Subsidiary Ledgers Assignment

Liz Ames owns Fancy Writing Supply Co in Moncton. As her newly hired accountant, your task is to a. Journalize the following transactions for the month of May. b. Record in subsidiary ledgers and post to the general ledger as appropriate c. Total, rule, and cross-add the various journals. d. Prepare a schedule of accounts receivable and a schedule of accounts payable at the month-end. The following is the partial chart of accounts for Fancy Writing Supply Co.: Assets 1000 Cash 1100 Accounts Receivable 1350 Prepaid Rent 1800 Printing Press Revenue 4000 Writing Supplies Sales 4020 Sales Returns and Allowances 4025 Sales Discounts Liabilities 2150 Accounts Payable 2400 Bank Loan Payable Owner's Equity 3000 E. Ames, Capital Cost of Goods 5000 Purchases 5100 Purchases Returns and Allowances 5125 Purchases Discounts Expenses 6140 Cleaning Expense 6200 Display Supplies Expense 6500 Printing Supplies Expense 6800 Salaries Expense 2015 May 1 Liz Ames invested $25,000.00 and a printing press worth $30,000.00 in the business.

1 Paid three months' rent in advance to Riverfront Realty, cheque No. 3001, $2,100.00 2 Purchased merchandise from Gant Paper Co. on account, $5.247.25. Invoice No. 24388, dated May 1, terms 2/10, n/30. 3 Sold merchandise to Dr. M. LaPeierre on account, $1,250.00 Invoice No. 801, terms 2/10, n/30. 6 Sold merchandise to Hon. N. Marachee on account, $2,457.50. Invoice no. 802, terms 2/10, n/30. 8 Purchased merchandise from Gant Paper Co. on account, $1,500. Invoice No. 24451, dated March 7, terms 2/10, n/30 9 Sold merchandise to Fern Michaels, LLB on account, $1,250,00. Invoice No. 803. terms 2/10, n/30. SPECIAL JOURNALS 339 May 10 Paid Jenkins Cleaning Service $287.50. Cheque No. 3002 11 Paid Gant Paper Co. invoice No. 24388, dated May 2 cheque No. 3003, taking the discount. 12 Dr. M. LaPierre returned to letterhead which cost $175.00 because of a design flaw. Liz issued credit memorandum No. 101 to the customer for this amount of 12 Purchased merchandise from Markham Inks on the account. $985.25. Invoice No. 931, dated March 12, terms 3/15.1/60 13 Arranged $10,000.00 bank loan with Royal Bank. Deposited today to the company's bank account. 14 Sold paper stock for cash, $585.00. Deposited today. 15 Paid casual salaries to D. Lee, S970.00, cheque No. 3004 15 Returned merchandise to Markham Inks in the amount of $235.00. Liz issued debit memorandum No. 25 for this amount. 16 Sold more paper stock for cash, $1,500.00. Deposited today. 16 Received payment from Hon. N. Marachee, invoice No. 802, less discount 17 Dr. M. LaPeierre paid invoice No. 801, less return, no discount. 18 Sold stationery supplies to B. Kirk, CA, on account, $2,765,50. Invoice No. 804, terms 2/10, 1/30. 19 Purchased used printing press on account from Maritime Equipment Sales, $21,500.00. Invoice No. 30275, dated May 19 (no discount terms). 22 Sold to Dr. M. LaPeierre, additional stationery merchandise on account, $1,145.00. Invoice No. 805, terms 2/10, 1/30 23 Paid Markham Inks balance owed, cheque No. 3005, taking discount 23 Sold merchandise on account to B. Kirk, CA, $724.65 Invoice No. 806, terms 2/10,n/30. 24 Purchased for cash, display supplies from MDS Supplies $38750. Cheque No. 3006. 26 Purchased envelope merchandise from Findlay and Fortune on account, $3,600.00. Invoice No. 6289, dated May 26, terms 2/10,n/30. 26 Dr. M. LaPierre paid invoice No. 805, dated May 22, taking discount 27 B. Kirk, CA, paid invoice No. 804, dated May 18, taking the discount. 29 Purchased merchandise from Gant Paper Co.. $3.475.80 Invoice No. 24722, dated May 28, terms 2/10, 1/30. 30 Paid half of the balance to Maritime Equipment Sales on their invoice No. 30275, cheque No. 3007 31 Sold merchandise to Moncton Hospital on account of $3,650.00. Invoice No. 807, terms 2/10, n/30. .

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