1) Process transactions Refer to the list of transactions at Appendix C

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1) Process transactions

Refer to the list of transactions at Appendix C. You are required to process these transactions in accordance with and using relevant information from the policies and procedures of Gold Catering. As part of the processing you will be required to carry out the following tasks:

 

1. Prepare all journals (PJ, SJ, CRJ, CPJ and three GJ) for the transactions listed (enter into the Templates provided - spreadsheet tab named "Journals"). Remember to enter relevant transactions into the Accounts Receivable and Accounts Payable Subsidiary Ledgers as well.  Note that you must not process a General Journal for every transaction.  Prior to processing ensure cheques and electronic payments are valid and authorised as per organisational policies and procedures.

 

1. Prepare Purchase Orders, Delivery Dockets, Invoices, Adjustment Notes, Receipts, Statements, cheques, cheque requisitions and Remittance  Advices as requested (items in bold and indicated as "prepare") (Use organisational documents which are in the Templates provided - spreadsheet tab named "Source Docs")

 

1. Prepare the banking summary for the 30/6/20 (enter into the Templates provided - spreadsheet tab named "Banking & Bank Rec")

 

1. Ensure that that all required entries have been made to the Accounts Receivable and Accounts Payable Subsidiary ledgers. Complete the Accounts Receivable and Accounts Payable reconciliations for 30 June 2020 showing the aged accounts (enter into the Templates provided - spreadsheet tab named "Acc Rec & Pble"). See Appendix B to determine the age of the accounts.

 

Note: At this stage you will not have the General Ledger account balance for Accounts Receivable or Accounts Payable so the reconciliation is not yet complete. 

 

1. Report actions required for the outstanding Debtors and Creditors per Gold Catering Policies & Procedures Manual (Use organisational documents which are representative of industry best practice.  Complete using the Templates provided - spreadsheet tab named "Acc Rec & Pble")Appendix C

Transactions 

 

	Date	Details	$
	4/6/2020	Received invoice no. 000158 from Micks Motors for repairs to a motor vehicle	$255 incl GST
	5/6/2020	Owner contributed cash to the business - process in cash receipts journal	$6,000
	7/6/2020	Paid part of the outstanding balance of Bevan Wholesalers invoice no. 365. Amount paid was $3,000, using cheque no. 2150. Prepare the cheque requisition, cheque and a remittance advice to go with the cheque.	$3,000
	7/6/2020	Invoice no. 468 received from Bevan Wholesalers for purchases of goods for sale. Freight included - $198 incl GST	$8,634 incl GST
	8/6/2020	Issued invoice no. 7278 to Barry's Party Services for credit sale of goods. Freight charge included is $33 incl GST. Prepare this invoice.	$3,327.60 incl GST
	9/6/2020	Received cheque from Tablelands Supplies in full settlement of balance owing. (Chq details are no. 154368, Big Bank, Other branch)   Prepare receipt number 725 which shows the discount taken.	$9,894
	9/6/2020	Issued invoice no. 7279 to Tablelands Supplies for credit sale of goods. Freight charge included is $33 incl GST. Prepare this invoice.	$14,978.40 incl GST
	12/6/2020	Issued invoice no. 7280 to Marjory Brown for credit sale. Freight charge included is $33 incl GST.	$934.20 incl GST
	12/6/2020	Marjory Brown decided to settle her account immediately, and paid via credit card (VISA).  Note the internet was down at the time therefore a manual credit card voucher was completed and this must be included in the banking. Prepare receipt no. 726 for this customer. No discount to be given.
	13/6/2020	Received part payment of invoice 7278 by direct deposit from Barry's Party Services, and then received payment by cash from Barry's Party Services as payment of remaining balance of invoice 7278. The cash breakdown was: $500 of $100 notes, $400 of $50 notes, $100 of $10 notes, $100 of $5 notes, $60 of $2 coins, and $40 of $1 coins. They took discount with these payments. Prepare receipt no. 727 for this customer.	$2,063.77 (direct deposit) & $1,200 (cash)
	15/6/2020	Received invoice no. 005 from the cleaners, Bright & Shiny Ltd. This was for the period 1 June 2020 to 30 November 2020.	$13,200 incl GST
	15/6/2020	It was discovered that the owner had paid for office cleaning to the amount of $110.  Prepare the general journal entry as owner does not want cash reimbursement	$110 incl GST
	15/6/2020	Marjory Brown returned goods originally purchased on 12/6/20. Prepare adjustment note no. 151 and pay the refund immediately using cheque no. 2151	$75 incl GST
	19/6/2020	Issued invoice no. 7281 to new customer Happy Days for credit sale. Freight charge included is $33 incl GST.	$9,000 incl GST
	19/6/2020	Paid rent to the Landlord - ComRent - via direct debit - you are to determine the GST on this payment	$825
	19/6/2020	Cheques, cash and credit card documents received to date are banked. Prepare the banking summary and cash summary slip required for this deposit.
	20/6/2020	The owner took a printer from the office home for his children. Disregard any depreciation or GST implications. Record the general journal entry to record this transaction.	$500
	20/6/2020	Paid Micks' Motors with cheque no. 2152. Prepare a remittance advice to go with the cheque.	$255
	20/06/2020	After reviewing the receipt for rent paid on the 19/06/2020 it was discovered that $125 of the payment was for water rates. Prepare the general journal entry to record the correction (NB water rates do not have a GST component)	$125
	23/6/2020	Paid wages with cheque no. 2153. Details were: Wages $1,140	$1,140
	23/6/2020	Owner withdrew cash for personal use	$900
	30/6/2020	Prepare a statement for Tablelands Supplies
	30/6/2020	Chq no. 2154 is to be recorded in the Cash Payments Jnl to record the petty cash expenses for the month. Split the payment between the individual expense accounts as per the Petty Cash Book columns from Assessment 1 Task 3.	$53.40