S Musik uses sales, purchases, commission, cash receipts, cash payments and a general journal along with subsidiary ledgers for accounts receivable and accounts payable. The chart of accounts and schedules of balances of the subsidiary ledgers as at 1st July 2021 are presented below:
100 110 111 120 130 133 140 141 150 151 200 205 210 220 300 S Musik Chart of Accounts as at 1 July 2021 Cash at Bank Accounts
You are provided with the following transactions occurred in July 2021. Samantha, the owner, reminds you that once she has made a booking for an act she also receives a 5% cut of the gate takings. Samantha is informed of the total amount of gate takings on the day of the performance but does not receive her commission until a few weeks after the performance. Commissions are not subject to GST.
4 8 11 13 15 19 Sold 300 Map of the Mind CDs for $2 each (net of GST) to Klarity Records on credit Invoice No. 1200 Purchase
Task 1:
Using the information from the chart of accounts and schedules of accounts balances, enter the opening balances and reversing entries (where applicable) into the General Ledger Accounts provided in the excel file.
Task 2:
Prepare schedules of accounts receivable and accounts payable as at 31 July 2021 to show that their totals reconcile with the balances of the control accounts.