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In: Accounting
Salmon Swim Centre uses a sales journal, purchases journal, cash receipts journal, cash payments journal and...
Salmon Swim Centre uses a sales journal, purchases journal, cash receipts journal, cash payments journal and a general journal. The business also maintains subsidiary ledgers for accounts receivable and accounts payable, in addition to the related control accounts (ignore GST). The relevant account balances as of December 31, 2019, were as follows.
|
Account No. |
Account Title |
Account balance |
|
|
Debit |
Credit |
||
|
100 |
Cash at Bank |
$10,800 |
|
|
120 |
Accounts Receivable |
13,200 |
|
|
140 |
Inventory |
19,000 |
|
|
200 |
Equipment |
250,000 |
|
|
300 |
Accounts Payable |
$11,000 |
|
|
330 |
Bank Loan |
120,000 |
|
|
400 |
S. Salmon, Capital |
162,000 |
|
|
500 |
Sales |
- |
|
|
510 |
Sales Returns and Allowances |
- |
|
|
520 |
Discount Received |
- |
|
|
600 |
Purchases |
- |
|
|
610 |
Discount Allowed |
- |
|
|
$293,000 |
$293,000 |
||
The accounts receivable and accounts payable subsidiary ledger balances were as follows.
|
Accounts Receivable |
Accounts Payable |
||
|
M. Falzon |
$2,640 |
Nelligan Ltd |
$2,200 |
|
S. H. Guan |
1,760 |
Pellham & Co |
2,200 |
|
R. Jamal |
4,400 |
Yap United Ltd |
6,600 |
|
3,300 |
||
|
K. Mezzini |
1,100 |
||
|
13,200 |
$11,000 |
||
The following transactions occurred during the first quarter of 2020.
|
Jan 3 |
S. H. Guan took advantage of the 2% sales discount and paid off her account |
|
11 |
Sold a $2,000 item to K. Mezzine on account, invoice no. 401 |
|
15 |
Purchased $6,000 of inventory from Pellharm & Co on credit. Terms 2/10, n/30 |
|
18 |
Received $1,200 from M. Falzon on his account. No discount was allowed. |
|
20 |
Paid $2,200 to Pellham & Co on its previous account balance. No discount was taken. |
|
25 |
Paid $6,000 owing to Pellham & Co, taking advantage of the 2% discount. |
|
Feb 10 |
A cash sale of $4,000 was made to a new customer, E. Tsiros. |
|
14 |
R. Jamal paid $2,200 on his account, outside the discount period. |
|
23 |
Sold a $1,000 item to K. Mezzini on account, invoice no. 402. |
|
28 |
Paid $4,400 on the Yap United Ltd account. No discount was received. |
|
Mar 4 |
Purchased $8,000 in inventory from Nelligan Ltd on credit. Terms n/30. |
|
16 |
Sold a $100 item to A. Khalil on account, invoice 403 |
|
22 |
Paid $4,400 on the Nelligan Ltd account |
|
27 |
A $100 sales allowance was given to A. Khalil, due to a defective product. |
Required
- Enter the first quarter’s transactions in the appropriate journals. Refer to the provided Chart of Accounts for the appropriate account names.
- Prepare a trial balance as at March 31, 2020.
- Enter the first quarter’s transactions in the appropriate journals.
Purchases Journal
Sales Journal
Cash Receipts Journal
Cash Payments Journal
General Journal
- Prepare a trial balance as at March 31, 2020.
Marks: 14
|
SALMON SWIM CENTRE Trial Balance as at March 31, 2020 |
|||
|
Account |
Account No. |
Debit |
Credit |
Solutions
Expert Solution
|
Journals in the books of Salmon Swim Centre for the year 2020 |
|||||
|
Sales Journal |
|||||
|
Date |
Customer Name |
Ledger Folio |
Invoice Number |
Amount |
|
|
January,11 |
K.Mazzini |
- |
401 |
2000.00 |
|
|
February,10 |
E.Tisros |
- |
- |
4000.00 |
|
|
February,23 |
K.Mazzini |
- |
402 |
1000.00 |
|
|
March,16 |
A.Khalil |
- |
403 |
100.00 |
|
|
7100.00 |
|||||
|
Purchase Journal |
|||||
|
Date |
Supplier Name |
Terms |
Invoice Number |
Amount |
|
|
January,15 |
Pellham & Co. |
2/10, n/30 |
- |
6000.00 |
|
|
March, 4 |
Nelligan Ltd |
2/10, n/30 |
- |
8000.00 |
|
|
14000.00 |
|||||
|
Cash Receipts Journal |
|||||
|
Date |
Account Credited |
Cash DR. |
Sales Discount DR. |
Accounts Receivable CR. |
Sales CR. |
|
January,03 |
S.H Guan |
1,724.80 |
35.20 |
1,760.00 |
0.00 |
|
January,18 |
M.Fazlon |
1,200.00 |
0.00 |
1,200.00 |
0.00 |
|
February,10 |
Sales |
4,000.00 |
0.00 |
0.00 |
4,000.00 |
|
February,14 |
R.Jamal |
2,200.00 |
0.00 |
2,200.00 |
0.00 |
|
9,124.80 |
35.20 |
5,160.00 |
4,000.00 |
||
|
Cash Payments Journal |
|||||
|
Date |
Account Debited |
Cash CR. |
Purchase Discount CR. |
Accounts Payable Dr. |
Purchases |
|
January, 20 |
Pellham& CO |
2,200.00 |
0.00 |
2,200.00 |
0.00 |
|
January, 25 |
Pellham& CO |
5,880.00 |
120.00 |
6,000.00 |
0.00 |
|
February,28 |
Yap United Ltd |
4,400.00 |
0.00 |
4,400.00 |
0.00 |
|
March,22 |
Nelligan Ltd |
4,400.00 |
0.00 |
4,400.00 |
0.00 |
|
16,880.00 |
120.00 |
17,000.00 |
0.00 |
| Journal entries for the year 2020 | |||||
| Date | Account title and description | Debit ($) | Credit ($) | ||
| January | 3 | Cash at bank | 1724.80 | ||
| Discount allowed | 35.20 | ||||
| S H Guan | 1760.00 | ||||
| Being, S H Guan paid off his due amount | |||||
| 11 | K. Mezzini | 2000.00 | |||
| Sales | 2000.00 | ||||
| Being, sales to K.Mezzini on account. | |||||
| 15 | Purchases | 6000.00 | |||
| Pellham &co | 6000.00 | ||||
| Being, Purchases maid from Pellham & CO. | |||||
| 18 | Cash at bank | 1200.00 | |||
| M.Fazlon | 1200.00 | ||||
| Being, Paid to M.Fazlon | |||||
| 20 | Pellham & Co | 2200.00 | |||
| Cash at Bank | 2200.00 | ||||
| Being, cash paid. | |||||
| 25 | Pellham &Co | 6000.00 | |||
| Discount Received | 120.00 | ||||
| Cash at Bank | 5880.00 | ||||
| Being, cash paid with 2% discount. | |||||
| February | 10 | Cash at bank | 4000 | ||
| Sales | 4000 | ||||
| Being cash sales made to E.Tsiros | |||||
| 14 | Cash at Bank | 2200 | |||
| R.Jamal | 2200 | ||||
| Being, money received fromR.Jamal | |||||
| 23 | K.Mezzini | 1000 | |||
| Sales | 1000 | ||||
| Being, Sales made to K.Mezzini on account |
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