The schedule of accounts receivable, schedule of accountspayable and trial balance for Let it Snow are shown below.
Schedule of Accounts Receivable
as at 31 May 20XX
Customer
Invoice No.
Terms
Date of Invoice
Amount Due
Mountain Lake Resort
3347
N30
15/05/20XX
$ 2,160.00
Snow Ski Holidays
3339
N30
3/05/20XX
1,320.00
Snow Ski Tours
3352
N30
29/05/20XX
2,280.00
$ 5,760.00
Schedule of Accounts Payable
as at 31 May 20XX
Supplier
Invoice No.
Terms
Date of Invoice
Amount Due
Jordan, Mitchell
1753
N7
31/05/20XX
$ 960.00
Skicentral NZ Wholesalers
13467
N30
30/04/20XX
2,400.00
The South Face
9412
N30
8/05/20XX
2,464.00
$ 5,824.00
Let it Snow
Trial Balance
as at 31 May 20XX
Account Number Account Debit
Credit
100
Bank Account
$
14,632.20
105 Petty Cash
200.00
110 Accounts Receivable
5,760.00
120 Prepaid Insurance
381.25
130 Prepaid Rates and Taxes
164.75
140 GST Paid (Outlays)
1,905.75
160 Buildings and Improvements (Cost)
350,000.00
161 Accumulated Depreciation â Bldgs and Improvements
$
43,750.00
170 Hire Equipment (Cost)
108,000.00
171 Accumulated Depreciation â Hire Equipment
67,500.00
180 Motor Vehicles (Cost)
29,900.00
181 Accumulated Depreciation â Motor Vehicles
8,970.00
190 Store Equipment (Cost)
14,700.00
191 Accumulated Depreciation â Store Equipment
6,615.00
200 Accounts Payable
5,824.00
210 GST Collected
5,745.90
220 PAYG Withholding Payable
1,120.00
230 Superannuation Payable
432.00
280 Bank Loan
220,000.00
310 Capital
151,156.00
315 Drawings
36,000.00
400 Hire Service Income
122,880.00
410 Lesson Income
25,530.00
420 Discounts Received
392.10
430 Freight Collected
85.00
600 Advertising
2,150.00
605 Bank Charges
112.40
610 Cleaning
800.00
615 Depreciation
35,323.00
625 Electricity
3,480.50
630 Freight Expense
962.35
635 Insurance
4,193.75
640 Interest Expense
14,002.80
645 Motor Vehicle Expenses
2,530.00
650 Office Supplies
118.80
655 Printing and Postage
109.10
660 Rates and Taxes
1,812.25
665 Repairs and Maintenance
675.00
670 Ski Instruction Charges
13,710.00
675 Staff Amenities
234.70
680 Superannuation
1,404.00
685 Telephone
1,137.40
690 Wages and Salaries
15,600.00
$
660,000.00
$
660,000.00
Use the Trial Balance as at 31 May 20XX to enter the openingbalances in the general ledger accounts. Note, use "Balance" as thecross reference when posting the balances to the general ledgeraccounts.
The schedule of accounts receivable, schedule of accountspayable and trial balance for Let it Snow are shown below.
Schedule of Accounts Receivable | ||||
Customer | Invoice No. | Terms | Date of Invoice | Amount Due |
Mountain Lake Resort | 3347 | N30 | 15/05/20XX | $ 2,160.00 |
Snow Ski Holidays | 3339 | N30 | 3/05/20XX | 1,320.00 |
Snow Ski Tours | 3352 | N30 | 29/05/20XX | 2,280.00 |
$ 5,760.00 |
Schedule of Accounts Payable | ||||
Supplier | Invoice No. | Terms | Date of Invoice | Amount Due |
Jordan, Mitchell | 1753 | N7 | 31/05/20XX | $ 960.00 |
Skicentral NZ Wholesalers | 13467 | N30 | 30/04/20XX | 2,400.00 |
The South Face | 9412 | N30 | 8/05/20XX | 2,464.00 |
$ 5,824.00 |
Let it Snow | |||||
Account Number | Account | Debit | Credit | ||
100 | Bank Account | $ | 14,632.20 | ||
105 | Petty Cash | 200.00 | |||
110 | Accounts Receivable | 5,760.00 | |||
120 | Prepaid Insurance | 381.25 | |||
130 | Prepaid Rates and Taxes | 164.75 | |||
140 | GST Paid (Outlays) | 1,905.75 | |||
160 | Buildings and Improvements (Cost) | 350,000.00 | |||
161 | Accumulated Depreciation â Bldgs and Improvements | $ | 43,750.00 | ||
170 | Hire Equipment (Cost) | 108,000.00 | |||
171 | Accumulated Depreciation â Hire Equipment | 67,500.00 | |||
180 | Motor Vehicles (Cost) | 29,900.00 | |||
181 | Accumulated Depreciation â Motor Vehicles | 8,970.00 | |||
190 | Store Equipment (Cost) | 14,700.00 | |||
191 | Accumulated Depreciation â Store Equipment | 6,615.00 | |||
200 | Accounts Payable | 5,824.00 | |||
210 | GST Collected | 5,745.90 | |||
220 | PAYG Withholding Payable | 1,120.00 | |||
230 | Superannuation Payable | 432.00 | |||
280 | Bank Loan | 220,000.00 | |||
310 | Capital | 151,156.00 | |||
315 | Drawings | 36,000.00 | |||
400 | Hire Service Income | 122,880.00 | |||
410 | Lesson Income | 25,530.00 | |||
420 | Discounts Received | 392.10 | |||
430 | Freight Collected | 85.00 | |||
600 | Advertising | 2,150.00 | |||
605 | Bank Charges | 112.40 | |||
610 | Cleaning | 800.00 | |||
615 | Depreciation | 35,323.00 | |||
625 | Electricity | 3,480.50 | |||
630 | Freight Expense | 962.35 | |||
635 | Insurance | 4,193.75 | |||
640 | Interest Expense | 14,002.80 | |||
645 | Motor Vehicle Expenses | 2,530.00 | |||
650 | Office Supplies | 118.80 | |||
655 | Printing and Postage | 109.10 | |||
660 | Rates and Taxes | 1,812.25 | |||
665 | Repairs and Maintenance | 675.00 | |||
670 | Ski Instruction Charges | 13,710.00 | |||
675 | Staff Amenities | 234.70 | |||
680 | Superannuation | 1,404.00 | |||
685 | Telephone | 1,137.40 | |||
690 | Wages and Salaries | 15,600.00 | |||
$ | 660,000.00 | $ | 660,000.00 |
Use the Trial Balance as at 31 May 20XX to enter the openingbalances in the general ledger accounts. Note, use "Balance" as thecross reference when posting the balances to the general ledgeraccounts.