Mike’s Repairs Finance Assingment Help With Solution

Journals and Subsidiary Ledgers Exercises
Exercise One: Subsidiary Journals And Ledge
The transactions listed below were made by the accountant of Season Traders, a sole proprietorship.

The figures are inclusive of GST, where applicable.

March 4	Purchased goods from Cool Products on account, $2,440 (Customer invoice number 5682)
5	Owner withdrew cash, $400 (Chq No. 3455)
9	Purchased goods from Sole Products on account, $4340 (Inv. No. 10046).
20	Paid Cool Products $800 (Chq No. 3456)
20	Paid Sole Products $2296 in full settlement of their January account (Chq No. 3457)
25	Purchased goods from Sole products for cash, $400 (Chq No. 3458)
26	Purchased goods from Cool Products on account, $1000 (Inv. No. 5607)
31	Paid motor vehicle expenses for February, $370 (Chq No. 3459)

Note: On 1 March the opening balances for the two accounts payables were as follows;

Sole Products – $2350
Cool Products – $900

(There were no other creditors)
Required

Record the above transactions in the respective Purchases and Cash Payments Journals using the headings provided.
Post the relevant amounts to the Accounts Payable Subsidiary ledger and the Accounts Payable Control account using the headings provided
Prepare a Schedule of Accounts Payable at 31 March

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Cash Receipts And Cash Payment Journals And The General Ledger

Mike’s Repairs has supplied details of transactions for the month of February.

NOTE: Where an amount has been paid for by cheque, this is treated as a cash sale in that the cash at bank account IS affected (not the creditor’s account, as it has not been purchased on credit).

Feb 2	Mike purchased equipment for $500 (Chq 16)
2	The business has arranged for $440 worth of advertising in the Local town News this month, but will not pay until next month (inv. X321)
4	Mike invoiced Little World $400 for repairing their windows at the local child minding centre – (inv. 35)
5	Paid a bill of $150 for necessary maintenance on some electrical equipment (chq 17)
5	Paid $40 for petrol for van (chq 18)
8	Received payment of $380 from Little World in full payment of its account (they took advantage of a $20 discount given) (rec.55)
12	Bought some new stationery for the business at a cost of $70 (chq 19)
14	Earned and received $370 for repairs to the fence of the local library (rec.56)
14	Received $30 cash for fixing a broken roof tile for Campbell (an old client) (rec.57)
14	Bought Materials: 4 grammit kits and 10 boxes of assorted nails on credit for a total of $130 from the Local Hardware Store (inv. 611510)
16	Received $250 from debtor – I. Broke – in part payment of his debt (rec.58)
17	Mike took home a saw blade worth $25 for his private use
18	Paid $45 for petrol for the van (chq.20)
24	Mike withdrew $300 in cash from the business’ bank account for his personal use (chq.22)
24	Invoiced Wilson Elderly Citizen Club $220 for installing window locks (inv.36)
24	Bought paint and turpentine from All Seasons Supplies on credit for $200 (inv.3456)
27	Received $200 for replacing a window (rec.59) after buying the glass and other materials for $100 (chq.23)
27	The business bought $50 worth of screws and other repair materials (chq.24)
28	The business received $40 in interest on its bank account (Statement no. 17)
28	Received in full payment of its account from Wilson Elderly Citizens Club (it gained a benefit of $10 discount by paying early) (rec.60)

Required:

Design the cash receipts and payments journals for the above transactions, and enter the relevant transactions from the above list.
Post the cash receipts and cash payments journals to the general Post all other information that does not fit into the cash receipts or payments journals, directly into the general ledger.

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