Reference no: EM132699244
Question - 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 were as follows:
July 2 - Received $1400 from accounts receivable
July 3 - Paid $500 of accounts payable
July 4 - Paid rent for July $700
July 5 - Sent invoice to customer $5600
July 7 - Purchased office equipment for cash $2000
July 9 - Recorded cash sales $800
July 10 - Recorded credit sales $1500
July 14 - Purchased office supplies for cash $330
July 23 - Recorded cash sales $2000
July 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.