Answer Happy

QUESTION 1
John & Daughters uses sales, purchases,
cash receipts, cash payments and a general journal (ignore GST).
The following column totals were taken from the entity’s journals
at the end of June (12 marks):
1. Sales journal
2. Purchases journal
3. Cash receipts
journal:
(a) Cash
(b) Accounts
receivable
(c) Sales
(d) Discounts
allowed
$8 000
4 000
6 215
5 210
1 050
48
4. Cash payments
journal:
(a) Cash
(b) Accounts payable
(c) Discounts
received
(d) Purchases
$5 912
5 010
100
1 000
The balance in the Accounts Receivable Control account on 1
June was $3000 and the Accounts Payable Control account balance was
$4500.
Required
i. At the
end of June, the total amount from the sales journal should be
posted to what account or accounts?
ii. At the
end of June, the total amount from the purchases journal should be
posted to what account or accounts?
iii. For each
column total in the cash receipts and the cash payments journals,
specify whether it would be posted to the general ledger as a debit
or a credit, and to which account.
iv. After the
amounts in the journals have been posted to the general ledger for
June, what would be the balances in the Accounts Receivable Control
and the Accounts Payable Control accounts?