctrl PD1 500 170 31 Jul 15 Bank [payment] Balance c/d CP1 76

594

670 670

594

Accounts Payable Control 200

31 Jul 15 Bank [payment] CP1 3 696 1 Jul 15 Balance b/d Balance c/d 1 914 31 Jul 15 Purchase Distribution PD1 3 740

1 870

5 610 5 610

1 Aug 15 Balance b/d 1 914

continued …Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.29 continued

211

General Ledger of Margaret O’Reilly (continued)

GST Payable 201

31 Jul 15 Bank [payment] Balance c/d CP1 1 200 2 342 1 Jul 15 31 Jul 15 Balance b/d Acc’nt Receivable Ctrl Bank [receipt] SD1 CR1 1 200

1 755

587

3 542 3 542

2 342

Capital 300

1 Jul 15 Balance b/d 2 300

Sales 400

1 Jul 15 31 Jul 15 Balance Acc’nt Receivable Ctrl Bank [receipt] SD1 CR1 9 339

17 550

5 110

31 999

Rent Received 410

31 Jul 15 Bank [receipt] CR1 910

Discount Received 411

31 Jul 15 Bank [payment] CP1 30

Purchases 500

1 Jul 15 31 Jul 15 Balance b/d Bank [payment] CP1 4 312 2 850 31 Jul 15 Account Payable Ctrl Balance c/d PD1 40

7 122

7 162 7 162

1 Aug 15 Balance b/d 7 122

Stationery & Office Expense 540

31 Jul 15 Account Payable Ctrl Bank [payment] PD1 CP1 260

1 420

1 680

Insurance 541

31 Jul 15 Account Payable Ctrl PD1 1 480

Discount Allowed 560

31 Jul 15 Bank [receipt] CR1 150Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.29 continued

212

Accounts Receivable Ledger of Margaret O’Reilly

J Goulburn 1

1 Jul 15 2 838 7 Jul 15 28 Jul 15 29 Jul 15 CR1 CR1 SD1 SD1 SD1 Balance Bank [receipt] Discount Allowed & GST Sales Distribution Sales Distribution Sales Distribution Return 2 750 2 838 88 88 0

2 728 5 467 55 5 412 30 Jul 15 Sales Distribution SD1 1 958 7 370 dr

2 728 2 739 dr

W Jasper 2

1 Jul 15 8 Jul 15 10 Jul 15 CR1 SD1 1 518 2 629 dr

Balance Bank [receipt] Sales Distribution 1 518 1 518 0

2 629 27 Jul 15 Sales Distribution SD1 2 607 5 236 dr

Ken More & Co 3

16 Jul 15 Sales Distribution SD1 2 101 2 101 dr

Pudman & Co 4

20 Jul 15 Sales Distribution SD1 2 772 2 772 dr

T Ralga 5

1 Jul 15 Balance b/d 2 761 2 761 dr

Bank [receipt] CR1 2 684 77 dr

Discount Allowed & GST CR1 77 0

Sales Distribution SD1 1 859 1 859 dr

19 Jul 15 Sales Distribution Return SD1 33 1 826 dr

18 Jul 15 Accounts Payable Ledger of Margaret O’Reilly

Grabben & Gullen 1

28 Jul 15 Purchase Distribution PD1 1 628 1 628 cr

Kialla Co 2

18 Jul 15 Purchase Distribution PD1 286 286 cr

K Less 3

1 Jul 15 Balance 1 188 1 188 cr

2 Jul 15 Bank [payment] CP1 1 155 33 cr

Discount Received & GST CP1 33 0

C Rookwell 4

1 Jul 15 Balance 1 133 1 133 3 Jul 15 Bank [payment] CP1 1 133 0

M Vale 5

1 Jul 15 20 Jul 15 PD1 Balance Purchase Distribution Return 1 419 44 1 419 1 375 23 Jul 15 Bank [payment] CP1 1 375 0

crAccounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.29 continued

213

Trial Balance of Margaret O’Reilly

as at 31 July 2015

Bank 100 8 680

Accounts Receivable Control Inventory GST Receivable Accounts Payable Control GST Payable Capital Sales Rent Received Discount Received Purchases Stationery & Office Expense Insurance Discount Allowed 19 305

484

594

101 102 103 200 201 300 400 410 411 500 540 541 560 1 914

2 342

2 300

31 999

910

7 122

1 680

1 480

150

39 495 39 495

Margaret O’Reilly

Accounts Receivable Listing

Accounts Payable Listing

as at 31 July 2015

J Goulburn 1 7 370 W Jasper 2 5 236 Ken More & Co 3 2 101 Pudman & Co 4 2 772

T Ralga 5 1 826

19 305

Grabben & Gullen Kialla Co 1 1 628

2 286

1 914

Question 5.30

1 SD 10 CR 23 PD 1 CR 10 CP 24 PD 1 CP 15 SD 26 CP 1 CP 15 PD 28 PD 4 PD 17 PD 30 CR

8 (PD) 18 CR 9 (SD)

22 SD

Sales Distribution Journal of Gloster Udy SD1

Date Inv

Adj

Accounts Receivable and / or

Particulars

Fol Acc’nt

Receiv

Sales GST

Payab

1 Jul 15 9 Jul 15 15 Jul 15 22 Jul 15 428 112 429 430 R Joy – Sales R Joy – Sales Return P Gordon – Sales R Joy – Sales R2 R2 R1 R2 1 617 (55) 2 343 2 178 1 470 (50) 2 130 1 980 147

(5)

213

198

6 083 5 530 553

101

[dr]

400

[cr]

201

[cr]Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.30 continued

214

Purchase Distribution Journal of Gloster Udy PD1

Date Inv

Adj

Accounts Payable and / or

Particulars

Fol Acc’nt

Payab

Purch-

ases

GST

Receiv

4 Jul 15 8 Jul 15 15 Jul 15 17 Jul 15 23 Jul 15 24 Jul 15 28 Jul 15 471 158 465 593 478 963 475 K Pooka – Purchases K Pooka – Purch Return C Lomon – Purchases F Jemalong – Purchases K Pooka – Purchases C Lomon – Purchases F Jemalong – Purchases P3 P3 P2 P1 P3 P2 P1 418 (44) 209 462 913 473 396 380 (40) 190 420 830 430 360 38

(4)

2 827 2 570 257

200 500 102

[cr] [dr] [dr]

Cash Receipts Journal of Gloster Udy CR 1

Date Rec

Drawer and / or Particulars Fol Bank Acc’nt

Receiv

Disc’nt

Allow’d

GST

Payab

Sales Rent

Rec’d

1 Jul 15 10 Jul 15 18 Jul 15 30 Jul 15 345 346 347 348 R Joy – Acc Receivable P Gordon – Acc Receiv Cash – Sales Koles R E – Rent Rec’d R2 R1 693 847 2 508 407 704 847

(10) (1)

228 37 2 280

370

4 455 1 551 (10) 264 2 280 370

100 101 560 201 400 410

[dr] [cr] [dr] [cr] [cr] [cr]

Cash Payments Journal of Gloster Udy CP1

Date Chq

Payee and / or Particulars Fol Bank Acc’nt

Payab

Disc’nt

Rec’d

GST

Receiv

Statio-

nery

Purch

-ases

1 Jul 15 10 Jul 15 26 Jul 15 890 891 892 893 C Lomon – Acc Payable K Pooka – Acc Payable Cash – Stationery R E Dullah – Purchases P2 P3 693 781 187 880 693

803 (20) (2)

17 80 170

800

2 541 1 496 (20) 95 170 800

100 200 411 102 540 500

[cr] [dr] [cr] [dr] [dr] [dr]Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.30 continued

215

General Ledger of Gloster Udy

Bank 100

1 Jul 15 31 Jul 15 1 Aug 15 Balance b/d Receipts Balance b/d CR1 953 4 455 31 Jul 15 Payments Balance c/d CP1 2 541

2 867

5 408 5 408

2 867

Accounts Receivable Control 101

1 Jul 15 31 Jul 15 1 Aug 15 Balance b/d Sales Distribution Balance b/d SD1 1 551 6 083 31 Jul 15 Bank [receipt] Balance c/d CR1 1 551

6 083

7 634 7 634

6 083

GST Receivable 102

1 Jul 15 31 Jul 15 Balance b/d Account Payable Ctrl Bank [payment] PD1 CP1 105

257

457

Accounts Payable Control 200

31 Jul 15 Bank [payment] Balance c/d CP1 1 496 2 827 4 323 1 Jul 15 31 Jul 15 1 Aug 15 Balance b/d Purchase Distrib’n Balance b/d PD1 1 496

2 827

4 323

2 827

GST Payable 201

1 Jul 15 31 Jul 15 Balance b/d Acc’nt Receiv Ctrl Bank [receipt] SD1 CR1 291

553

264

1 108

Capital 300

1 Jul 15 Balance b/d 822

Sales 400

31 Jul 15 Acc’nt Receiv Ctrl Bank [receipt] SD1 CR1 5 530

2 280

7 810

Rent Received 410

31 Jul 15 Bank [receipt] CR1 370

continued …Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.30 continued

216

General Ledger of Gloster Udy (continued)

Discount Received 411

31 Jul 15 Bank [payment] CP1 20

Purchases 500

31 Jul 15 Account Payable Ctrl Bank [payment] PD1 CP1 2 570

800

3 370

Stationery 540

31 Jul 15 Bank [payment] CP1 170

Discount Allowed 560

31 Jul 15 Bank [receipt] CR1 10

Accounts Receivable Ledger of Gloster Udy

P Gordon 1

1 Jul 15 10 Jul 15 15 Jul 15 Balance Bank [receipt] Sales Distribution CR1 SD1 847 2 343 847 847 0

2 343 dr

R Joy 2

1 Jul 15 9 Jul 15 22 Jul 15 Balance Sales Distribution Bank [receipt] Discount Allowed & GST Sales Distribution Return Sales Distribution 704 1 617 SD1 CR1 CR1 SD1 SD1 693 11 55 2 178 704 2 321 1 628 1 617 1 562 3 740 dr

Accounts Payable Ledger of Gloster Udy

F Jemalong 1

17 Jul 15 28 Jul 15 Purchase Distribution Purchase Distribution PD1 PD1 462 396 462 858 cr

C Lomon 2

1 Jul 15 15 Jul 15 24 Jul 15 Balance Bank [payment] Purchase Distribution Purchase Distribution CP1 PD1 PD1 693 693 693 0

209 209 473 682 cr

continued …Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.30 continued

217

Accounts Payable Ledger of Gloster Udy (continued)

K Pooka 3

1 Jul 15 4 Jul 15 8 Jul 15 23 Jul 15 Balance Bank [payment] Discount Received & GST Purchase Distribution Purchase Distribution Return Purchase Distribution CP1 CP1 PD1 PD1 PD1 781 44 803 803 22 22 0

418 418 374 913 1 287 cr

Trial Balance of Gloster Udy

as at 31 July 2015

Bank Accounts Receivable Control GST Receivable Accounts Payable Control GST Payable Capital Sales Rent Received Discount Received Purchases Stationery Discount Allowed 100 101 102 200 201 300 400 410 411 500 540 560 2 867

6 083

457

2 827

1 108

822

7 810

370

3 370

170

12 957 12 957

Gloster Udy

Accounts Receivable Listing

Accounts Payable Listing

31 July 2015

P Gordon R Joy 1 2 343 2 3 740 6 083 F Jemalong C Lomon K Pooka 1 858

2 682

3 1 287

2 827Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.31

218

1 CR 7 PD 25 CR 1 CP 8 SD 27 SD 2 CP 10 CR 28 PD 2 CP 12 SD 28 CR

3 SD 15 SD 3 PD 20 SD 5 CR

22 CR

Sales Distribution Journal of Tom Dumbrel SD1

Date Inv

Adj

Accounts Receivable and / or

Particulars

Fol Acc’nt

Receiv

Sales GST

Payab

3 Feb 15 8 Feb 15 12 Feb 15 15 Feb 15 20 Feb 15 27 Feb 15 539 540 541 542 543 544 N Hodges – Sales R Creagh – Sales I Pritchard – Sales G Laming – Sales I Pritchard – Sales G Laming – Sales R2 R1 R4 R3 R4 R3 1 881 2 904 1 661 2 915 1 188 2 101 1 710 2 640 1 510 2 650 1 080 1 910 171

264

151

265

108

191

12 650 11 500 1 150

101 400 201

[dr] [cr] [cr]

Purchase Distribution Journal of Tom Dumbrel PD1

Date Inv

Adj

Accounts Payable and / or

Particulars

Fol Acc’nt

Payab

Advert-

ising

GST

Receiv

Purch

-ases

3 Feb 15 7 Feb 15 28 Feb 15 123 158 963 Khan Berra – Advertising W Wyalong – Purchases W Wyalong – Purchases P2 P3 P3 792 385 352 720 72

35 32 350

320

1 529 720 139 670

200 520 102 500

[cr] [dr] [dr] [dr]

Cash Receipts Journal of Tom Dumbrel CR 1

Date Rec

Drawer and / or Particulars Fol Bank Acc’nt

Receiv

Disc’nt

Allow’d

GST

Payab

Sales Com

Rec’d

1 Feb 15 5 Feb 15 10 Feb 15 22 Feb 15 25 Feb 15 28 Feb 15 789 790 791 792 793 794 R Creagh – Acc Receiv M Hextall – Sales Cash – Sales K Ninos – Comm Rec’d S Cooper – Sales N Hodges – Acc Receiv R1 R2 968 2 464 1 716 286 1 925 1 837 990 (20) 1 881 (40) (2)

224 156 26 175 (4)

2 240

1 560

1 750

260

9 196 2 871 (60) 575 5 550 260

100 101 560 201 400 410

[dr] [cr] [dr] [cr] [cr] [cr]Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.31 continued

219

Cash Payments Journal of Tom Dumbrel CP1

Date Chq

Payee and / or Particulars Fol Bank Purch

-ases

GST

Receiv

Acc’nt

Payab

Disc

Rec’d

1 Feb 15 2 Feb 15 301 302 303 B Atlow – Purchases W Wyalong – Acc Payabl E June – Acc Payable P3 P1 275 803 429 250 25

(3) (4) 836 473 (30)

(40)

1 507 250 18 1 309 (70)

100 500 102 200 411

[cr] [dr] [dr] [dr] [cr]

General Ledger of Tom Dumbrel

Bank 100

1 Feb 15 28 Feb 15 1 Mar 15 Balance b/d Receipts Balance b/d CR1 5 587 9 196 28 Feb 15 Payments Balance c/d CP1 1 507

13 276

14 783 14 783

13 276

Accounts Receivable Control 101

1 Feb 15 28 Feb 15 1 Mar 15 Balance b/d Sales Distribution Balance b/d SD1 990 12 650 28 Feb 15 Bank [receipt] Balance c/d CR1 2 871

10 769

13 640 13 640

10 769

GST Receivable 102

1 Feb 15 28 Feb 15 Balance b/d Account Payable Ctrl Bank [payment] PD1 CP1 270

139

427

Accounts Payable Control 200

28 Feb 15 Bank [payment] Balance c/d CP1 PD1 1 309

529

2 838

1 529

GST Payable 201

1 309 1 Feb 15 1 529 28 Feb 15 2 838 1 Mar 15 1 Feb 15 28 Feb 15 Balance b/d Purchase Distribution Balance b/d Balance b/d Account Receivable Ctrl SD1 Bank [receipt] CR1 785

1 150

575

2 510

continue …Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.31 continued

220

General Ledger of Tom Dumbrel (continued)

Capital 280

1 Feb 15 Balance b/d Sales 400

1 500

1 Feb 15 Balance b/d 28 Feb 15 Account Receivable Ctrl Bank [receipt] SD1 CR1 6 268

11 500

5 550

23 318

Commission Received 410

28 Feb 15 Bank [receipt] CR1 260

Discount Received 411

28 Feb 15 Bank [payment] CP1 70

Purchases 500

1 Feb 15 28 Feb 15 Balance b/d Account Payable Ctrl Bank [payment] PD1 CP1 3 015

670

250

3 935

Advertising 520

28 Feb 15 Account Payable Ctrl PD1 720

Discount Allowed 560

28 Feb 15 Bank [receipt] CR1 60

Accounts Receivable Ledger of Tom Dumbrel

R Creagh 1

1 Feb 15 8 Feb 15 Balance Bank [receipt] Discount Allowed & GST Sales Distribution 990 CR1 CR1 SD1 2 904 968 990 22 22 0

2 904 dr

N Hodges 2

28 Feb 15 3 Feb 15 Sales Distribution SD1 1 881 1 881 dr

Bank [receipt] 1 837 44 Discount Allowed & GST 44 0

CR1 CR1 dr

G Laming 3

15 Feb 15 27 Feb 15 Sales Distribution Sales Distribution SD1 SD1 2 915 2 101 2 915 5 016 dr

I Pritchard 4

12 Feb 15 20 Feb 15 Sales Distribution Sales Distribution SD1 SD1 1 661 1 188 1 661 2 849 dr

drAccounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.31 continued

221

Accounts Payable Ledger of Tom Dumbrel

E June 1

1 Feb 15 Balance 2 Feb 15 Bank [payment] Discount Received & GST CP1 CP1 473 473 cr

429 44 44 0

Khan Berra & Co 2

3 Feb 15 Purchase Distribution PD1 792 792 cr

W Wyalong 3

1 Feb 15 2 Feb 15 7 Feb 15 28 Feb 15 Balance Bank [payment] Discount Received & GST Purchase Distribution Purchase Distribution CP1 CP1 PD1 PD1 836 836 803 33 33 0

385 385 352 737 cr

Trial Balance of Tom Dumbrel

as at 28 February 2015

Bank Accounts Receivable Control GST Receivable Accounts Payable Control GST Payable Capital Sales Commission Received Discount Received Purchases Advertising Discount Allowed 100 101 102 200 201 300 400 410 411 500 520 560 13 276

10 769

427

1 529

2 510

1 500

23 318

260

3 935

720

29 187 29 187

Tom Dumbrel

Accounts Receivable Listing

Accounts Payable Listing

28 February 2015

R Creagh G Laming I Pritchard 1 2 904 3 5 016 Khan Berra & Co W Wyalong 2 792

3 737

4 2 849 1 529

10 769Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.32

222

1 SD 2 CR 13 PD 18 SD 21 SD 28 SD 1 CR 2 CP 15 SD 19 (PD) 21 PD 29 CP 1 CR 2 CP 15 SD 19 PD 25 CR 31 CR

1 CR 7 PD 15 PD 20 (SD) 25 PD 1 PD 10 SD 16 SD 20 PD 25 PD 1 CP 10 PD 16 PD 20 CP 26 (PD) 1 CP

12 CP

17 CR

21 CR

28 (SD)

Sales Distribution Journal of T W Bucketts SD 1

Date Inv

Adj

Accounts Receivable and / or

Particulars

Fol Account

Receiv

Sales GST

Payab

1 May 15 10 May 15 15 May 15 16 May 15 18 May 15 20 May 15 21 May 15 28 May 15 507 508 509 510 511 512 125 513 126 514 T Stroud – Sales S Stratford – Sales Dale Forbes – Sales C Limeburner – Sales G Gloucester – Sales B Booral – Sales B Booral – Sales Return T Stroud – Sales T Stroud – Sales Return H Pacific – Sales R7 R6 R2 R4 R3 R1 R1 R7 R7 R5 1 001 1 782 1 441 2 332 1 969 3 003 (154) 1 837 (77) 3 542 910 1 620 1 310 2 120 1 790 2 730 (140) 1 670 (70) 3 220 91

162

131

212

179

273

(14)

167

(7)

322

16 676 15 160 1 516

101 400 201

Purchase Distribution Journal of T W Bucketts PD 1

Date Inv

Adj

Accounts Payable and / or

Particulars

Fol Account

Payable

Purch-

ases

GST

Receiv

Comp-

uter

Station

-ery

Insur-

ance

1 May 15 7 May 15 10 May 15 13 May 15 15 May 15 16 May 15 19 May 15 20 May 15 21 May 15 25 May 15 26 May 15 345 678 901 234 567 890 123 456 789 012 345 678 910 R Wards – Purchases K Krambach – Purchases B Kundibakh – Computer Burrell Stationery – Stat R Wards – Purchases C Craven – Purchases C Craven – Purch Return L Telegherry – Purchases L Clareval – Purchases K Krambach – Purchases C Craven – Purchases R Kimbriki – Insurance C Craven – Purch Return P8 P5 P6 P1 P8 P3 P3 P7 P2 P5 P3 P4 P3 341 528 3 883 671 693 594 (66) 1 716 1 507 924 858 1 012 (88) 310 480 630 540 (60) 1 560 1 370 840 780 (80) 31

353 61 63

(6)

156

137

92 (8)

3 530

610

920

12 573 6 370 1 143 3 530 610 920

200 500 102 150 540 541Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.32 continued

223

Cash Receipts Journal of T W Bucketts CR 1

Date Rec

Drawer and / or Particulars Fol Bank Acc’nt

Receiv

Disc’nt

Allow’d

GST

Payab

Sales

1 May 15 2 May 15 17 May 15 21 May 15 25 May 15 31 May 15 449 450 451 452 453 454 455 456 C Limeburner – Acc Rec T Stroud – Acc Receivab B Booral – Acc Receivab H Pacific – Acc Receivab Sales Sales Sales S Stratford – Acc Receiv R4 R7 R1 R5 R6 5 170 1 320 1 177 1 760 1 122 1 738 1 793 1 397

2 079 1 320

1 782 (40) (50) (40) (4)

(5)

107 160 102 (4)

1 070

1 600

1 020

12 287 8 371 (130) 356 3 690

100 101 560 201 400

Cash Payments Journal of T W Bucketts CP 1

Date Chq

Payee and / or Particulars Fol Bank Acc’nt

Payab

Disc’nt

Rec’d

GST

Receiv

Station

-ery

Vehicle

Exp

1 May 15 2 May 15 12 May 15 20 May 15 29 May 15 815 816 817 818 819 820 821 C Craven – Acc Payable L Telegherry – Acc Payab L Clareval – Acc Payable R Wards – Acc Payable Cash – Stationery T Tinonee – Stationery Purfleet Garage – Veh Ex P3 P7 P2 P8 407 374 649 583 341 253 737 407

385 671 583

(10) (20) (1)

(2)

31 23 67 310

230

670

3 344 2 046 (30) 118 540 670

100 200 410 102 540 542

General Ledger of T W Bucketts

Bank 100

1 May 15 31 May 15 1 Jun 15 Balance b/d Receipts Balance b/d CR1 9 457 12 287 31 May 15 21 744 18 400

Payments Balance c/d CP1 3 344

18 400

21 744

Accounts Receivable Control 101

1 May 15 31 May 15 1 Jun 15 Balance b/d Sales Distribution Balance b/d 6 589 16 676 31 May 15 Bank [receipt] Balance c/d 8 371

14 894

SD1 23 265 14 894

CR1 23 265

continued …Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.32 continued

224

General Ledger of T W Bucketts (continued)

GST Receivable 102

1 May 15 31 May 15 Balance b/d Account Payable Ctrl Bank [payment] PD1 CP1 300

1 143

118

1 561

Computer 150

31 May 15 Account Payable Ctrl PD1 3 530

Accounts Payable Control 200

31 May 15 Bank [payment] Balance c/d CP1 2 046 12 573 14 619 1 May 15 31 May 15 1 Jun 15 Balance b/d Purchase Distribution Balance b/d PD1 2 046

12 573

14 619

12 573

GST Payable 201

1 May 15 31 May 15 Balance b/d Acc’nt Receivable Ctrl Bank [receipt] SD1 CR1 1 200

1 516

356

3 072

Capital 300

1 May 15 Balance b/d 4 000

Sales 400

1 May 15 31 May 15 Balance Acc’nt Receivable Ctrl Bank [receipt] SD1 CR1 11 800

15 160

3 690

30 650

Discount Received 410

31 May 15 Bank [payment] CP1 30

Purchases 500

1 May 15 31 May 15 Balance b/d Account Payable Ctrl PD1 2 700

6 370

9 070

continued …Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.32 continued

225

General Ledger of T W Bucketts (continued)

Stationery 540

31 May 15 Account Payable Ctrl Bank [payment] PD1 CP1 610

540

1 150

Insurance 541

31 May 15 Account Payable Ctrl PD1 920

Vehicle Expense 542

31 May 15 Bank [payment] CP1 670

Discount Allowed 560

31 May 15 Bank [receipt] CR1 130

Accounts Receivable Ledger of T W Bucketts

B Booral 1

1 May 15 18 May 15 20 May 15 Balance Bank [receipt] Discount Allowed & GST Sales Distribution Sales Distribution Return 2 079 CR1 CR1 SD1 SD1 3 003 2 079 2 024 55 55 0

3 003 154 2 849 dr

Dale Forbes 2

15 May 15 Sales Distribution 16 May 15 Sales Distribution 1 441 1 441 SD1 SD1 1 969 1 969 dr

G Gloucester 3

C Limeburner 4

1 May 15 15 May 15 Balance b/d Bank [receipt] Discount Allowed & GST Sales Distribution 1 793 CR1 CR1 SD1 2 332 1 793 1 749 44 44 0

2 332 dr

H Pacific 5

1 May 15 28 May 15 Balance b/d Bank [receipt] Sales Distribution CR1 SD1 1 320 3 542 1 320 1 320 0

3 542 dr

continued …Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.32 continued

226

Accounts Receivable Ledger of T W Bucketts (continued)

S Stratford 6

31 May 15 10 May 15 Sales Distribution SD1 1 782 1 782 dr

Bank [receipt] Discount Allowed & GST CR1 CR1 1 738 44 44 0

T Stroud 7

1 May 15 21 May 15 28 May 15 Balance b/d Sales Distribution Bank [receipt] Sales Distribution Sales Distribution Return SD1 CR1 SD1 SD1 1 397 1 001 1 837 1 397 77 1 397 2 398 1 001 2 838 2 761 dr

Accounts Payable Ledger of T W Bucketts

Burrell Stationery 1

13 May 15 Purchase Distribution PD1 671 671 cr

L Clareval 2

1 May 15 2 May 15 20 May 15 Balance Bank [payment] Discount Received & GST Purchase Distribution CP1 CP1 PD1 671 649 671 22 22 0

1 507 1 507 cr

C Craven 3

594 66 88 858 407 594 528 1 386 1 298 cr

R Kimbriki 4

25 May 15 Purchase Distribution PD1 1 012 1 012 cr

K Krambach 5

7 May 15 21 May 15 Purchase Distribution Purchase Distribution PD1 PD1 528 924 528 1 452 cr

B Kundibakh 6

10 May 15 Purchase Distribution PD1 3 883 3 883 cr

continued …Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.32 continued

227

Accounts Payable Ledger of T W Bucketts (continued)

L Telegherry 7

1 May 15 Balance Bank [payment] Discount Received & GST 19 May 15 Purchase Distribution CP1 CP1 PD1 374 385 385 cr

11 11 0

1 716 1 716 cr

R Wards 8

1 May 15 Balance Purchase Distribution 2 May 15 15 May 15 Bank [payment] Purchase Distribution PD1 CP1 PD1 583 583 583 cr

341 924 cr

693 341 1 034 cr

Trial Balance of T W Bucketts

as at 31 May 2015

100 101 102 150 200 201 300 400 410 540 541 542 18 400

14 894

1 561

3 530

Bank Accounts Receivable Control GST Receivable Computer Accounts Payable Control GST Payable Capital Sales Discount Received Purchases 500 9 070

Stationery Insurance 1 150

920

Vehicle Expense 670

Discount Allowed 560 130

12 573

3 072

4 000

30 650

50 325 50 325

T W Bucketts

Accounts Receivable Listing

Accounts Payable Listing

as at 31 May 2015

1 2 849 2 1 441 3 1 969 B Booral Dale Forbes G Gloucester C Limeburner H Pacific T Stroud 7 2 761 1 671

2 1 507

3 1 298

4 2 332 4 1 012

5 3 542 14 894 Burrell Stationery L Clareval C Craven R Kimbriki K Krambach B Kundibakh L Telegherry R Wards 8 1 034

5 1 452

6 3 883

7 1 716

12 573Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.33

228

3 PD 8 SD 15 SD 20 SD 27 SD 1 CP 1 CP 1 SD 1 CR 1 CR 2 CP 2 CP

3 SD 9 (SD) 15 SD 4 PD 10 CP 17 PD 5 PD 10 CR 17 PD 5 CR 10 CR 18 PD 7 PD 12 SD 18 CR 8 (PD)

15 PD

18 CP

21 PD 28 PD 22 SD 28 PD 22 CR 28 SD 24 PD 30 CR 25 CR 30 CR 26 CP

31 (SD)

Sales Distribution Journal of Tony Lowman SD 1

Date Inv

Adj

Accounts Receivable and / or

Particulars

Fol Account

Receiv

Sales GST

Payab

1 Oct 15 3 Oct 15 8 Oct 15 9 Oct 15 12 Oct 15 15 Oct 15 20 Oct 15 22 Oct 15 27 Oct 15 28 Oct 15 31 Oct 15 261 262 263 123 264 265 266 267 268 269 270 124 F Rainbow – Sales K Kew – Sales R Coolongolook – Sales F Rainbow – Sales Return K Empsey – Sales A Nabiac – Sales F Clybucca – Sales K Empsey – Sales F Rainbow – Sales F Clybucca – Sales R Coolongolook – Sales R Coolongolook – Sale Ret R6 R4 R2 R6 R3 R5 R1 R3 R6 R1 R2 R2 4 092 4 719 2 959 (55) 2 882 3 366 3 498 4 092 4 224 4 345 2 112 (143) 3 720 4 290 2 690 (50) 2 620 3 060 3 180 3 720 3 840 3 950 1 920 (130) 372

429

269

(5)

262

306

318

372

384

395

192

(13)

36 091 32 810 3 281

101 400 201

Purchase Distribution Journal of Tony Lowman PD 1

Date Inv

Adj

Accounts Payable and / or

Particulars

Fol Account

Payable

Advert

-ising

GST

Receiv

Purch-

ases

Office

Repair

3 Oct 15 4 Oct 15 5 Oct 15 7 Oct 15 8 Oct 15 15 Oct 15 17 Oct 15 18 Oct 15 21 Oct 15 24 Oct 15 28 Oct 15 369 874 125 896 321 456 987 890 123 446 789 021 365 C Coopernook – Advertisin Bulah Delah – Purchases Waugh & Hope – Off Rep’r Karuah & Co – Purchases Bulah Delah – Purch Ret’n W Wooton – Purchases M Macksville – Purchases H Nambucca – Purchases Bulah Delah – Purchases U Runga – Purchases W Wooton – Purchases Karuah & Co – Purchases H Nambucca – Purchases P3 P2 P8 P4 P2 P9 P5 P6 P2 P7 P9 P4 P6 968 1 771 2 992 3 443 (132) 1 100 2 464 1 276 2 057 803 1 265 1 485 1 529 880 88

161 272 313 (12) 100 224 116 187 73 115 135 139 1 610

3 130

(120)

1 000

2 240

1 160

1 870

730

1 150

1 350

1 390

2 720

21 021 880 1 911 15 510 2 720

200 520 102 500 540Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.33 continued

229

Cash Receipts Journal of Tony Lowman CR 1

Date Rec

Drawer and / or Particulars Fol Bank Acc’nt

Receiv

Disc’nt

Allow’d

GST

Payab

Sales Comm

Rec’d

Rent

Rec’d

1 Oct 15 5 Oct 15 10 Oct 15 18 Oct 15 22 Oct 15 25 Oct 15 30 Oct 15 645 646 647 648 649 650 651 652 653 654 R Coolongolook – Acc Rec F Rainbow – Acc Receivab Sales A Nabiac – Acc Receivable Sales Sales W Raleigh – Comm Rec’d Sales Wool & Goolga – Rent Rec K Kew – Acc Receivable R2 R6 R5 R4 3 696 4 488 4 356 2 255 737 1 650 5 313 2 288 1 496 2 189

(50) (30) 4 719 (110) (5)

(3)

408 197 205 67 150 65 (11)

4 080

1 970

2 050

1 500

670

650

22 495 10 692 (190) 1 073 9 600 670 650

100 101 560 201 400 410 411

Cash Payments Journal of Tony Lowman CP 1

Date Chq

Payee and / or Particulars Fol Bank Purch-

ases

GST

Receiv

Acc’nt

Payab

Disc’nt

Rec’d

Statio-

nery

GST

Payab

1 Oct 15 2 Oct 15 10 Oct 15 18 Oct 15 26 Oct 15 157 158 159 160 161 162 163 H Cundletown – Purch W Wooton – Acc Payable Karuah & Co – Acc

Payable

Bulah Delah – Acc Payable Cash – Stationery ATO – GST A Boambee – Purchases P9 P4 P2 1 628 1 474 1 320 902 231 900 1 694 1 480 1 540 148

(4) (2) 21 (1 000) 154

1 474

1 364 924 (40)

(20)

210

1 900

8 149 3 020 (683) 3 762 (60) 210 1 900

100 500 102 200 412 541 201Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.33 continued

230

General Ledger of Tony Lowman

Bank 100

1 Oct 15 31 Oct 15 1 Nov 15 Balance b/d Receipts Balance b/d CR1 3 480 22 495 31 Oct 15 Payments Balance c/d CP1 8 149

17 826

25 975 25 975

17 826

Accounts Receivable Control 101

1 Oct 15 31 Oct 15 1 Nov 15 Balance b/d Sales Distribution Balance b/d SD1 6 501 36 091 31 Oct 15 Bank [receipt] Balance c/d CR1 10 692

31 900

42 592 42 592

31 900

GST Receivable 102

1 Oct 15 31 Oct 15 1 Nov 15 Balance b/d Account Payable Ctrl Balance b/d PD1 1 000 1 911 31 Oct 15 Bank [payment] Balance c/d CP1 683

2 228

2 911 2 911

2 228

Accounts Payable Control 200

31 Oct 15 Bank [payment] Balance c/d CP1 3 762 21 340 25 102 1 Oct 15 31 Oct 15 1 Nov 15 Balance b/d Purchase Distribution Balance b/d PD1 4 081

21 021

25 102

21 340

GST Payable 201

31 Oct 15 Bank [payment] Balance c/d CP1 1 900 4 354 6 254 1 Oct 15 31 Oct 15 1 Nov 15 Balance b/d Acc’nt Receivable Ctrl Bank [receipt] Balance b/d SD1 CR1 1 900

3 281

1 073

6 254

4 354

Capital 300

1 Oct 15 Balance b/d 5 000

Sales 400

31 Oct 15 Acc’nt Receivable Ctrl Bank [receipt] SD1 CR1 32 810

9 600

42 410

continued …Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.33 continued

231

General Ledger of Tony Lowman (continued)

Commission Received 410

31 Oct 15 Bank [receipt] CR1 670

Rent Received 411

31 Oct 15 Bank [receipt] CR1 650

Discount Received 412

31 Oct 15 Bank [payment] CP1 60

Purchases 500

31 Oct 15 Account Payable Ctrl Bank [payment] PD1 CP1 15 510

3 020

18 530

Advertising 520

31 Oct 15 Account Payable Ctrl PD1 880

Office Repair 540

31 Oct 15 Account Payable Ctrl PD1 2 720

Stationery 541

31 Oct 15 Bank [payment] CP1 210

Discount Allowed 560

31 Oct 15 Bank [receipt] CR1 190

Accounts Receivable Ledger of Tony Lowman

F Clybucca 1

15 Oct 15 27 Oct 15 Sales Distribution Sales Distribution Return SD1 SD1 3 498 4 345 3 498 7 843 dr

R Coolongolook 2

1 Oct 15 8 Oct 15 28 Oct 15 31 Oct 15 Balance Bank [receipt] Discount Allowed & GST Sales Distribution Sales Distribution Sales Distribution Return 2 288 CR1 CR1 SD1 SD1 SD1 2 959 2 112 2 288 2 233 55 55 0

2 959 5 071 143 4 928 dr

continued …Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.33 continued

232

Accounts Receivable Ledger of Tony Lowman (continued)

K Empsey 3

12 Oct 15 20 Oct 15 Sales Distribution Sales Distribution SD1 SD1 2 882 4 092 2 882 6 974 dr

K Kew 4

3 Oct 15 30 Oct 15 Sales Distribution Bank [receipt] Discount Allowed & GST SD1 CR1 CR1 4 719 4 598 4 719 121 121 0

A Nabiac 5

1 Oct 15 10 Oct 15 15 Oct 15 Balance b/d Bank [receipt] Sales Distribution CR1 SD1 2 189 3 366 2 189 2 189 0

3 366 dr

F Rainbow 6

1 Oct 15 9 Oct 15 22 Oct 15 Balance Bank [receipt] Discount Allowed & GST Sales Distribution Sales Distribution Return Sales Distribution 1 496 CR1 CR1 SD1 SD1 SD1 4 092 4 224 1 496 1 463 33 33 0

4 092 55 4 037 8 261 dr

B Sapphire 7

1 Oct 15 Balance b/d 528 528 dr

Accounts Payable Ledger of Tony Lowman

H Arrawarra 1

1 Oct 15 Balance 319 319 cr

Bulah Delah 2

1 Oct 15 2 Oct 15 4 Oct 15 8 Oct 15 18 Oct 15 Balance Bank [payment] Discount Received & GST Purchase Distribution Purchase Distribution Return Purchase Distribution CP1 CP1 PD1 PD1 PD1 924 924 902 22 22 0

1 771 1 771 132 1 639 2 057 3 696 cr

C Coopernook 3

3 Oct 15 Purchase Distribution PD1 968 968 cr

continued …Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.33 continued

Accounts Payable Ledger of Tony Lowman (continued)

Karuah & Co 4

1 Oct 15 2 Oct 15 7 Oct 15 28 Oct 15 Balance Bank [payment] Discount Received & GST Purchase Distribution Purchase Distribution 1 364 CP1 CP1 PD1 PD1 1 320 1 364 44 44 0

3 443 3 443 1 485 4 928 M Macksville 5

17 Oct 15 Purchase Distribution PD1 2 464 2 464 H Nambucca 6

17 Oct 15 28 Oct 15 Purchase Distribution Purchase Distribution PD1 PD1 1 276 1 529 1 276 2 805 U Runga 7

21 Oct 15 Purchase Distribution PD1 803 803 Waugh & Hope 8

5 Oct 15 Purchase Distribution PD1 2 992 2 992 W Wooton 9

1 Oct 15 15 Oct 15 24 Oct 15 Balance Bank [payment] Purchase Distribution Purchase Distribution CP1 PD1 PD1 1 474 1 474 1 474 0

1 100 1 100 1 265 2 365 233

crAccounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.33 continued

234

Trial Balance of Tony Lowman

as at 31 October 2015

Bank TS 17 826

Accounts Receivable Control 101 GST Receivable 102 31 900

2 228

Accounts Payable Control 200 GST Payable 201 Capital 300 Sales 400 Commission Received 410 Rent Received 411 Discount Received 412 Purchases 500 18 530

Advertising 520 880

Office Repair 540 2 720

Stationery 541 210

Discount Allowed 560 190

21 340

4 354

5 000

42 410

670

650

74 484 74 484

Tony Lowman

Accounts Receivable Listing

Accounts Payable Listing

as at 31 October 2015

F Clybucca R Coolongolook K Empsey A Nabiac F Rainbow B Sapphire 1 7 843 2 4 928 3 6 974 5 3 366 6 8 261 7 528 31 900 H Arrawarra Bulah Delah C Coopernook Karuah & Co M Macksville H Nambucca U Runga Waugh & Hope W Wooton 1 319

2 3 696

3 968

4 4 928

5 2 464

6 2 805

7 803

8 2 992

9 2 365

21 340Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.34

235

Reconciliation of Suzan Koleda Statement for June 2015

Balance as per suppliers statement Less tax invoices not yet processed # 016 660.00

6 695.04

# 477 638.00 1 298.00

Add Back adj credit note not yet processed # 058 5 397.04

66.00

5 463.04

7.04

Less discount not yet allowed on rec #458 Balance as per Accounts Payable Ledger 5 456.00

109.12

Less 2% Discount on $5456.00 Value of cheque to be drawn 5 346.88

Adjustment to Accounts Payable Ledger

Balance as per accounts payable ledger Less error in posting, should be V Kolesnikov

15 June tax invoice #813

5 775.00

297.00

5 478.00

935.00

913.00

20 June tax invoice #333 shown as 20 June tax invoice #333 should be Decrease in accounts payable ledger Amended balance 5 456.00

22.00

Question 5.35

REMITTANCE ADVICE OF

A Beattie

412 Angle Lane 28 February 2015

Gooloogong 2805 H White

23 Coramba Road

Customer 615

Coffs Harbour 2450

Date Particulars and Reference Debit Credit Balance

22 Dec 14 Purchase Distribution tax inv 240 √ 950.00 950.00

23 Dec 14 Purchase Distribution tax inv 245 √ 50.00 1 000.00

8 Jan 15 Purchase Distribution tax inv 256 √ 451.00 1 451.00

15 Jan 15 Purchase Distribution

adj c/n 79 √ 66.00 1 385.00

Return

18 Jan 15 Purchase Distribution tax inv 287 √ 264.00 1 649.00

28 Jan 15 Purchase Distribution tax inv 351 √ 627.00 2 276.00

24 Feb 15 Bank chq 26789 2 276.00 0.00

Tear off cheque below for $2 276.00 and deposit promptlyAccounting: An introduction to principles and practice, 7E. Solutions Manual 236

Question 5.35 continued

Extract Accounts Receivable Listing

from the Accounts Receivable Ledger of H White

A Beattie 54 account

Ageing

date inv/(cn) amount cumulative current 30 days 60 days 90 + days

20 Dec 14 240 950.00 950.00 21 Dec 14 245 50.00 1 000.00 3 Jan 15 256 451.00 1 451.00 8 Jan 15 273 110.00 1 561.00 10 Jan 15 287 264.00 1 825.00 15 Jan 15 (79) (66.00) 1 759.00 21 Jan 15 351 627.00 2 386.00 27 Jan 15 (86) (88.00) 2 298.00 29 Jan 15 439 418.00 2 716.00 4 Feb 15 450 774.00 3 490.00 15 Feb 15 541 149.00 3 639.00 26 Feb 15 589 133.00 3 772.00 27 Feb 15 613 660.00 4 432.00 √ 950.00

√ 50.00

√ 451.00

110.00

√ 264.00

√ (66.00)

√ 627.00

(88.00)

418.00

774.00

149.00

133.00

660.00

1 716.00 1 716.00 1 000.00

Overdue tax invoices are 8 January #273 $110.00, 27 January #(86) ($88.00) and 29

January #439 $418.00.

The credit officer should briefly clarify what invoice the credit note on 27 January #86 $88

relates to, It cannot relate to the outstanding invoice on the 29 January. If the credit note

does not relate to the 8 January tax invoice #273 $110.00, then why was it not paid when

it was due for payment? It needs to be confirmed that payment for the sale on 29 January

is coming in next month’s remittance advice.

The accounts payable officer of A Beattie should be contacted that day to confirm that the

outstanding invoices and credit note are being processed for the monthly remittance at the

end of March. Details of day, time, name and brief details of the conversation (or similar

comments) must be written down on the accounts receivable listing sheet. Other logical

scenarios should be considered as an acceptable answer.Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.36

237

REMITTANCE ADVICE OF

Nic Matthew

Quarygoe Road 31 July 2015

Ballina 2478 Elizabeth Webb

41 James Street

Customer 295

Llandilo 2747

Date Particulars and Reference Debit Credit Balance

19 May 15 Purchase Distribution tax inv 129 √ 352.00 352.00

2 Jun 15 Purchase Distribution tax inv 147 √ 781.00 1 133.00

9 Jun 15 Purchase Distribution tax inv 186 √ 583.00 1 716.00

11 Jun 15 Purchase Distribution tax inv 209 √ 924.00 2 640.00

15 Jun 15 Purchase Distribution tax inv 231 √ 297.00 2 937.00

20 Jun 15 Purchase Distribution tax inv 281 √ 726.00 3 663.00

21 Jun 15 Purchase Distribution tax inv 333 √ 935.00 4 598.00

25 Jun 15 Purchase Distribution tax inv 400 √ 847.00 5 445.00

30 Jun 15 Purchase Distribution tax inv 519 √ 682.00 6 127.00

27 Jul 15 Bank chq 29522 6 127.00 0.00

Tear off cheque below for $6 127.00 and deposit promptly

Extract Accounts Receivable Listing

from the Accounts Receivable Ledger of Elizabeth Webb

Nic Matthew 522 account

Ageing

date inv/(cn) amount cumulative current 30 days 60 days 90 + days

26 Apr 15 016 660.00 660.00 15 May 15 129 352.00 1 012.00 29 May 15 147 781.00 1 793.00 7 Jun 15 186 583.00 2 376.00 9 Jun 15 209 924.00 3 300.00 14 Jun 15 231 297.00 3 597.00 15 Jun 15 281 726.00 4 323.00 18 Jun 15 333 935.00 5 258.00 20 Jun 15 400 847.00 6 155.00 24 Jun 15 477 638.00 6 743.00 27 Jun 15 519 682.00 7 425.00 28 Jun 15 (57) (66.00) 7 359.00 1 Jul 15 587 774.00 8 133.00 14 Jul 15 623 660.00 8 793.00 20 Jul 15 671 525.00 9 318.00 27 Jul 15 718 211.00 9 529.00 660.00

√ 352.00

√ 781.00

√ 583.00

√ 924.00

√ 297.00

√ 726.00

√ 935.00

√ 847.00

638.00

√ 682.00

(66.00)

774.00

660.00

525.00

211.00

2 170.00 5 566.00 1 133.00 660.00Accounting: An introduction to principles and practice, 7E. Solutions Manual Question 5.36 continued

Overdue tax invoices are 26 April #016 $660.00, 24 June #477 $638.00 and credit note

28 June #57 $66.00.

The credit officer should be aware of the history of why the tax invoice on 26 April 2010

#174 $660.00 is so overdue, or may need to be reacquainted with the historical facts that

have been written in previous month’s accounts receivable listings.

One reason or scenario could be that the credit officer has found out – or more likely is

aware – that credit note 28 June #57 $66.00 relates to the $660.00 from April.

Another scenario could be that any undertakings that have been made by the credit

officer and or any other employee, such as a decision by the sales manager or despatch

manager, need to be checked; and confirm that the undertakings have been completed

and communicated to the customer. If the business has done all that is prepared to do,

then face-to-face discussion between senior people from both organisations may be

necessary to resolve the matter so that payment is received. The final option would be to

stop giving credit to Nic Matthew and deal with him as a ‘cash with order’ customer until

payment is received, which may be $660.00 or some agreed lesser amount.

A brief check by the credit officer regarding tax invoice #477 $638.00 should also be

made internally before contacting the customer.

The customer should be contacted very promptly to ensure that all has been

communicated regarding the issue of the credit note for $66.00 for the 90+ days overdue

amount $660.00, and to gain an assurance that it will be included as part of the

remittance for the end of August. Mention should also be made of the now-outstanding

tax invoice #477 $638.00 and any possible queries noted and followed up by both parties

to ensure inclusion in the next remittance.

Some other scenarios may also be acceptable as long as they are plausible from the

small amount of information known.

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