Everest Sports owned by Dean Jones sells sports equipment to schools and sporting clubs in Victoria. The following balances were reported in the Balance Sheet as at 30 June 2020. Account Name Balance ($) Cash at bank 19 700 Accounts receivable 1 400 Accounts payable 600 Capital – Tim Lane 20 500 Transactions for july 2020 as follows: July 2 Received $1400 from accounts receivable 3 Paid $500 of accounts payable 4 Paid rent for July $700 5 Sent invoice to customer $5600 7 Purchased office equipment for cash $2000 9 Recorded cash sales $800 10 Recorded credit sales $1500 14 Purchased office supplies for cash $330 23 Recorded cash sales $2000 31 Cash drawing by Dean Jones $800 Required: A. Prepare worksheet entries for the business transactions for the month ended 31 July 2020. B. Summarise the procedures you would undertake if an accounting worksheet does not balance.
(Note this question is from the Week 10 Tutorial)
Everest Sports owned by Dean Jones sells sports equipment to schools and sporting clubs in Victoria. The following balances were reported in the Balance Sheet as at 30 June 2020.
Account Name Balance ($)
Cash at bank 19 700
Accounts payable 600
Capital – Tim Lane 20 500
Transactions for july 2020 as follows:
July 2 Received $1400 from accounts receivable
3 Paid $500 of accounts payable
4 Paid rent for July $700
5 Sent invoice to customer $5600
7 Purchased office equipment for cash $2000
9 Recorded cash sales $800
10 Recorded credit sales $1500
14 Purchased office supplies for cash $330
23 Recorded cash sales $2000
31 Cash drawing by Dean Jones $800
Required:
A. Prepare worksheet entries for the business transactions for the month ended 31 July 2020.
B. Summarise the procedures you would undertake if an accounting worksheet does not balance.
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