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In: Accounting

Date please white general ledger : cash at bank, accounts receivable, inventory,account payable, bank loan payable,...

Date

please white general ledger : cash at bank, accounts receivable, inventory,account payable, bank loan payable,

Transaction description
1 Obtained a loan of $48,000 from MRMC Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2018 and the principal of the loan is to be repaid on 1 June 2021.
2 Sold 9 boxes of Sprearmint Gum to Sweet Tooth for $100 each, Invoice No. 201.
3 Purchased 17 boxes of Sprearmint Gum from Brennan Imports Group for $60 each, terms net 30.
3 Paid the full amount owing to Restlay, Cheque No. 903（$2942) . Payment fell within discount period.
4 Paid the full amount owing to Gillard Wholesalers, Cheque No. 904($2261) . Payment fell within discount period.
4 Made cash sales of $5,896 during the first 4 days of the month.
4 Purchased 17 boxes of Hazelnut Toffee with cash for $50 each, Cheque No. 905.

5

Purchased 22 boxes of Party Mix from East Tangiers Cooperative for $40 each, terms 2/10, n/30.

Solutions

Expert Solution

1. Cash at Bank a/c IN $

Date Explanation R.F Debit Credit Balance
1 loan obtained from MRMC BANK 48000 48000
3 Repay to Restlay cheq 903 2942 45058
4. repay to gillard wholseller cheq`904 2261 42797
4. cash purchase of hezelnut toffe cheq 905 850 41947
4 cash sales in 4 days 5896 47843

2.

Bank loan Repayable

Date explanation ref debit credit balance
1 loan obtained from MRMC BANK 48000 -48000

3. Account Recievable

Date explanation ref debit credit balance
2 Sold 9 boxes of Sprearmint Gum to Sweet Tooth 201 900 900

4. Inventory Account

Date Explanation Ref debit Credit balance
2 Sold 9 boxes of Sprearmint Gum to Sweet Tooth 201 540 (540)
3 Purchased 17 boxes of Sprearmint Gum from Brennan Imports Group 1020 480
4 Purchased 17 boxes of Hazelnut Toffee cheq 905 850 1330
4 cash sales in 4 days 3538 (2208)
5 Purchased 22 boxes of Party Mix from East Tangiers Cooperative 880 (1328)

5. Account Payable

Date Explanation ref debit credit balance
3 Purchased 17 boxes of Sprearmint Gum from Brennan Imports Group 1020 (1020)
3 Pay to restly chq 903 2942 1922
4 Repay to Gillard wholeseller cheq 904 2261 4183
5 Purchased 22 boxes of Party Mix from East Tangiers Cooperative 880 3303

Working note

1 Obtained a loan of $48,000 from MRMC Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2018 and the principal of the loan is to be repaid on 1 June 2021.
Cash at bank a/c dr 48000
To bank loan repayable 48000
2 Sold 9 boxes of Sprearmint Gum to Sweet Tooth for $100 each, Invoice No. 201. (assume boxes sold has $60 each purchase price)
Account Recievable a/c dr 900
To Sales revenue 900
Cost of good sold 540
To Inventory 540
3 Purchased 17 boxes of Sprearmint Gum from Brennan Imports Group for $60 each, terms net 30.
Inventory a./c Dr 1020
To Account payable 1020
3 Paid the full amount owing to Restlay, Cheque No. 903（$2942) . Payment fell within discount period.
Account Payable 2942
to Cash at bank 2942
4 Paid the full amount owing to Gillard Wholesalers, Cheque No. 904($2261) . Payment fell within discount period.
Account Payable 2261
to Cash at bank 2261
4 Purchased 17 boxes of Hazelnut Toffee with cash for $50 each, Cheque No. 905.
Inventory a/c dr 850
to Cash at bank 850
4 Made cash sales of $5,896 during the first 4 days of the month.Assume selling price is 100and purchase price is 60
Cash at bank a/c dr 5896
To Sales revenue 5896
Cost of good sold 3538
to Inventory 3538
5 Purchased 22 boxes of Party Mix from East Tangiers Cooperative for $40 each, terms 2/10, n/30.
Inventory a/c dr 880
To Account payable 880

ekkarill92 answered 8 months ago
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