AC101 : Simmo Shops Uses the Perpetual Inventory System and Makes All Credit Sales - Accounting Assignment Help

Assignment Task:

Task:

Simmo Shops uses the perpetual inventory system and makes all credit sales on terms of 2/10, n/30.  During May, Simmo Shops completed these transactions (figures are GST inclusive unless stated otherwise):

May1      Owner began Simmo Shops by contributing $10,000 cash.

2         Issued invoiceno. 290 for sale on credittoS. D. Cooper,$4 400.Simmo Shops' cost of thisinventorywas$2 780.

4                         Soldinventoryforcash,$6 820(net cost,$3 640).

8                         Collectedinterestrevenueof$240. (Ignore GST)

9       Issued invoice no. 291 for sale on credit to Redlands Associates,$12 375 (net cost,$6600).

12       Received $4 312 cash from S. D. Cooper in fullsettlement of her account receivable, netof the discount,fromthesaleof2May.

15       Soldinventoryon credittoP. E. Freetime,issuing invoiceno. 292for$1 485(net cost,$820).

17       Issued credit memo to P. E. Freetime for $1 485 for defective goods returned by Freetime. Alsoaccountedforreceipt oftheinventoryatnet cost.

18       Issued invoiceno.293forcreditsaletoS. D. Cooper,$3 652(net cost,$1 940).

19       Received$12 127.50fromRedlands infullsettlementofitsaccountreceivablefrom9May.

24       Sold suppliestoanemployeeforcashof$160,which wasSimmo Shops'cost. (ignore GST).

29       SoldgoodsoncredittoRedlandsAssociates,issuinginvoiceno.294for$3 630(cost,$2000).

31       Receivedcashinfull,fromS. D. Cooperoncreditsaleof 18May.Therewasnodiscount.

Requirements:

1. EnterthetransactionsinaSalesjournal,aCash Receiptsjournal,and a General journal or Sales Returns journal, asappropriate.
2. Openfour-columngeneralledgeraccountsusingSimmo Shops’accountnumbersthatfollow.

3. Open these accounts in the subsidiary ledgers: Accounts receivable ledger-RedlandsAssociates,P. E. FreetimeandS. D. Cooper.
4. PostdailytotheAccountsReceivableledger.On31 Mayposttothegeneralledger.
5. Total each column of the special journals. Show that total debits equal total credits in each special journal.
6. Balance the total of the customer account balances in the Accounts Receivable ledger against Accounts Receivable in the General ledger.

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