Creating Schedules of Accounts Receivable and Payable - Ball-Mart

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Practical Assignment
AI Summary
This assignment focuses on the preparation of schedules of accounts receivable and accounts payable for Ball-Mart, Australasian Edition 3, as of June 30, 2018. The purpose of these schedules is to verify the accuracy of subsidiary ledgers against the general ledger's control accounts. The solution presents the schedule of accounts receivable, listing customer balances such as Balls 'n All (1,818 DR), The Locker Room (928 DR), and Croquet and Cricket (2,718 DR), totaling 5,464 DR. It also includes the schedule of accounts payable, showing a balance of 1,000 CR for Extreme Sports Supplies. The assignment emphasizes the importance of accurate subsidiary ledger maintenance and its reconciliation with general ledger balances. Desklib offers a wealth of solved assignments and study tools to aid students in mastering accounting principles and practices.
Document Page
6/7/2018 Schedules of accounts
https://www.perdisco.com/elms/qsam/html/qsam.aspx 1/3
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Completed: 78% (approximately)
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Your grading
Your grading outcome (still in progress)
Awarded Total
Points (prior to this page) 677 873
Points (on this page) 6 6
Points (after this page) 157
Total 683 1,036
Manual Accounting Practice Set
Ball-Mart, Australasian Edition 3
Feedback: Schedules of accounts
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Now that all adjusting entries have been posted to the general ledger, you are asked to prepare the schedule of
accounts receivable and the schedule of accounts payable as at 30 June 2018.
The purpose of preparing the schedule of accounts receivable is to verify that the sum of the customer balances
recorded in the accounts receivable subsidiary ledger is equal to the balance of the Accounts Receivable control account
in the general ledger. Similarly, the purpose of the schedule of accounts payable is to confirm that the sum of the
supplier balances recorded in the accounts payable subsidiary ledger is equal to the balance of the Accounts Payable
control account in the general ledger.
Instructions for schedules of accounts
Using the subsidiary ledgers and the general ledger:
Create a schedule of accounts receivable as at the end of June.
Create a schedule of accounts payable as at the end of June.
Remember to enter all answers to the nearest whole dollar.
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(Q=900.schedulesOfAccounts)
Ball-Mart
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Document Page
6/7/2018 Schedules of accounts
https://www.perdisco.com/elms/qsam/html/qsam.aspx 2/3
Schedule of Accounts Receivable
As at 30/06/2018
Account No. Name Balance ($)
110-1 ARC - Great Sports 0
110-2 ARC - Balls 'n All 1818 DR
110-3 ARC - Mick's Sporting Goods 0
110-4 ARC - Jump Around 0
110-5 ARC - The Locker Room 928 DR
110-6 ARC - Croquet and Cricket 2718 DR
Total 5464 DR
Ball-Mart
Schedule of Accounts Payable
As at 30/06/2018
Account No. Name Terms Balance ($)
210-1 APC - Hike 2/10, n/30 0
210-2 APC - Good Sports 1/15, n/30 0
210-3 APC - J. J. Spud net 30 0
210-4 APC - Extreme Sports Supplies 2/10, n/30 1000 CR
210-5 APC - Sports 'R Us net 30 0
210-6 APC - Sport Borders net 30 0
Total 1000 CR
Feedback
Ball-Mart
Schedule of Accounts Receivable
As at 30/06/2018
Account No. Name Balance
($)
110-1 ARC - Great Sports
110-2 ARC - Balls 'n All 1,818 DR
110-3 ARC - Mick's Sporting Goods
110-4 ARC - Jump Around
110-5 ARC - The Locker Room 928 DR
110-6 ARC - Croquet and Cricket 2,718 DR
Total 5,464 DR
Ball-Mart
Schedule of Accounts Payable
Document Page
6/7/2018 Schedules of accounts
https://www.perdisco.com/elms/qsam/html/qsam.aspx 3/3
As at 30/06/2018
Account No. Name Terms Balance
($)
210-1 APC - Hike 2/10, n/30
210-2 APC - Good Sports 1/15, n/30
210-3 APC - J. J. Spud net 30
210-4 APC - Extreme Sports Supplies 2/10, n/30 1,000 CR
210-5 APC - Sports 'R Us net 30
210-6 APC - Sport Borders net 30
Total 1,000 CR
Manual Accounting Practice Set
Ball-Mart, Australasian Edition 3 (VBA3q)
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