Sales journal sales to schulz 400 to edmonds 675 to

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Sales journal: Sales to Schulz $400; to Edmonds $675; to Henry $515; to Roemer $550. Cash receipts journal: Cash received from Roemer $655; from Schulz $1150; from Henry $205; from Lee $900; from Edmonds $620. General journal: An allowance is granted to Schulz $110. Require d (a) Set up control and subsidiary ledger accounts and enter the beginning balances. Do not con- struct the journals. (b) Post the various journals. Post the items as individual items or as totals, whichever would be the appropriate procedure. (No discount was given for early payment.) (c) Prepare a list of customers and check that the control account balance agrees with a schedule of accounts in the subsidiary ledger at 30 September 2019. (d) Why is it important to ensure that the balance in the control account agrees with the schedule of accounts receivable? E6.5 Recor d transactions in sales an d purchases journal. LO9, 10, 13 Duckstein Ltd uses special journals and a general journal. The following transactions occurred during September 2020. S ept. 2 S old inventory on account to R. Crow, invoice no. 101 for $960, terms n/30. The cost of the inventory sold was $600. 10 Purchased inventory on credit from L. Dayne $1200, terms 2/7, n/30. 12 Purchased office equipment on account from B. Piazza $13 000. 21 S old inventory on account to Buffy Ltd, invoice no. 102 for $1600, terms 2/14, n/30. The cost of the inventory sold was $960. 25 Purchased inventory on account from F. S age $1800, terms n/30. 27 S old inventory to Harold Ltd for $1400 cash. The cost of the inventory sold was $840. Require d (a) Draw up a sales journal (see figure 6.13) and a single-column purchases journal (see fig- ure 6.18). (Use page 1 for each journal.) (b) Record the transaction(s) for September that should be journalised in the sales journal and the purchases journal. (c) What is the advantage of having a multicolumn purchases journal as opposed to a single- column purchases journal? E6.6 Recor d transactions in cash receipts an d cash pay m ents journal. LO9, 10, 13 Vanessa Bosnat uses special journals and a general journal. The following transactions occurred during May 2019. May 1 V. Bosnat invested $30 000 cash in the business. 2 S old inventory to J. S imon for $12 000 cash. The cost of the inventory sold was $8400. 3 Purchased inventory for $18 000 from L.M. Farr using cheque no. 101. 14 Paid salary to S . Little $1400 by issuing cheque no. 102. 16 S old inventory on account to B. Jones for $1800, terms n/30. The cost of the inventory sold was $1260. 22 A cheque for $18 000 is received from R. Dusto in full for invoice 101; no discount given. Require d (a) Draw up a multicolumn cash receipts journal (see figure 6.15) and a multicolumn cash payments journal (see figure 6.22). (Use page 1 for each journal.) CHAPTER 6 Accounting information systems 399 Copyright © ${Date}. ${Publisher}. All rights reserved.
(b) Record the transaction(s) for May that should be journalised in the cash receipts journal and cash payments journal.

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