Accounting Assignment: End of Chapter Problems and Financial Reporting

This comprehensive accounting assignment presents solutions to a variety of end-of-chapter problems, encompassing several key areas of financial accounting. The assignment includes the preparation of journal entries for diverse transactions, such as the issuance of notes, interest payments and accruals, asset disposals, and the purchase of assets. It also involves the creation of adjusting entries, including those related to depreciation, accrued interest, and prepaid expenses. Additionally, the assignment requires the completion of an accounts receivable control account, and the preparation of a trial balance, including adjusting entries. The solutions demonstrate the application of accounting principles and practices for financial reporting, providing a detailed analysis of the transactions and the impact on financial statements.

End of Chapter Problem 12.5
Cathy Smythe, who trades as Cathy's Corner, uses the following journals in her business:
general, cash receipts, cash payments, sales and purchases. The control account for the
accounts receivable in the general ledger at 1 June 2015 (with posting references omitted) is
summarised below.
Accounts receivable control
2015 2015
1/6 118,710 9/6 7,585 *
21/6 7,607 18/6 763
30/6 134,600 26/6 7,607
30/6 98,700
*(Promissory note due 18/10)
Set out below are the only two subsidiary ledger accounts for receivables affected by general
journal entries during June.
L. Jones
Date
Pos
t
ref.
Debi
t
Credi
t
Balanc
e
2015
June
1 (763)
8 SJ5 1,773 1,010
1
8 GJ7 763 247
G. Lyons
Date
Pos
t
ref.
Debi
t
Credi
t
Balanc
e
2015
June
1 7,585
9 GJ7 7,585 —
2
2
CPJ
8 7,607 7,607
2
6 GJ7 7,607 —
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A.
State the posting references for the entries for June in the accounts receivable control
account. (Post entries in the order displayed in the problem statement. Leave blank
any fields following your answers that do not require an entry. For example, if there
are two rows for entries, and only one entry is required, enter your answer in the
first row and leave the second row blank. Round answers to 0 decimal places, e.g.
5,275.)
Accounts receivable control
2015 2015
118710

1/6 Balance 30/6 SJ5 1773
30/6 SJ5 1010 9/6 GJ7 7585
21/6 CPJ8 7607 18/6 GJ7 763
30/6 Balance c/d 134600 21/6 CPJ8 7607
30/6 Balance b/d 98700
261927 115828
30/6 Balance b/d 146099