Specialised journals and subsidiary ledgers Jupiter Ltd uses multi-column cash receipts and cash payments journals, and maintains control accounts for accounts receivable and accounts payable,...

Specialised journals and subsidiary ledgers Jupiter Ltd uses multi-column cash receipts and cash payments journals, and maintains control accounts for accounts receivable and accounts payable, supported by subsidiary ledgers. Balances in the subsidiary ledgers at 1 June 2019 were as follows: Accounts receivable Accounts payable $ $ Milky Way 3 000 Venus 6 000 Mars 14 000 Mercury 10 000 Constellation 10 000 Sun 6 000 During June 2019, the following amounts were received and paid: June 2 Paid Venus $6000. 3 Milky Way paid an amount owing of $1100, less $30 discount. 8 Cash sales, $500. 10 Paid an amount owing to Sun of $4000, less $40 discount. 15 Mars paid $7000 and was allowed $100 discount. 16 Purchased goods for cash, $3000. 29 Constellation paid $8000, less $200 discount. 30 Paid Mercury $5000, discount of $200 was lost. Write up the cash receipts journal and the cash payments journal. Use separate columns for bank, discount allowed, accounts receivable, cash sales, discount received, accounts payable and (cash) purchases. Post from these journals to both the general ledger and the subsidiary ledgers and prepare schedules of accounts receivable and accounts payable as at 30 June 2019.