Part I - Special Journals
Step On It is a small shoe retailer. The following is a list of transactions for the month of June.
June 5- Received a bill (Invoice #5780) for $4,000 worth of supplies from Runner which will be paid next month
June 9- Received a bill from Telly (Invoice #167) for $200 for telephone services
June 12- Paid previous amount owing (Invoice #5779) to Runner (Cheque #201)
June 21- Handed over cheque #202 to Jumper for $3,500 worth of inventory
June 22- Paid amount owing (Invoice #166) to Telly for telephone services previously incurred with cheque #203
June 25- Paid $300 to Daley, for maintenance expenses (Cheque #204)
June 26- Received bill from Walker (Invoice #113) for $4,200 worth of inventory
Required:
a) Record the above entries in the appropriate journal.
b) Post the entries in the subledger accounts.
c) At the end of the month, total the special journals and update the control account.
Part II - Bank Reconciliation
The following information is provided for Omega Lawn Service at the end of October 2016.
GENERAL LEDGER
|
Account: Cash
|
GL No: 101
|
|
Date
|
Description
|
DR
|
CR
|
Balance
|
|
Oct 1
|
Opening Balance
|
|
|
$8,000 DR
|
|
Oct 1
|
Deposit
|
$2,0000
|
|
$10,0000 DR
|
|
Oct 4
|
Chq #64 Office Supply Company
|
|
$1,200
|
$8,800 DR
|
|
Oct 7
|
Chq #61 Salary
|
|
$2,700
|
$6,1000 DR
|
|
Oct 11
|
Chq #715 Lighting Supply
|
|
$2,500
|
$3,600 DR
|
|
Oct 12
|
Deposit
|
$4,000
|
|
$7,600 DR
|
|
Oct 18
|
Chq #67 Shelby Legal
|
|
$590
|
$7,010 DR
|
|
Oct 23
|
Chq #71 Hydro Company
|
|
$500
|
$6,510 DR
|
|
Oct 27
|
Chq #78 Bill's Maintenance
|
|
$800
|
$5,710 DR
|
|
Oct 31
|
Deposit
|
$1,400
|
|
$7,110 DR
|
|
BANK STATEMENT
|
|
Date
|
Explanation
|
Withdrawal
|
Deposit
|
Balance
|
|
Oct 1
|
Opening balance
|
|
|
$8,000
|
|
Oct 2
|
Deposits
|
|
$2,000
|
$10,000
|
|
Oct 8
|
Chq #61
|
$2,700
|
|
$7,300
|
|
Oct 13
|
Deposit
|
|
$4,000
|
$11,300
|
|
Oct 18
|
Chq #64
|
$120
|
|
$11,180
|
|
Oct 23
|
Chq #67
|
$590
|
|
$10,590
|
|
Oct 31
|
Service Charge
|
$40
|
|
$10,550
|
|
Oct 31
|
Interest
|
|
$60
|
$10,610
|
*Any cheque errors were cashed corrected by the bank.
a) Prepare the October bank reconciliation for Omega Lawn Service.
b) Record the relevant journal entries to bring the company's records up to date.