Prepare and submit the journals with all transactions

PART A You work for Bobs Furniture Pty Ltd – a small business that buys and sells goods on credit. Debtors are encouraged to settle their accounts quickly by the discounts offered by the proprietor. On 1 August 2015, the following debtors accounts were already in existence. J. Espandiar $1450; R Benigno $600; D. Tran & Co. $2200. Balances owing to creditors at that date were: Classic Importers $5100 and Fancy Furniture $3200. Purchases Aug ​1​Paid Classic Importers $3100, Cheque no 98345 ​2​Invoice No, 213 Issued to R. Benigno for $180 plus $18 GST ​3​Purchased goods from Fancy Furniture for $2800 plus $280 GST – Invoice 432 ​6​Sold goods to J. Espandiar for $550 including $50 GST – invoice 214 ​​D. Tran $ Co. Paid $1650 and was granted a discount of $30 (Rec 332) 9​Issued invoice no 215 to R Beningo for $240 plus $24 GST 11​J. Espandiar paid $1430 and was allowed $20 discount (Rec 33) 12​Invoiced 216 issued to Shepparton Secondary College for $2800 plus $280 GST 15​Bought stock from Classic Importers for $2100 (Invoice TY445); GST Charged $210 18​Sold goods on credit to S. Bramante for $800, plus $80 GST (Inv 217) 21​Paid Fancy Furniture $3160 and received a discount of $40 (Chq. No. 98343) 22​Issued invoice no. 218 to Shepparton Secondary College for $520, plus $52 GST 23​R. Benigno sent a cheque for $600 for overdue payment (Rec. 334) 24​Sold goods on Credit to J. Espandiar $540 plus $54 GST (Inv 219) 26​Purchased stock on credit from Oz Furniture for $2600 plus $260 GST (Inv DE121) 28​S. Bramante paid $855 on account and was allowed a discount of $25 (Rec 335) 29​Invoiced D. Tran & Co. For credit sale of $4200 Plus GST of $420 (Inv 220) 30​Purchased inventory from Fancy Furniture for $4300 plus $430 GST (Inv 454) 31​Sold goods on credit to Cusack and Sons for $2360 (Inv 221): GST Charged $236 Assessment Summary 1. Prepare and submit the following journals for the month of August 2015, with all relevant transactions a. Credit sales journal b. Cash receipts journal 2. Prepare and submit the individual debtors accounts with all relevant entries in correct sequence 3. Prepare and submit a debtor schedule as at 31 August 2015 4. Enter all transactions into your accounts software (MYOB or QuickBooks) Part B Your assessor will role-play several of your clients. You are to answer respond to your client’s requests, and provide suitable answers. and assignment:2ASSESSMENT 2 – STUDENT INFORMATION This information is to be handed to each student to outline the assessment requirements From the data provided in Assessment 1, you are to identify potential debtors who may default on payment terms. The Trading terms for Bobs Furniture require full payment within 15 days from order. Discounts are offered for earlier payments. For each potential defaulting client, you are to develop both an initial reminder letter AND a final demand letter. Be sure to abide by fair trading laws! Next, you are to contact each client (you assessor will play the roles of these clients), and arrange to recover any outstanding monies. Remember that some clients are regulars, so you do not want to impact on future business if you can help it. Finally you are to provide a report for your supervisor on the status and outcomes of the debts. Keep a record of any important details, and provide the client files to your assessor for assessment at the end of this task. Assessor Summary You are to provide / undertake the following: o Submit your initial reminder and final draft letters o Contact each client (and follow up on their debts with them) – verbally with your assessor role-playing the client o Submit your debtor report outlining debt status and outcomes (after contact with clients)

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