Simmo Shops Uses the Perpetual Inventory System - Accounting and Finance 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.

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